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(Alliance News) - Team17 Group PLC on Tuesday said its earnings climbed sharply in 2019 amid new game launches.
The video game developer and publisher reported pretax profit of GBP19.2 million for 2019, more than doubled compared to GBP8.7 million reported a year earlier, as revenue grew by 43% to GBP61.8 million from GBP43.2 million.
Team17 said its portfolio continued to grow strongly in 2019 with seven new game launches, following 12 new games launched in 2018.
"We continue to develop our technology skillset to enhance our first and third party IP, with cross-platform play central to maintaining the longevity of our portfolio which is perfectly demonstrated in our beloved Worms franchise celebrating its 25th anniversary," said Chief Executive Debbie Bestwick.
In 2019, Team17 said it saw a "consistent" performance across its portfolio from both newly launched titles and its back catalogue, which includes all games released on a platform prior to the first day of the current financial year.
Looking ahead, the company said its pipeline remains solid for 2020, as it plans to launch several new titles and further digital content throughout the year.
Bestwick added: "We look forward to another year of continued growth with a solid pipeline of new game launches, consistent performance from the back catalogue and will continue to update our shareholders on our progress in due course."
Team17 shares were trading 4.8% higher in London on Tuesday at 539.75 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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