Team17 in first results since ipo shows strong performance

video games
video games

Team17, the game developer behind the bestselling Worms franchise, notched up first-half sales by 7%. Its first results since IPO earlier this year and has recorded significant share jump with sales growth.

The company is headquartered in Wakefield with a commercial office in Nottingham. The company reported revenue of £15.4m for the six months ended 30 June 2018, up 48 percent from £10.4m in the same period of 2017. Adjusted EBITDA also increased by 36 percent to £4.9m, from £3.6m in 2018. However, the company floated on the London Stock Exchange in May 2018, raising £107.5m through over purchased fundraising.

The first game by the group in collaboration with a Chinese label partner, My Time At Portia, was launched in January 2018. While the second game named Overcooked two was launched in August 2018.

The Chief Executive of Team17, Debbie Bestwick MBE, said: “We are delighted to announce our first half returns as a public company. She further demonstrated the steady progress made by the company and sales growth.

Bestwick further added that the company had marked improvement in the contribution of its “significant” back catalogue to its revenue stream. The back catalogue derived 85% of its sales compared to 53% in the 2017 financial year. At its initial public offering in the company raised £107.5mln through an oversubscribed placing while it’s market shares were up 2.2% at 230p.

Following a successful IPO, the company has established a strong base to push forward with the business and continue to grow the footprint on the international plate as well. The company continues to strengthen international relationships and work with independent developers on exciting new games.