LONDON (Alliance News) - Video games developer Team17 Group PLC said on Tuesday its profit and revenue rose in 2018, on higher third-party sales as the group increased its portfolio of games.
For the year, pretax profit rose by 62% to GBP8.7 million from GBP5.4 million the year before, on revenue that saw double digit growth at 46% to GBP43.2 million from GBP26.9 million.
Revenue growth was largely helped by third party intellectual properties, the revenue of which more than doubled to GBP32.1 million from GBP14.8 million.
During the year, Team17 increased its portfolio with 12 new game launches, higher from 10 game launches the year before. There were seven new title IPs launched, with four releases for additional platforms, and one new sequel, Overcooked 2.
Team17 does not pay a dividend.
Looking ahead, the group has already released three news games in January: Genesis Alpha One, My Time at Portia and The Escapists 2. Team17 said it has a strong games pipeline for 2019, and is "well placed for future growth".
"I'm delighted to report on an excellent year for Team17, delivering record revenues and operating profits in the period as well as successfully completing our listing on the Alternative Investment Market. This result was successfully driven by delivery of our ever-growing portfolio during 2018. We have continued to build upon the enviable track record of revenue and profit growth shown over previous years coupled with our ability to effectively manage the lifecycle of our games," said Chief Executive Debbie Bestwick.
Shares in Team17 were marginally higher at 230.1 pence on Tuesday.
Team17 (TM17)