Revenue up 97% at Wakefield games firm Team17

Wakefield-based video game developer Team17 Group — which went public in 2018 — said on Tuesday that its revenues increased 97% to £30.4 million for the six months ended June 30, 2019.

Pre-tax profit soared to £10.4 million from £31,000 at the same time last year.

Team17’s market capitalisation on admission to AIM last May was £217 million and it has since grown to almost £400 million.

The firm said it launched several new releases in the first half, including Genesis Alpha One and My Time at Portia, and it had continued strong performance from its back-catalogue portfolio of around 100 games

Team17 CEO Debbie Bestwick said: “Our results during the first six months really underline the dedication and hard work of our people and external Games Label partners, and I want to thank every one of them.

“I’m delighted with the excellent start to FY2019, delivering record revenues and operating profit in the period as well as successfully launching several high-profile games.

“We have a solid line up of new games to release in H2 2019 and look forward to updating our shareholders on our continued progress in due course”.

On current trading and outlook, Bestwick added: “We are delighted with the progress made in the first half of 2019, delivering a record H1 performance and successfully launching several new games.

“We have a solid line up of new releases in H2 from our partners and remain fully focused on our back-catalogue lifecycle as we continue to maximise revenue with existing and new distribution partners.   

“As said at FY18 year end, our exciting industry continues to grow at a rapid pace.

“We believe there are more opportunities than ever before for controllers of IP; content creators and publishers.

“Our ever-growing portfolio, we believe, places us in a strong position to benefit from additional activity in areas such as subscription and the cloud.

“All channels will need content and looking ahead, these channels will need ongoing content to replenish their stores and offerings.

“We equally continue to invest in both commercial and creative talent across both our Wakefield and Nottingham offices. 

“Therefore, I look forward to the second half of the year and I and the board are confident we can continue to deliver shareholders value in 2019 and well beyond.”