‘Excellent year’ for video game maker Team17

Wakefield indie games maker, Team17, has seen revenues rise by 46% to £43.2 million as it reports preliminary full-year results.

For the year ended 31 December 2018, the company posted a gross profit rise of up to 18% to £19.8 million compared with last year’s £16.9 million.

Adjusted EBITDA was also up 18% to £15.3 million compared with the £12.9 million witnessed last year.

In a trading update, the company said that its strong revenue growth and cash generation “complements a solid pipeline for 2019”.

This pipeline follows the successful launch of 12 new video games in 2018, with seven new title IPs and four additional platform releases for existing IPs.

“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.

“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.

“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.

“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.”