Team17 to beat revenue expectations for 2018 year

(Sharecast News) - Video games label, creative partner and independent developer Team17 updated the market on its trading for the year ended 31 December on Tuesday, reporting it continued to see strong sales momentum in the second half, particularly in the sales of third-party titles such as Overcooked 2.The AIM-traded firm said that as a result, it would report revenues ahead of expectations, and adjusted EBITDA at the upper end of market expectations.It said its growing back catalogue portfolio continued to perform well over the course of 2018, which the board said demonstrated the strength of its capabilities in life cycle management."Furthermore, the company is pleased to see the quality of its games and people being recognised in the media and at leading industry events throughout 2018," the board noted in its statement.It said the company and its portfolio received more than 130 awards and nominations during the year, notably at the international gaming industry's flagship awards ceremony, the Game Awards, held in Los Angeles in December.There, Overcooked 2 was awarded Best Family Game.Additionally, the board highlighted that Yoku's Island Express collected more than 70 nominations or awards in the industry's media roundup of 'Best of 2018' games."The company has a solid portfolio of game launches planned for 2019, including My Time at Portia, which exited early access on 15 January and launched on both Valve's Steam Store and the Epic Games store," Team17 added."The game has had an encouraging start and will be launching across additional platforms in spring 2019."Genesis Alpha One will launch today on PlayStation 4, Xbox One and on PC, exclusively via the recently launched Epic Games store."The company also said The Escapists 2: Pocket Breakout - the sequel to its owned multi-million unit selling Escapist franchise - would also make its debut on the Android Google Play and Amazon stores, and the iOS Apple store, on 31 January."The company will report its full year results for the year ended 31 December on 19 March."