Team17 first-half revenue up 31% to £69.7m

Wakefield-based Team17 Group, the developer of video games and educational entertainment apps, said its revenue increased 31% to £69.7 million in the six months to June 30, 2023, but adjusted profit before tax fell to £15.6 million from £17.3 million.

Team17 CEO Debbie Bestwick said: “We are pleased with the group’s first half performance, with strong growth delivering record revenue levels, against a backdrop of one of the most competitive years for high quality launches and deep peer discounting that I can remember.

“The strength of our results illustrates the success of our diverse portfolio strategy, expertise in lifecycle management and franchise building, disciplined approach to discounting, and the tireless commitment of our people across the group.

“We are mindful that the gaming environment remains highly competitive, and we continuously review cost efficiencies to ensure we have the right balance between internal and outsourced resources in our service areas. We believe that this will enable us to remain agile and cost effective to deliver the best results for our partners and stakeholders over future years. 

“astragon and StoryToys continue to deliver strong revenue growth, high quality content and synergy opportunities.

“In the current environment, I believe our strong balance sheet and M&A track record puts us in an excellent position to pursue further opportunities which can support our strategy of enhancing the Group’s reach across genres, platforms, and customer demographics.

“We are being presented with more new content opportunities of quality than ever before and will remain as highly disciplined in our approach as ever to ensure we maintain our track record of delivering exceptional games to our customers.

“I have been impressed with the passion, insight, and leadership that Steve Bell has already brought to the group in his role as CEO designate and am delighted with Frank Sagnier’s appointment as chair designate.

“So finally, as I enter my last few months as CEO, I can confidently say I have never been more excited about the group’s leadership and future.”