Yorkshire-based games label Team17 expects full year revenue to be ahead of market expectations

Team17, the Yorkshire-based global games label, today said it expects revenue to be ahead of market expectations for the current year.

Tuesday, 18th June 2019, 7:27 am
Team17, the global games label, has published a trading update.

The company has provided a trading update ahead of announcing its first half results which it expects to release in September 2019.

The statement said: “The company has continued to experience strong customer traction from both new and established games since the start of the year and now expects both adjusted EBITDA and revenue to be ahead of market expectations for the current year.

“The strong first half performance has been driven by continued sales momentum across the back catalogue, a solid performance across an array of new release titles along with the recognition of a higher proportion of revenues relating to license income.

“The company has had a busy release schedule in the first half and launched a number of new titles, including the multi-platform release of My Time at Portia along with Hell Let Loose which launched in Early Access on Steam earlier this month. In addition, the company has released new downloadable content for a number of titles, including The Escapists 2 and Overcooked 2.”

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The company has also announced several new partnerships including a partnership with Blacklight Interactive in February, for the Golf with Your Friends! game, and a partnership with Hermes Interactive for the indie kitchen puzzle game, Automachef, which is intended for launch on Nintendo Switch and Steam this summer.

The statement added: “Recognition of the quality of the company’s games continued into 2019, with Yoku’s Island Express being awarded the BAFTA for Best Debut Game in April 2019.”

Debbie Bestwick, the chief executive, said: “We are pleased with the strong start to 2019, highlighting the value of our portfolio approach, the quality of our games and the commitment and talent of our teamsters and label partners.”

Founded in 1990, Team17 Group plc is an international premium video games label and creative partner for independent developers. The portfolio comprises more than 100 games, including The Escapists, Genesis Alpha One, My Time at Portia, Overcooked, Yoku’s Island Express, Yooka-Laylee, the Worms franchise and many more from developers around the world.

The firm is based in Wakefield and floated on AIM in 2018.