Wakefield-based Team17 Group plc, a developer of video games and educational entertainment apps, said its revenue rose 11% to a record £80.6 million in the six months to June 30, 2024, while adjusted profit before tax rose 23% to £19.2 million.
The group said it launched nine new games which included three new apps during the period while four existing games were released on additional platforms.
In its outlook, Team 17 said: “Following the group’s H1 2024 results and performance so far in H2 2024, the board is confident of delivering full year results in line with market expectations for FY 2024.
“New release revenues are expected to be higher in H2 2024, in part driven by the anticipated physically distributed third-party new releases at astragon. While H1 2024 did benefit from the favourable phasing of license deals, together with strong summer sales and social media support on key titles, the group’s back catalogue is expected to deliver another good performance in H2 2024.
“Due to the timing of new releases and market conditions, the group expects to deliver a more evenly balanced adjusted EBITDA performance across the first and second half of FY 2024 than in previous years.
“Management remains excited about the Indie gaming sector, the first-party and third-party games currently being greenlit, signed and developed across the group and is confident that the initiatives underway will enable accelerated revenue growth and profitability over the medium term.”
Team17 CEO Steve Bell said: “I am pleased with the group’s performance during the first half as we continue to focus on driving sales through first-party IP titles and across our extensive portfolio, with strong demand for our games and apps across the group …
“Looking ahead, there is significant growth potential in our core markets – Indie, edutainment and working simulation games.
“Our focus on creating a portfolio of games and apps with evergreen longevity, and leveraging our excellent lifecycle management capabilities, ideally positions us to capitalise on this and build a lifetime of play within our growing portfolio and player base.”