10th Sep 2019 11:40
(Alliance News) - Team17 Group PLC said Tuesday it was comfortable with its expectations for 2019, following a strong performance in the first six months.
For the first half ended June 30, pretax profit rose sharply to GBP10.4 million from GBP31,000 the year before, on revenue that nearly doubled to GBP30.4 million from GBP15.4 million.
The video game developer said its strong revenue growth was driven by a mix of new launches and a solid performance from its back catalogue of video game titles, including Worms, Overcooked and The Escapists.
Team17 said 74% of group revenue came from its back catalogue, and the remainder from new launches.
During the period, Team17 released several new games into the market, including farm-life simulator My Time at Portia, roguelike shooter Genesis Alpha One and World War 2-era first person shooter Hell Let Loose.
Looking ahead, Team17 said it has a "solid selection" of third party releases planned for the second half, and plans to grow the business further, through a studio relocation into a larger site with increased capacity.
Overall, Team17 board said it was comfortable with its expectations for the full year.
"I'm delighted with the excellent start to 2019, delivering record revenues and operating profit in the period as well as successfully launching several high-profile games. We have a solid line up of new games to release in the second half of 2019 and look forward to updating our shareholders on our continued progress in due course," said Chief Executive Officer Debbie Bestwick.
Shares in Team17 were down 0.7% at 299.99 pence on Tuesday.
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