Revenues up 43% at listed games developer

Wakefield-based video games developer, Team17, has recorded revenues of £61.8m, a 43% rise from £43.2m.

The business has published its full year preliminary results for the year ended 31 December 2019, which also feature pre-tax profits of £19.2m, up from £8.7m the previous year.

Gross profits were up 49% to £29.5m from £19.8m, with the company reporting seven new game launches, a solid 2020 pipeline of game launches planned with 10 titles already announced and headcount increased 20% to 200 at the end of the year (2018: 167).

Team17 noted that its development studio moved to new Wakefield premises last November, adding this had significantly improved working environment and medium-term expansion capacity.

Debbie Bestwick, chief executive officer of Team17, said: “I’m delighted to report on an excellent year for Team17, delivering record revenues and operating profits.

“Seeing our Teamsters and Label Partners grow into the best versions of themselves is one of my proudest achievements in 2019.

“Last year we set ourselves some significant challenges from a new technology perspective; successfully launching our first 100 player game in Hell Let Loose and broadening our skill sets in new game genres with the likes of Blasphemous.

“As we head into our 30th anniversary celebrations we are delighted to share we are working on one of our most loved franchises, Worms, and will bring a new title this year to market launching on Console and PC.

“We continue to develop our technology skillset to enhance our first and third party IP, with cross-platform play central to maintaining the longevity of our portfolio which is perfectly demonstrated in our beloved Worms franchise celebrating its 25th anniversary.

“We look forward to another year of continued growth with a solid pipeline of new game launches, consistent performance from the back catalogue and will continue to update our shareholders on our progress in due course.”