Team17, a Wakefield-based independent games company, has released its unaudited interim results for the first half of 2021, reporting sales in excess of £40 million for the period.
Also announced was Michael Pattison’s hiring as CEO of Team17’s Games Label. He formerly worked for Sony Interactive Entertainment and will begin working for the company on October 18th.
During this time span, the company released six new games and grew its employee size from 250 to 262. As part of its expansion plans, it purchased the rights and assets of the multiplayer game Golf With Your Friends in January 2021 for £12 million, and finalized the acquisition of StoryToys in July for $26.5 million (£19 million).
Team17 achieved a record revenue of £40.1 million in the first half of 2021, representing an increase of about 3 percent over the same time in 2020. Its gross profit increased by 10% to a record £20.2 million, while adjusted EBITDA increased by 9% to £16.2 million, both records for the company.
During the first half of this year, Team17 Group’s Chief Executive Officer, Debbie Bestwick, said, “Our success is a testimony to the continuing dedication and enthusiasm of our teamsters and label partners.” The fact that we have been able to maintain our pattern of improving year on year performance, particularly when compared to the comparable half record established the previous year, which benefited from the one-time effect of the worldwide pandemic and huge swaths of global lockdown, gives me great pleasure.
With the purchase of [Golf With Your Friends] IP in January, the recent acquisition of StoryToys expands the range of our gaming offerings while also bringing an excellent staff with complementary skill sets into the Group.
“Unfortunately, we had to say goodbye to one of our teamsters, Troy Horton, earlier this year when he died away abruptly and unexpectedly. We’d want to devote this year to him and the incredible legacy he left inside each of us.” He was not just a gaming icon in the United Kingdom, but he was also an inspiration to each and every one of us at Team17.
“I’d also want to express my gratitude to our great business partners, who have worked hard over the past 18 months to guarantee that we have produced our games on schedule, despite the difficult circumstances.”