Listed games developer celebrates record start to the year
Games developer Team17 has reported record first half revenues, which have risen 28% to £38.8m (H1 2019: £30.4m).
The business, which has operations in Wakefield, Nottingham and Manchester, also reports record first half pre-tax profits, with an increase of 28% to £13.3m (H1 2019: £10.4m).
Adjusted EBITDA is up 24% to £14.9m (H1 2019: £12.0m), with net cash and cash equivalents of £50.4m (H1 2019: £35.8m).
The firm predicts second half results will continue to be influenced by “normalisation” of the global economic environment and consumer behaviours.
And it says it has a solid portfolio of new titles, including key franchise releases scheduled in for the second half of the year.
Its outlook report adds: “The games sector has proved to be resilient at a time when many sectors have struggled as a result of the global lockdowns caused by the Covid pandemic.
“H1 results clearly benefited from these extraordinary ‘one-off’ circumstances and as a result the Board now expects revenue and adjusted EBITDA to be ahead of market expectations for the year ended 31 December 2020.”
Debbie Bestwick, chief executive officer of Team17, commented: “2020 was always going to be a memorable year for myself and many at Team17.
“This year we celebrate our 30th anniversary and also the 25th anniversary for our beloved Worms franchise. I’m delighted to share yet another record start to our fiscal year from the Group in the first half of 2020.
“Our broad genre and platform agnostic portfolio shows the importance of inclusivity and variety in gaming.
“Be it at home with your family or online with our growing community across the globe, from single player or local co-op to massive online games, we truly have an exceptional portfolio that encourages more gamers than ever before to step into the worlds we create and enjoy our characters.
“We live the world of video games, it’s part of everything we do here at Team17 be it creating our worlds, introducing new characters or bringing communities together. None of this would be possible without our talented and growing team.”