Team17 Group, the Yorkshire-based games developer, has delivered a solid revenue performance, while slipping to a pre-tax loss of £1.1m.
According to unaudited final results for the year ended 31 December 2023, revenues grew 12% to £159.1 million, up from £142.3 million in 2022, with 17 new games and apps released in the period alongside six existing games released on additional platforms.
A thorough review of the Games Label strategic direction (now re-focussed on its core Indie games roots), cost base structure and processes was completed in the last quarter of the year, with headcount reduced to 348 from 392.
Steve Bell, Chief Executive Officer of Team17, said: “While 2023 presented some challenges for the Games Label, the speed and tenacity with which the teams have responded has demonstrated the exceptional talent we have at Team17.
“The Games Label is now realigned to its proven low-risk Indie model, tighter cost controls have been enforced and one-off actions taken to clean up the balance sheet.
“We are back on form in 2024, with a solid slate of games and apps, our exceptional back catalogue and a clear plan for growth across the Games Label, astragon and StoryToys. The year has started well.”
