Wakefield’s Team17 hits record £40m H1 revenue

Wakefield-based Team17 Group, the developer of video games and educational entertainment apps, announced its revenue rose 3% to a record £40.1 million and profit before tax was up 5% to a record £14 million in the six months to June 30.

The Wakefield firm also announced it has strengthened its Games Label team with a high-profile executive hire in Michael Pattison, who joins Team17 from Sony Interactive Entertainment as CEO of Games Label next month.

Team17 said it continues with an ongoing assessment of acquisition opportunities and it has a solid pipeline of releases and additional new content planned across the second half of the year.

Team17 has a current stock market value of around £1 billion.

Team17 Group CEO Debbie Bestwick said: “Our performance during the first half of this year is a testament to the continued commitment and passion of our teamsters and label partners.

“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.

“Alongside the acquisition of the GWYF IP in January, the recent acquisition of StoryToys improves the breadth of our offering across the gaming space and brings an exceptional team with additional skill sets into the group.

“I’m very pleased to share today that we have further strengthened our Games Label team with a very high-profile executive hire in Michael Pattison who joins from Sony Interactive Entertainment as CEO of our Games Label from next month.

“Alongside Emmet O’Neill, CEO of StoryToys, we are building a truly remarkable senior leadership team to help deliver on our shared vision for the future of the group.

“Sadly, earlier this year we said goodbye to one of our teamsters, Troy Horton, who passed away suddenly and unexpectedly and we’d like to dedicate this year to him and the amazing legacy he leaves within each of us.

“He was a UK gaming legend but also an inspiration to each and every one of us here at Team17.

“I’d also like to thank our exceptional business partners who over the last 18 months have worked tirelessly to ensure we have delivered our games on time in very challenging times.”