Developer and publisher Team17 has seen a 97 per cent rise in revenues year-on-year (YoY).
In its half-yearly financial report covering the six month period ending June 30th, 2019, the UK company also reported a gross profit jump of 119 per cent to £15.1m, and an uptick in its gross profit margin of almost 50 per cent YoY.
That results in an adjusted EBITDA – earnings before interest, tax, depreciation and amortization – increase of 145 per cent to £12m compared to last year’s £4.9m and sees earnings per share jump 356 per cent YoY.
It’s been a busy half-year for the company, during which time it launched several new releases including Genesis Alpha One and My Time at Portia on the new Epic Games store. My Time at Portia also exited Early Access on Steam – achieving a global #1 in January – followed by “a successful launch on console followed in April 2019”, as well as Hell Let Loose, the WW2 simulation that also hit the number one spot after releasing via Steam Early Access in June.
“Our results during the first six months really underline the dedication and hard work of our people and external Games Label partners, and I want to thank every one of them,” said Debbie Bestwick MBE, Team17 CEO. “I’m delighted with the excellent start to FY2019, delivering record revenues and operating profit in the period as well as successfully launching several high-profile games.
“We have a solid line up of new games to release in H2 2019 and look forward to updating our shareholders on our continued progress in due course”.
Team17 Group plc was founded in 1990 and has become “a leading international premium video games label and creative partner for independent developers” that not only develops and publishes its own IP in-house, but also games from “creative partner for developers across the world”. With sites in both Nottingham and Wakefield, Yorkshire, it currently employs 164 staff, up 10 on last year’s 154.
Looking ahead, the board says it has “confidence” and “is comfortable with full-year expectations” with a “solid selection of third-party releases planned for H2 2019 from across [its] global developer network”. There is also a development studio relocation planned for H2 2019 “to accommodate Team17’s growth ambitions”.