Games publisher, Team17, has released a trading update this morning, saying it has achieved record half year revenue.
While it’s holding the figures back until it publishes its full half year accounts in September, it stated that the first half of the year, to June 2022, was inline with expectations. Last year its full year results showed profits of £29.1m, from a revenue of £90.5m.
The group, which is headquartered in Wakefield, has undertaken a series of acquisitions over the last two years, including StoryToys, which it acquired in July 21. During this period it added to its Lego Duplo Marvel titles, with Hulk and Iron Man content updates. It said that both active subscribers and subscription revenues have “grown significantly” compared to last year.
StoryToys has also signed a contract extension with LEGO Group, for multiple apps to be released over the coming years.
Team17’s Games Label business has delivered “low double-digit year on year growth” and an increase in the share of first party IP revenues.
The group’s American arm, Team17 USA (previously The Label) has become fully integrated into its Games Label operation, since its acquisition in January.
Over the next 6 months, the Games Label will launch 7 titles, with Marauders, Thymesia, Sweet Transit and Sunday Gold.
astragon, which became part of the group in January, has performed well with titles including Police Simulator: Patrol Officers and Farming Simulator, the latter performed strongly in Germany. It will be releasing the latest version of Construction Simulator, in September.
“I am delighted with Team17’s first half performance, trading in line with our expectations. Pleasingly, 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,” said Debbie Bestwick MBE, Chief Executive Officer of Team17.
“The Group now has more evergreen own IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription model. New releases include additions to many established franchises and licensed global brands alongside exciting new original IP’s that are tracking well.
“We have made a solid start to 2022 and remain confident about the near-term prospects for the Group despite the ongoing broader macro-economic climate.”
Results for the six months ended 30th June will be announced in September.
