Team17 reports revenue growth in first results since IPO

Team17, the Wakefield-headquartered video games developer, has seen revenue surpass the £15m mark during the first half of the year.

For the six month period ending 30 June, the firm reported revenues of £15.4m, which is a 48% rise from the £10.4m achieved at the same time last year. Gross profit also increased by 25% to £6.9m, compared to £5.5m in 2017.

This “strong progress” was achieved in the Team17’s maiden interim results as a public company, as it began trading on the Alternative Investment Market (AIM) of the London Stock Exchange with a valuation of £217m in May 2018.

During this time a total of £107.5m was also raised through an oversubscribed fundraising with institutional investors, of which £45.1m was raised for the Group to repay debt through the issuance of new shares.

My Time At Portia, the first game published by Team17 with a Chinese label partner, also launched in January 2018, and Overcooked 2 was successfully launched in August 2018.

Going forward, Team17 believes that revenue growth in the second half will be driven by new product launches and continued growth in the business.

Debbie Bestwick MBE, CEO of Team17, said: “We are delighted to announce our maiden interim results as a public company, further demonstrating the strong progress we are making as a business.

“Following our successful IPO, we have a strong base from which to push forward with the business, and continue to grow the footprint and our international fan base.

“We continue to strengthen our international relationships and work with independent developers on exciting new games, and through lifecycle management, ensure the longevity of our back catalogue.”