Team17 Sees 11% Revenue Boost in First Half of 2024

Team17 has announced its financial results for the first half of 2024, revealing an 11% increase in revenue to £80.6 million. Key highlights for the six months ending June 30, 2024, include: revenue of £80.6 million, up 11% year-over-year, and gross profit of £32.9 million, up 9% year-over-year. The company saw growth across its business operations, with an 18% increase in EBITDA to £19.4 million and a 53% rise in profit before tax to £12.4 million. Nine new games and three new apps were released during this period, including Border Bots and Autopsy Simulator. The launch of Hell Let Loose on Game Pass also contributed to the company's growth. Games label revenue grew 9% to £51.3 million, while first-party IP revenue increased 25% and accounted for 42% of Team17's total revenue. However, the company noted challenges in the new releases market, leading to a £4.6 million impairment across several titles. Astragon saw a 13% revenue increase to £18.5 million, driven by strong performances from Construction Simulator and Police Simulator. StoryToys experienced 23% revenue growth to £10.9 million, with active subscribers growing to over 350,000. Team17 CEO Steve Bell expressed satisfaction with the company's performance, citing strong demand for its games and apps. He highlighted the company's focus on driving sales through first-party IP titles and its extensive portfolio, with significant growth potential in core markets.