“Excellent year” for Team17 as profits soar
10 March 2020
Team17, the listed game developer behind the best-selling Worms franchise, has hailed an "excellent year" with pre-tax profits more than doubling.
The company reported a pre-tax profit of £19.2m for the year ended 31 December 2019, up from £8.7m in 2018. Adjusted EBITDA grew to £22.1m from £15.3m.
Revenues also increased to £61.8m from £43.2m the year before.
Team17 launched seven new games during the year, including Genesis Alpha One, Hell Let Loose and Golf With Your Friends with a further ten titles so far confirmed for 2020.
The company relocated its Wakefield development studio to new premises in November, providing an improved working environment and medium-term expansion capacity.
Chief executive Debbie Bestwick said: "I'm delighted to report on an excellent year for Team17, delivering record revenues and operating profits.
"Seeing our Teamsters and Label Partners grow into the best versions of themselves is one of my proudest achievements in 2019.
"Last year we set ourselves some significant challenges from a new technology perspective; successfully launching our first 100 player game in Hell Let Loose and broadening our skill sets in new game genres with the likes of Blasphemous.
"Gaming runs deep through everything we do at Team17, working with likeminded people with a shared vision is an incredible experience and something everyone at Team17 should feel very proud about.
"Our culture and people are everything that Team17 is and as we head into our 30th anniversary celebrations we are delighted to share we are working on one of our most loved franchises Worms and will bring a new title this year to market launching on Console and PC.
"We continue to develop our technology skillset to enhance our first and third party IP, with cross-platform play central to maintaining the longevity of our portfolio which is perfectly demonstrated in our beloved Worms franchise celebrating its 25th anniversary."
Team17 is headquartered in Wakefield with a commercial office in Nottingham.