Wakefield’s Team17 ups revenue 34% to £83m

Wakefield-based video game developer Team17 Group said on Tuesday its revenue rose 34% to £83 million and profit before tax rose 36% to a record £26.2 million in the year to December 31, 2020.

Team17 Group shares have soared more than 70% over the past 12 months to give the firm a current stock market value of almost £1 billion.

In its outlook, Team17 said it continues to review a “healthy pipeline of potential M&A opportunities that could bring long term value to the group” and that it has a “solid and diverse” pipeline of game launches for 2021.

The firm said that with the acquisition of Yippee Entertainment Limited it established a second UK development studio based in Media City, Manchester, and its team has now doubled in size to around 250.

Team17 Group CEO Debbie Bestwick said: “I am delighted that our Teamsters and the wider Team17 family have pulled together, in what has been a challenging 12 months for many.

“It is because of their hard work and creativity, alongside that of our brilliant label partners, that we can report yet another record year of profitability.

“Team17 has been able to offer gamers a means of escapism and a way to interact with their friends and family more than ever before, even when they were unable to meet face to face.

“The ability to enjoy interactive entertainment between multiple households is something that is almost unique to gaming and we are pleased that our inclusive and family-oriented games have proven so popular.

“2020 was a significant year for the gaming industry as a whole, as we saw the launch of both Sony and Microsoft’s next-gen consoles.

“It is fantastic to see our titles being launched on both these platforms and that another generation of gamers will get to explore Team17’s gaming universes.

“Incredibly, our Worms franchise is now twenty-five years old and in December we launched the franchise’s newest title, Worms Rumble, on PlayStation 5.

“While we have all been delighted to see how well the game has taken to this new platform, I know many gamers, myself included, will fondly remember Worms’ first iteration, developed for the Commodore Amiga and released in 1995.

“2021 will be a very exciting and busy year for Team17, with more games signed to our label than any time in our history and new IP launches to look forward to including Rogue Heroes, King of Seas, Narita Boy, Epic Chef, Super Magbot, Greak: Memories of Azur, Honey I Joined a Cult and Hokko Life with three new games still to be announced.

“Alongside these, Hell Let Loose is due to exit Early Access and launch on PlayStation 5 and Xbox X/S, Overcooked! All You Can Eat will launch on Nintendo Switch, PlayStation 4, Xbox One & PC and Worms Rumble will launch on Xbox X/S, Xbox One and Nintendo Switch.

“I look forward to updating our shareholders on our progress as the year goes on.”