‘Record breaking’ performance achieves £30.4m turnover for games developer
Wakefield-headquartered global games developer Team17 has reported a revenue rise of 97% to £30.4m.
Publishing its unaudited interim results for the six months ending 30 June 2019, the listed business celebrated a “record breaking” performance, which it attributed to momentum generated by its newest products.
Its latest revenues compared with £15.4m for the first half of 2018.
Gross profit was up 119% to £15.1m (H1 2018: £6.9m), with a gross profit margin of 49.8% (H1 2018: 44.4%) and adjusted EBITDA up 145% to £12m (H1 2018: £4.9m). And the company’s pre-tax profits have reached £10.3m.
Debbie Bestwick, Chief Executive Officer of Team17, said: “Our results during the first six months really underline the dedication and hard work of our people and external Games Label partners, and I want to thank every one of them.
“I’m delighted with the excellent start to FY2019, delivering record revenues and operating profit in the period as well as successfully launching several high-profile games.
“We have a solid line up of new games to release in H2 2019 and look forward to updating our shareholders on our continued progress in due course.”
The company launched several new games in the first half, including Genesis Alpha One and My Time at Portia, both early launch titles on the new Epic Game Store.
It also managed a continued strong performance from its back-catalogue portfolio of over 100 games.
The business confirmed ongoing investment in its facilities, alongside increased recruitment of new commercial and creative talent.
It noted that it has a development studio relocation planned for the second half of 2019, as it needs a larger site with increased capacity to accommodate its growth ambitions. The company’s headcount has increased to 164 (H1 2018: 154).
Team17 began trading on the Alternative Investment Market (AIM) of the London Stock Exchange with a valuation of £217m in May 2018.
