Team17 has posted its full year results for the 2020 calendar year. With the company showing sustained growth throughout the pandemic. This was off the back of 12 releases across the year, with a record ten new titles among those.
Revenue was up 34 per cent year-on-year to £83m. Many companies have seen profits soar during the pandemic. Team17 however has seen this kind of growth consistently over the past couple of years, with revenue up 46 per cent in 2018 and 43 per cent in 2019.
You could then argue that by its own immensely high standards, Team17 did not perform above its recent trend during the pandemic, but with a third excellent year of very strong growth that would be churlish. Instead it will be intriguing to see whether it can continue to maintain such a pace next year under more usual circumstances.
Team17 released two next-generation titles during the year, Worms Rumble and Overcooked! All You Can Eat. Other titles published included Monster Sanctuary, Moving Out, Going Under , Crown Trick and Neon Abyss.
If you release more games then revenue will (hopefully) rise. But Team17 made those games work for their money with EBITDA up 36 per cent, that’s down on last year’s 44 per cent growth, but in real terms this year’s £8m of growth is larger, and at £30.1m for the year, the group should be very proud of its achievements.
The results noted that the company was now approaching 400 separate digital revenue lines across its portfolio of games and platforms. With its back catalogue making up 78 per cent of revenues.
Looking ahead CEO Debbie Bestwick MBE noted: “2021 will be a very exciting and busy year for Team17, with more games signed to our label than any time in our history and new IP launches to look forward to including Rogue Heroes, King of Seas, Narita Boy, Epic Chef, Super Magbot, Greak: Memories of Azur, Honey I Joined a Cult and Hokko Life with three new games still to be announced. Alongside these, Hell Let Loose is due to exit Early Access and launch on PlayStation 5 and Xbox X/S, Overcooked! All You Can Eat will launch on Nintendo Switch, PlayStation 4, Xbox One & PC and Worms Rumble will launch on Xbox X/S, Xbox One and Nintendo Switch. I look forward to updating our shareholders on our progress as the year goes on.”
The company also completed the acquisition of Golf With Your Friends for £12m. At the core company, headcount increased from 200 to 250 over the year.