(Alliance News) - Team17 Group PLC on Tuesday reported a yearly profit fall and said its chief executive will step down once a replacement is found.
The video game development company and publisher of educational entertainment apps for children said a search to replace Debbie Bestwick has begun.
"Debbie will remain with the business as Chief Executive Officer whilst the search for her successor is in progress. Her incredible passion and drive for Team17 remains undiminished and it is that passion and drive that will also be focussed on finding the right successor working closely with the board. Debbie will remain equally focussed on maintaining a "business-as-normal" mentality across the group, with the senior team committed to delivering the group's strategic ambitions," Team17 said.
Bestwick will move to a non-executive role when a new CEO is appointed.
Shares in the company fell 7.0% to 413.00 pence each in London on Tuesday morning.
In 2022, the company's revenue jumped 52% to GBP137.4 million from GBP90.5 million in 2021, but pretax profit slipped 1.4% to GBP28.7 million from GBP29.1 million. Team17 noted GBP9.2 million in one-off acquisition-related costs, up sharply from GBP1.6 million in 2021.
"The board remains mindful of the current global macro-economic pressures affecting all businesses but is focussed across the group on the areas that can be controlled and looks forward to continuing to deliver great gaming experiences for Team17's customers, and in turn delivering increased shareholder value," Team17 said.
By Eric Cunha, Alliance News news editor
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Team17 (TM17)