Wakefield-based video game developer Team17 Group said on Thursday its revenue grew 28% to a record £38.8 million in the six months ended June 30, 2020, with profit before tax up 28% to £13.3 million, also a record for the firm.
The company said there had been a “clear benefit” to first-half results from the extraordinary circumstances of coronavirus lockdown “and as a result the board now expects revenue and adjusted EBITDA to be ahead of market expectations for the year ended 31 December 2020.”
However, Team17 said its second-half results “will undoubtedly continue to be influenced by ‘normalisation’ of the global economic environment and consumer behaviours.”
The firm’s stock fell about 2% on Thursday — but Team17 Group’s shares have soared around 120% in the past 12 months to give it a current stock market value of around £900 million.
Team17 Group CEO Debbie Bestwick said: “2020 was always going to be a memorable year for myself and many at Team17.
“This year we celebrate our 30th anniversary and also the 25th anniversary for our beloved Worms franchise.
“I’m delighted to share yet another record start to our fiscal year from the group in the first half of 2020.
“Our broad genre and platform agnostic portfolio shows the importance of inclusivity and variety in gaming.
“Be it at home with your family or online with our growing community across the globe, from single player or local co-op to massive online games, we truly have an exceptional portfolio that encourages more gamers than ever before to step into the worlds we create and enjoy our characters.
“We live the world of video games, it’s part of everything we do here at Team17 be it creating our worlds, introducing new characters or bringing communities together.
“None of this would be possible without our talented and growing team.
“I would like to say a special thank you to our Teamsters and label partners for their continued resilience, ingenuity and brilliance as we grow together to deliver our personal and corporate ambitions.”