(Alliance News) - Shares rose in Team17 Group PLC on Tuesday as it said it expects revenue and earnings for 2019 to be ahead of market expectations.
Shares in the video game developer were 11% higher at 273.06 pence on Tuesday. The stock is up 26% since the start of 2019.
Team17 said that both revenue and adjusted earnings before interest, taxes, depreciation and amortisation are set to be ahead of market expectations for the year.
In 2018, Team 17 reported adjusted Ebitda of GBP15.3 million on revenue of GBP43.2 million.
Since the start of the year, the company said it has continued to experience strong customer traction from both new and established games.
Specifically, for the first six months to the end of June, Team17's performance was driven by continued sales momentum, and a solid performances across a range of new releases as well as the recognition of a higher proportion of revenue, which is related to license income.
During the first half, Team17 released several new games, including My Time at Portia and Hell Let Loose on video game digital distribution platform Steam earlier in June. Also, new downloadable content was released for The Escapists 2 and Overcooked 2.
Team17 expects to release its interim results in September.
Team17 (TM17)