Team17 Group PLC (AIM:TM17) reported record revenues and profits for the first half of 2021, exceeding last year’s lockdown-boosted tallies.
The ‘indie’ game studio increased revenue by 3% compared to last year, up to £40.1mln, whilst gross profit rose by 10% to £20.2mln. Pretax profit was marked at £14mln and earnings (adjusted EBITDA) was reported at £16.2mln, up 5% and 9% respectively year-on-year.
“I am delighted to report we've been able to continue the trend of delivering improved year-on-year results specifically considering the corresponding half record set the previous year, which benefitted from the one-off impact of the global pandemic and large swathes of global lockdowns,” said chief executive Debbie Bestwick.
Team17 described a solid performance in the half, which included six new games releases across multiple platforms, and existing games ‘Overcooked! All You Can Eat’ and ‘Worms Rumble’ saw their reach expanded with their launch on extra platforms in March and June. It ‘dropped’ seventeen packages of new downloadable content across nine games.
The company highlighted that it presently has more than 500 digital revenue lines across its portfolio, spread across genres and platforms.
In January, the portfolio was expanded with the acquisition of ‘Golf With Your Friends’ in a deal worth £12mln.
Team17 today also detailed a strengthening of its team with key hires, including the acquisition of Michael Pattison who joins from Sony (NYSE:SNE) Interactive Entertainment and will lead the company’s Games Label unit.