The AIM-listed video game publisher and developer reported that its adjusted underlying earnings (EBITDA) for the period had risen 36% to £4.9mln, while revenues grew 48% to £15.4mln.
The company also saw its gross margins for the period contract to 44.4% from 52.4% in the same period last year, although this was attributed to a revenue mix in the first half that was weighted towards third-party IPs, adding that margins would improve in the second half.
In its outlook, Team17 said performance for the full year would be second-half weighted as expected, adding that it was confident of meeting expectations for the full year.
Team17’s chief executive Debbie Bestwick also said that the company had continued its release of new games into the second half with PLANET ALPHA, its 100th game, in early September while “a number of titles” had already been scheduled for launch in 2019.
Bestwick added that the company had seen an increase in the contribution of its “significant” back catalogue to its revenue stream, which during the period derived 85% of its sales compared to 53% in the 2017 financial year.
At its initial public offering (IPO) in May, the company raised £107.5mln through a “significantly” oversubscribed placing.
Shares were up 2.2% at 230p.