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Posted on March 19, 2019 by staff

Record results for listed games studio Team17

Video games studio Team17 has announced record annual results following its IPO last summer.

The firm, which has bases in Wakefield and Nottingham, reported an increase in revenues of 46 per cent to £43.2 million in 2018 from £29.6m in 2017.

Gross profit was up 18 per cent to £19.8m while adjusted EBITDA increased 18 per cent to £15.3m.

Team17, which was founded 28 years ago, raised £107.5m from its float on the stock exchange  in May.

The creator of hit game series Worms, Team17 has repositioned itself as a creative partner and developer of indie games alongside its traditional franchises.

It launched 12 new games in the 12 months to 31st December, seven of them new IPs, and said it has a solid pipeline for 2019.

“I’m delighted to report on an excellent year for Team17, delivering record revenues and operating profits in the period as well as successfully completing our listing on the Alternative Investment Market,” said CEO Debbie Bestwick MBE.

“This result was successfully driven by delivery of our ever-growing portfolio during 2018. “We have continued to build upon the enviable track record of revenue and profit growth shown over previous years coupled with our ability to effectively manage the lifecycle of our games.”

The firm’s headcount increased 30 per cent to 167 at the end of the year, reflecting further investment across all areas of the business, especially in quality assurance, commercial and development capabilities.

“Our people remain our point of differentiation: their passion, talent, ambition and teamwork collectively made the difference in 2018, and as such, it was most rewarding to see industry recognition across our label with over 140 nominations and awards for our games and people,” continued Bestwick.

“Our incredibly exciting industry continues to grow at a rapid pace. We believe there are more opportunities than ever before for content creators and publishers with the rapid uptake and more openness of digital distribution platforms alongside new emerging distribution methods.

“We have a solid pipeline of game launches in 2019 and look forward to updating our shareholders on our continued progress in due course.”