Team17 posts 25% profit bump in "maiden" financial results

Team17 has recorded a substantial revenue increase as part of its first financial report since going public earlier this year.

Driven by "strong momentum of sales" across the group's back catalogue of titles, and new launches such as Overcooked! 2 and The Escapists 2, revenue is up by 48 per cent year-on-year for the first half of 2018, reaching £15.4 million for the period.

This is coupled with profit increase of 25 per cent year-on-year to £6.9 million, up from £5.5 million in H1 2017.

The developer and publisher raised £107.5 million through a "significantly oversubscribed" IPO in May of this year; £45.1 million of the total raised was used to repay debt through the issuance of shares.

"We are delighted to announce our maiden interim results as a public company, further demonstrating the strong progress we are making as a business," said CEO Debbie Bestwick.

"Following our successful IPO, we have a strong base from which to push forward with the business, and continue to grow the footprint and our international fan base.

"We continue to strengthen our international relationships and work with independent developers on exciting new games, and through lifecycle management, ensure the longevity of our back catalogue."

Team17 says it expects a stronger performance still in the second half of 2018 as it continues to invest in both commercial creative talent across its UK sites. Additionally, plans are currently being formed to expand the development team, and relocate to a larger premises.