Wakefield-based Team17 Group, the developer of video games and educational entertainment apps, published a trading update for the year to December 31, 2022, saying its results “will be significantly ahead of market expectations.”
Team17 said the group traded strongly in H2 of 2022, with multiple new first and third-party games released, extended games distribution to wider platforms and “strong support across the portfolios with additional new content updates.”
It said careful lifecycle management of its diverse portfolio of growing games and apps “combined to complete a strong FY 2022 performance” for the group.
“As a result, revenue and adjusted EBITDA for FY 2022 will be significantly ahead of market expectations and show strong growth compared with FY 2021, benefitting from the performance of a stronger, broader portfolio supported by the acquisitions and investment in people made over the last two years,” said the company.
“Whilst the board remains mindful of the cost of living crisis and constantly changing global economic trends, and continues to closely monitor the impacts over the coming months and year ahead, we enter FY 2023 with confidence, with a broad group wide portfolio and future pipeline of new games/apps and updates for delivery in the coming year and beyond.
“The group expects to report its full year results FY 2022 during March 2023 and looks forward to providing further insight into the group’s plans for 2023 at that time.”
Team17 CEO Debbie Bestwick said: “2022 was a well-executed year delivering on our highly ambitious plans for the group, specifically strong lifecycle management across a very diverse portfolio and on time delivery of astragon first party IPs launched in 2022.
“There will always be more work to do as a growth business, but last year’s performance is a testament to the significant investment that has been made over the last two years in people, diversifying portfolios and successful M&A, all of which put the group in a very robust position for the future.
“We look forward to 2023 with an exciting pipeline of releases and updates as well as ongoing ROI from the investments we have made in people and products.”