Publicly listed games studio Team17 has announced record results for the first half of 2018.
The firm, which has bases in Wakefield and Nottingham, stated that revenues increased by 48 per cent to £15.4 million, up from £10.4 million in 2017. Profits also saw a significant rise, growing by a quarter to £6.9 million.
Team17, established 28 years ago, raised £107.5 million from its floatation on the London Stock Exchange in May. Of this amount, £45.1 million was utilised to repay debt through the issuance of new shares. The company, known for the hit game series Worms, has repositioned itself as a creative partner and developer of indie games alongside its traditional franchises. Recently, it marked the launch of its 100th game, PLANET ALPHA.
CEO Debbie Bestwick MBE expressed delight at the maiden interim results as a public company, stating, “We are delighted to announce our maiden interim results as a public company, further demonstrating the strong progress we are making as a business.” Bestwick elaborated on the company’s strategic direction, saying, “Following our successful IPO, we have a strong base from which to push forward with the business, and continue to grow the footprint and our international fan base.
The company continues to strengthen its international relationships and collaborates with independent developers on new games. Through lifecycle management, Team17 ensures the longevity of its back catalogue, thereby continuing to expand its influence and reach within the gaming industry.
Team17’s record-breaking performance in the first half of 2018 highlights its strategic advancements and solidifies its standing within the gaming industry.