Team17 Reports 31% Revenue Increase in First Half of 2023

Team17 has released its financial results for the first six months of 2023, showing a significant 31% increase in revenue to £69.7 million. Key figures include a 31% year-on-year rise in revenue to £69.7 million, and an 18% increase in gross profit to £30.2 million. Notable releases during this period included Dredge, Trepang 2, and Killer Frequency, as well as the launch of Batora Lost Haven and Worms W.M.D on additional platforms. The company also released 17 new DLC packages across 13 titles. Astragon, acquired by Team17 last year, saw strong performance with 12 DLC packages, two season passes, and free content updates. StoryToys, another acquisition, reported a payable active subscriber base of over 320,000, up from over 250,000 in the first half of 2022. Despite these successes, the company saw a 9.3% decrease in EBITDA and a fall in profit before tax, attributed to increased marketing and operational costs. Team17's CEO commented on the results, highlighting the company's diverse portfolio strategy and commitment to cost efficiency. The company has also undergone changes, including the appointment of a new CEO and the opening of a new studio, Cover 6 Studios.