Team17 Group PLC (AIM:TM17), the indie computer games developer, provided an short but upbeat update for the first half of the year, having completed the acquisitions of Golf with Your Friends early on and recently added StoryToys.
In a very short trading statement, the AIM-listed group simply confirmed trading had been in line with management's expectations and that interim results will be reported on 14 September.
READ: Team17 acquires educational entertainment specialist StoryToys
Chief executive Debbie Bestwick said: "We enter H2 2021 in great shape and continue to build on the growing success of our Games Label and look forward to supporting StoryToys on their continued growth trajectory."
Broker Peel Hunt said its forecasts are towards the bottom end of consensus, "so we could expect to increase our EBITDA by circa 5% once we get more colour at the results".
Analysts at Shore Capital, which recently upgraded their recommendation to 'buy' from 'hold', said it was a "short but sweet" announcement, adding that they expect TM17 "will engage with further M&A activity and look forward to hearing more detail about the StoryToys acquisition and the expansion into edutainment".
They also noted that StoryToys is expected to be immediately earnings enhancing, generating returns "well above the cost of capital".