Wakefield’s Team17 sees H1 revenue hit record £53m

Wakefield-based Team17 Group, the developer of video games and educational entertainment apps, said its revenue grew 33% to a record £53.2 million in the six months to June 30 and adjusted profit before tax increased 7% to £17.3 million.

The firm said it has completed a number of “high quality” acquisitions focused on broadening the group’s geographical footprint and operational reach “alongside adding high quality first party IP.”

In its outlook, Team 17 said it has an “exciting pipeline of new releases for H2 combined with continued back catalogue performance to deliver second half weighted results.”

It said H2 has started well with Sweet Transit and Thymesia launched by Games Label both performing in line with expectations.

Games Label plans to launch seven new titles in total in H2 including Marauders and Sunday Gold amongst others.

Team17 Group CEO Debbie Bestwick said: “We are pleased with the group’s first half performance, trading in line with our expectations.

“Our new acquisitions, led by our talented and committed management teams, have worked incredibly well together across all parts of the group, and we are all looking forward to a busy and productive second half.

The group now has more evergreen first party IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription revenue model.

“New releases include additions to many established franchises and licensed global brands as well as exciting new original IP’s that are tracking well.

Complementing our first half performance, we have made an encouraging start to the second half of FY 2022 and we remain confident about the group’s prospects going forwards.’

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