Buoyant results at games developer as acquisition strategy pays off
Video games developer, Team17 group, has unveiled another strong financial performance in its its unaudited results for the six months ended 30 June 2022 (H1 2022).
Revenues grew 33% to a record £53.2m (H1 2021: £40.1m) and adjusted EBITDA was up 10% to a record £18.2m (H1 2021: £16.5m). Pre-tax profits decreased to £11.2m (H1 2021: £14m).
Debbie Bestwick, chief executive officer of the business – which has bases in Wakefield, Nottingham and Manchester – said: “Our new acquisitions, led by our talented and committed management teams, have worked incredibly well together across all parts of the Group, and we are all looking forward to a busy and productive second half.
“The Group now has more evergreen first party IPs than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription revenue model.
“New releases include additions to many established franchises and licensed global brands as well as exciting new original IPs that are tracking well.
“Complementing our first half performance, we have made an encouraging start to the second half of FY 2022 and we remain confident about the Group’s prospects.”
Team17’s highlights for the period included the completion of a number of acquisitions, focused on broadening the Group’s geographical footprint and operational reach, alongside adding good quality first party intellectual property.
Ongoing investment saw the group’s headcount increase to 345 from 265 at the end of FY 2021 including 52 more staff arriving due to acquisitions.
The company adds it can look forward to a strong pipeline of new title releases for H2, combined with continued robust back catalogue performance.
And Team17’s update says while the business remains well aware of the potential impact of ongoing macro-economic uncertainty and inflationary pressures, it remains confident that it can continue to trade in line with expectations.
