Record results for Yorkshire games developer in IPO year
Team17, the Yorkshire-based games developer behind Worms and Overcooked, has announced record revenue and profits in its first full results since listing on the London Stock Exchange last May.
The Wakefield company grew revenue by 46% to £43.2m, with pre-tax profit up 18% to £19.8m, for the year to December 2018. Adjusted EBITDA was up 18% to £15.3m.
Its gross profit margin fell to 46%, down from 57%, due to increasing contribution from third-party sales.
Team17 floated on the AIM market last May, raising £107.5m with a then market capitalisation of £217m.
The company's portfolio grew strongly across the year, with 12 new game launches with a "solid pipeline" planned for the remainder of this year.
Chief executive Debbie Bestwick MBE, who founded the company in 1990, said: "I'm delighted to report on an excellent year for Team17, delivering record revenues and operating profits in the period as well as successfully completing our listing on the Alternative Investment Market. This result was successfully driven by delivery of our ever-growing portfolio during 2018.
"We have continued to build upon the enviable track record of revenue and profit growth shown over previous years coupled with our ability to effectively manage the lifecycle of our games.
"Our incredibly exciting industry continues to grow at a rapid pace. We believe there are more opportunities than ever before for content creators and publishers with the rapid uptake and more openness of digital distribution platforms alongside new emerging distribution methods."