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LONDON (Alliance News) - Video games label and developer Team17 Group PLC said Tuesday its profit sank sharply amid listing costs, whilst revenue rose on "strong momentum" in its market.
For the year ended June, pretax profit narrowed to GBP31,000 from GBP806,000 the year prior. This was despite revenue rising 48% to GBP15.4 million from GBP10.4 million the year before.
Profit performance was hurt by GBP2.6 million in exceptional costs associated with its recent initial public offering. In May, Team17 joined the AIM market at a listing price of 165.0 pence per share which valued the market capitalisation at GBP217 million.
Shares in Team17 were 2.7% higher at 231.00 pence on Tuesday.
Adjusted profit - excluding IPO costs - rose to GBP2.6 million from GBP806,000 the year prior.
After the listing, Team17 swung to a GBP13.4 million net cash position from GBP37.5 million net debt the year prior.
"We are delighted to announce our maiden interim results as a public company, further demonstrating the strong progress we are making as a business," Team17 Chief Executive Officer Debbie Bestwick said.
"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," Bestwick added. "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."
"The group continues to see strong momentum in the indie games market and is confident it can continue to deliver significant growth to its shareholders," Bestwick concluded.
