“Solid start to 2022” for Team17

The CEO of Yorkshire indie video game label, Team17, is “delighted” with the business’s first half performance, with an enlarged group delivering record half year revenue.

Trading in the six months ended 30 June 2022 (H1) has been in line with the Board’s expectations, with the group, including recent strategic acquisitions, delivering significant growth against H1 2021.

Team17’s core Games Label business continues to show the strength and expertise in back catalogue management, delivering low double-digit year on year growth alongside one new release. The Games Label has also seen significant growth in the share of 1st party IP revenues within its portfolio.

Meanwhile StoryToys, acquired in July 2021, is said to be performing in line with expectations. Across the StoryToys app portfolio, both active subscribers and subscription revenues have grown significantly in H1 vs the prior year.

astragon, acquired in January 2022, is performing in line with expectations too with its own IP titles launched in 2021. The physical distribution side of astragon’s business has seen strong performance across the portfolio of titles from various partners including Farming Simulator which continues to perform strongly in Germany.

Furthermore, Team17 USA (formerly The Label), acquired in January 2022, is now fully integrated within the Games Label and performing as expected, and is actively exploring future opportunities to bring Team17 IP to mobile platforms alongside additional 3rd party titles.

Debbie Bestwick MBE, Chief Executive Officer of Team17, said: “I am delighted with Team17’s first half performance, trading in line with our expectations. Pleasingly, 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.

“The group now has more evergreen own IP’s than ever before, alongside a phenomenal back catalogue portfolio, and in StoryToys, a growing subscription model. New releases include additions to many established franchises and licensed global brands alongside exciting new original IP’s that are tracking well.

“We have made a solid start to 2022 and remain confident about the near-term prospects for the group despite the ongoing broader macro-economic climate.”