29th Jan 2019 10:12
LONDON (Alliance News) - Video games maker Team17 Group PLC on Tuesday said its titles have continued to sell well during the second half of 2018.
Sales growth was particularly strong in third party titles, it said, such as Overcooked 2.
As a result of this performance, revenue for 2018 is likely to beat expectations and adjusted earnings before interest, tax, depreciation, and amortisation at the top end of market expectations, which were not provided.
Results for 2018 will be Team17's first as a member of the London Stock Exchange after its GBP108 million float.
In its IPO documents in May last year, Team17 said revenue had reached GBP29.6 million in 2017 and adjusted Ebitda GBP12.9 million.
Team17, which developed the Worms title, has a "solid" portfolio lined up for releases in 2019. My Time at Portia, which was released earlier January, has had an encouraging start, while Genesis Alpha One has been launched on Tuesday, coinciding with the trading statement.
Team17 will report results for 2018 on March 19. Shares were down 1.0% on Tuesday at a price of 220.20 pence each, compared to its IPO price of 165p.
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