Wakefield’s Team17 grows revenue 43% to £62m

Wakefield-based video game developer Team17 Group said on Tuesday its 2019 revenue grew 43% to £61.8 million and profit before tax rose 121% to £19.2 million.

Team17 Group’s shares have soared from around 197p to 517p in the past year to give the firm a current stock market value of around £676 million.

Team17 CEO Debbie Bestwick said: “I’m delighted to report on an excellent year for Team17, delivering record revenues and operating profits. 

“Seeing our Teamsters and Label Partners grow into the best versions of themselves is one of my proudest achievements in 2019.

“Last year we set ourselves some significant challenges from a new technology perspective; successfully launching our first 100 player game in Hell Let Loose and broadening our skill sets in new game genres with the likes of Blasphemous.

“Gaming runs deep through everything we do at Team17, working with likeminded people with a shared vision is an incredible experience and something everyone at Team17 should feel very proud about.

“Our culture and people are everything that Team17 is and as we head into our 30th anniversary celebrations we are delighted to share we are working on one of our most loved franchises Worms and will bring a new title this year to market launching on Console and PC.

“We continue to develop our technology skillset to enhance our first and third party IP, with cross-platform play central to maintaining the longevity of our portfolio which is perfectly demonstrated in our beloved Worms franchise celebrating its 25th anniversary.

“We welcomed a number of new Teamsters to our family last year across the operational, creative, development and commercial sides of the business and I’m excited to see their contributions during 2020 supporting more new original game IP launches than in previous years.

“We look forward to another year of continued growth with a solid pipeline of new game launches, consistent performance from the back catalogue and will continue to update our shareholders on our progress in due course.”