Team17 Share News (TM17)

(Sharecast News) - Video game development company Team17 said on Tuesday that it has experienced "strong sales traction" during the six months ended 30 June despite the Covid-19 pandemic and subsequent lockdowns.
Team17 stated it had seen "above expected demand" for its back catalogue during the period, outperforming pre-coronavirus expectations as increased playtime was generated across its more socially orientated or multi-player co-op and online games, enhancing earnings on key franchise titles.

Despite challenges stemming from the pandemic, Team17 said it had experienced an "excellent" start to 2020 and pointed out that a solid pipeline of new releases was still set to see the light of day during the second half of the year.

The AIM-listed group also highlighted that gaming had historically shown good resistance in uncertain economic situations; however, the company did acknowledge the truly unprecedented time in which it was now operating.

Team17 noted that it was starting to see the "unusually high" levels of demand during April and May return to a more normal level, making it too early to assess what impact the strong trading in recent months may have on its full-year figures.

As of 0915 BST, Team17 shares were up 0.97% at 521.0p.