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Team17 unveils record profits following portfolio boost and acquisitions

worms

Wakefield-headquartered game label Team17, which is behind games such as Worms, has reported its profits before tax in 2021 has risen to £29.1m.

The game developer’s full year results, released today, showcase its profits before tax has risen from 2020, where the company reported profits of £26.2m. 

The company’s results also reveal £90.5m revenue in 2021, up by £7.5m from £83m revenue in 2020. Adjusted EBITDA reached £35.8m, up from the reported figure of £30.3m in 2020.

Team17 launched 12 new games, acquired app developer StoryToys for £19.2m in July 2021, and reported its group headcount has grown to 265, up from 250 in 2020.

The company said it will “continue to deliver its ambitious growth plans” following a string of acquisitions and will be making all Group employees shareholders in April 2022, funded by its “Employee Benefit Trust”.

Debbie Bestwick MBE, Chief Executive Officer of Team17, said: “We’ve invested heavily across our business in terms of people, processes and infrastructure and will continue to do so; we have a substantial, fully funded Employee Benefit Trust (“EBT”), set up in 2018 and we will ensure that 100% of our Group employees are shareholders by April 2022, funded by the EBT as in previous years.

“We collectively have a fantastic opportunity to build a remarkable Group and I’m delighted to say we have delivered another year of growth, which is testament to the contributions made by all our people across the group and the success of our growing content portfolio.

“I look forward to updating our shareholders on our progress across 2022 and beyond.”

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