Video games giant Team17 has reported a record-breaking performance in the first half of 2022.

Unaudited accounts saw the company grow revenues by 33 per cent to £53.2m and gross profit by 26 per cent to £25.5m in the first six months of the year.

Highlights of 2022 included a number of high quality acquisitions, the performance of StoryToys which now has more than 250,000 payable active subscribers, and a long-term extension with the LEGO Group for multiple apps over several years.

The second half of 2022 has already started well with the launch of Sweet Transit in July and Thymesia in August by Games Label.

Team17 raises £79m in share placing

Games Label plans to launch seven new titles in total in H2 including Marauders and Sunday Gold.

Team17’s acquisitions include fast-growing video game Hell Let Loose.

Debbie Bestwick is the chief executive officer of Team17 Group, which has bases in Wakefield, Nottingham and Manchester, and said: “Our new acquisitions, led by our talented and committed management teams, have worked incredibly well together across all parts of the group, and we are all looking forward to a busy and productive second half.

“The group now has more evergreen first party IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription revenue model.

“New releases include additions to many established franchises and licensed global brands as well as exciting new original IP’s that are tracking well.

Team17 raises £79m in share placing

“Complementing our first half performance, we have made an encouraging start to the second half of FY 2022 and we remain confident about the group’s prospects going forwards.”

Team17  is a global provider of games entertainment to a broad audience. The group now includes a games entertainment label and creative partner for indie developers, a leading developer of educational apps for children under the age of eight, and a leading working simulation games developer and publisher.