Listed videogame developer Team17 has reported strong revenue and EBITDA growth.
The historic firm, which has bases in Wakefield and Nottingham, said group performance for the year ended 31st December 2020 will be ahead of the board’s expectations despite “extraordinary and challenging” conditions.
Led by CEO Debbie Bestwick, year–on–year revenue and adjusted EBITDA growth was around 34% and 36% respectively at the studio and publisher.
It has also agreed to purchase the IP and assets of one of the third-party titles it publishes, Golf With Your Friends, for £12 million.
Created by Australian developer Blacklight Interactive, it is a multiplayer crazy golf game featuring incredibly challenging, innovative courses. Team17 oversaw a full launch across platforms including PC, Nintendo Switch, PlayStation 4 and Xbox. It has helped double the owners of the game to 5.5 million.
Meanwhile Sheffield-headquartered Sumo Group said revenue and adjusted EBITDA for the same period are expected to be ahead of market expectations.
It says EBITDA will be at least £16.0m following its latest acquisition, Pipeworks, and higher–than–expected royalty income.
Acquisitive Sumo now employs more than 1,000 people across several studios.
Team17 launched 12 titles in 2020, including additions to the Worms, Escapists and Overcooked franchises, while it expects to deliver a “solid and very diverse pipeline” of both existing IP on new platforms and new IP in 2021.
This includes Worms Rumble and Overcooked: All You Can Eat on more platforms; Rogue Heroes, The Unliving, Epic Chef, Super Magbot, Greak: Memories of Azur, Honey I Joined a Cult, Hokko Life plus a number of unannounced games.
“2020 is definitely a year we will not forget in a hurry and also provides insights into the challenges we can expect as a workforce in 2021,” said Bestwick.
“Many of our games are local co-op and online play and we added cross play to some of our titles alongside numerous quality of life and gaming enhancement updates across our back catalogue.
“We are also delighted to start 2021 with the announcement that we have acquired GWYF and see great potential in this IP.
“Over the last two years, GWYF has shown strong consumer demand and mass market appeal, doubling its owner base and achieving success on multiple gaming platforms.
“GWYF is the type of IP we believe is right for ownership, it is successful and proven but still at the start of its journey.”