Team17 Group has announced record revenues and gross profits in its half year results.
The Wakefield games label has seen income rise 33% to £53.2m, while gross profit is up 26% to £25.3m. Adjusted EBITDA is also up, to a record £18.2m (+10% year on year).
It comes following a series of multi-million pound acquisitions over the last few months, including the astragon (£83m), Hell Let Loose (£31m) and The Label (£17.65m).
“We are pleased with the Group’s first half performance, trading in line with our expectations. 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, Chief Executive Officer of Team17 Group plc.
“The Group now has more evergreen first party IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription revenue model. New releases include additions to many established franchises and licensed global brands as well as exciting new original IP’s that are tracking well.
“Complementing our first half performance, we have made an encouraging start to the second half of FY 2022 and we remain confident about the Group’s prospects going forwards.”
StoryToys has achieved “significant growth” in payable active subscribers which now exceeds 250k (H1 2021: over 130k). It has also entered into a long-term extension with Lego Group.
In the second half of the year it plans to launch 7 new titles including Marauders and Sunday Gold.
