Everplay, the parent company behind Team17, has signaled confidence in its upcoming full‑year financial performance, citing the strong market reception of Bulkhead's title Wardogs and Expression Games' Hell Let Loose: Vietnam as key drivers that are exceeding early forecasts. The publisher’s enthusiasm is reflected not only in its public statements but also in a strategic move to increase its equity holding in Bulkhead, the developer behind Wardogs, following the game’s impressive sales trajectory since it entered early access on 10 September.
The background to this investment shift dates back to last December, when Tencent divested its interest in Bulkhead. The sale brought together a consortium that included Everplay, Super Media Group and Hiro Capital, effectively transferring control of the studio away from the Chinese tech giant.
Since then, Everplay has deepened its involvement, raising its ownership percentage as Wardogs continued to gain momentum in the crowded multiplayer shooter market. In its unaudited interim financial statements covering the six‑month period ending 30 June 2026, Everplay disclosed a modest contraction in top‑line revenue, which fell 8 % to £66.9 million compared with the same period a year earlier.
Net profit also slipped, down 29 % to £23.9 million. While these headline figures suggest a slowdown, a more granular look reveals a resilient and even expanding core business. Revenue generated from Everplay’s extensive back‑catalogue of more than 150 titles rose 1.2 % to £64.3 million, underscoring the enduring appeal of its legacy portfolio.
The company also highlighted a busy launch calendar in the first half of the fiscal year, with four new games hitting the market: Lumentale: Memories of Trey, Sintopia, Wardrum and Rogue Point. Each title contributes to a diversified pipeline that aims to mitigate the risk of relying on a single blockbuster.
Notably, the subsidiary StoryToys reported a 43 % surge in revenue, a 22 % increase in active subscribers to 408,000, and cumulative downloads that have now surpassed the 18‑million mark. These metrics illustrate the growing traction of Everplay’s subscription‑based offerings and the effectiveness of its cross‑platform distribution strategy. Investment in game development also saw a notable uptick.
Everplay allocated £16.4 million to new development projects, a 14 % increase over the previous year’s budget. This infusion of capital is expected to enable the studio to work on roughly 20 % more titles than it did in the prior period, accelerating its output and expanding its creative footprint. Importantly, the company emphasized that 65 % of the games currently in development are based on original concepts or first‑party intellectual property, a deliberate shift away from heavy reliance on licensed or third‑party franchises.
This focus on proprietary IP is intended to build long‑term value and give Everplay greater control over monetisation pathways. CEO Mikkel Weider commented on the results, stating, "Our back catalogue posted another resilient performance in a half in which there were no major new releases, underpinning the solid foundations upon which Everplay is built." He went on to stress the strategic advantage of a strong balance sheet combined with a robust catalogue, an expanding suite of first‑party IPs and innovative third‑party collaborations.
"With a strong balance sheet, resilient catalogue, growing portfolio of first‑party IP and innovative third‑party games, we are well positioned to deliver accelerated growth," Weider added. The decision to increase Everplay’s shareholding in Bulkhead is more than a financial maneuver; it reflects confidence in the studio’s creative direction and the commercial viability of Wardogs. Since its early‑access debut, Wardogs has crossed the one‑million‑copy threshold, a milestone that signals strong community adoption and validates the game's design and live‑service model. This success has likely contributed to Everplay’s optimistic outlook for the remainder of FY26, as the company anticipates that Wardogs will continue to generate recurring revenue through in‑game purchases, seasonal updates and potential expansion packs.
Looking ahead, Everplay’s strategy appears to hinge on three pillars: leveraging its extensive back‑catalogue to provide a steady cash flow, accelerating the development of original, first‑party titles to capture higher margins, and maintaining strategic partnerships that can broaden its market reach. By reinforcing its stake in a promising developer like Bulkhead, Everplay not only secures a larger share of future profits from Wardogs but also positions itself to influence the studio’s roadmap, ensuring alignment with Everplay’s broader portfolio objectives.
In summary, while the interim financials show a slight dip in overall revenue and profit, the underlying trends point to a healthy, diversified business model. The back‑catalogue’s modest growth, the surge in StoryToys’ subscriber base, the increased development spend and the strategic deepening of ownership in high‑performing studios collectively paint a picture of a company that is weathering short‑term headwinds while laying the groundwork for sustained, accelerated growth in the years to come.