Matthew Neville

Wakefield game developer celebrates “significant growth” thus far in 2022

Wakefield based Team17 Group, a global games label, creative partner and developer of independent premium video games has confirmed that trading in the six months ended June 30 2022 has been in line with the Board’s expectations.

The enlarged Group, including recent strategic acquisitions, has delivered “significant growth” against H1 2021, once again showing record half year revenue and adjusted EBITDA performance.

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.

StoryToys, acquired in July 2021, is performing in line with expectations. The launch of LEGO DUPLO Marvel in December 2021 was its biggest to date and has continued to perform well during H1 benefiting from the recent Hulk and Iron Man content updates.

Across the StoryToys app portfolio, both active subscribers and subscription revenues have grown significantly in H1 vs the prior year. StoryToys has also entered a longer-term extension with the LEGO Group for multiple apps over multiple future years.

Astragon, acquired in January 2022, is performing in line with expectations with its own IP titles launched in 2021, in particular Police Simulator: Patrol Officers released into early access on PC, continuing to build momentum in H1 2022 and adding value to the growing own IP portfolio.

The physical distribution side of astragon’s business has also seen strong performance across the portfolio of titles from various partners including Farming Simulator which continues to perform strongly in Germany.

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.

The Group has continued to add new talent to its teams, growing headcount in each of its businesses to support individual requirements. Attrition rates have remained at historic single digit levels for the first six months, below market levels.

Debbie Bestwick MBE, chief executive officer of Team17, commented: “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.”

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