Team17 gears up for strong annual results in debut year of trading on AIM

Team17 gears up for strong annual results in debut year of trading on AIM

Wakefield-headquartered global games developer Team17 is expecting to report revenues ahead of expectations after seeing a “strong sales momentum” in its first year of trading on the London Stock Exchange. 

This morning publishing a trading update for the year ended 31 December 2018, Team17 said it had continued to see strong sales momentum in the second half, particularly in the sales of its third party titles such as Overcooked 2.

Team17, which floated on the Alternative Investment Market (AIM) in May last year, is gearing up to report its first annual results on the stock market. Its initial valuation was £217m and the initial public offering (IPO) included £107.5m fundraising. Its market capitalisation is currently £282m.

It added: “The company will therefore report revenues ahead of expectations and adjusted EBITDA at the upper end of market expectations.

“The Company’s growing back catalogue portfolio has continued to perform well over the course of 2018, demonstrating the strength of the team’s capabilities in life cycle management.”

Team 17 said it was pleased to see the quality of its games and people being recognised in the media and at leading industry events throughout 2018, as it received over 130 Awards and Nominations during the year, notably at the international gaming industry’s flagship awards ceremony, The Game Awards held in Los Angeles in December –  where Overcooked 2 was awarded Best Family Game.

Furthermore, its Yoku’s Island Express game collected over 70 nominations or awards in the industry’s media roundup of ‘Best of 2018’ Games.  

Team17 added: “The Company has a solid portfolio of game launches planned for 2019, including My Time at Portia,which exited Early Access on 15 January 2019 and launched on both Valve’s Steam Store and the Epic Games store. The game has had an encouraging start and will be launching across additional platforms in Spring 2019.” 

Genesis Alpha One will launch today on PlayStation 4, Xbox One and on PC, exclusively via the recently launched Epic Games store. The Escapists 2: Pocket Breakout, sequel to the Company’s owned multi million unit selling Escapist franchise, will also make its debut on Android (Google Play & Amazon stores) and iOS (Apple store) on 31 January.