Last checked at 18 Jun 2019 07:00
18 June 2019
Team17 Group plc
("Team17", the "Group" or the "Company")
Pre-close trading update
Team17, a global games label, creative partner and developer of independent ("indie") premium video games, provides the following trading update ahead of announcing its first half results which it expects to release in September 2019.
The Company has continued to experience strong customer traction from both new and established games since the start of the year and now expects both adjusted EBITDA and revenue to be ahead of market expectations for the current year.
The strong first half performance has been driven by continued sales momentum across the back catalogue, a solid performance across an array of new release titles along with the recognition of a higher proportion of revenues relating to license income.
The Company has had a busy release schedule in the first half and launched a number of new titles, including the multi-platform release of My Time at Portia along with Hell Let Loose which launched in Early Access on Steam earlier this month. In addition, the Company has released new downloadable content for a number of titles, including The Escapists 2 and Overcooked 2.
The Company has also announced several new partnerships including a partnership with Blacklight Interactive in February, for the popular Golf with Your Friends! game, a partnership with Hermes Interactive for the indie kitchen puzzle game, Automachef, which is intended for launch on Nintendo Switch and Steam this summer, the second title from Playtonic Games, Yooka-Laylee and the Impossible Lair, and a partnership with The Game Kitchen for the metroidvana 2-D action platformer game Blasphemous, both to be launched in 2019.
Recognition of the quality of the Company's games continued into 2019, with Yoku's Island Express being awarded the BAFTA for Best Debut Game in April 2019.
Enquiries:
Team17 Group plc Debbie Bestwick MBE, Chief Executive Officer Jo Jones, Chief Financial Officer
| via Vigo Communications
|
GCA Altium (Nominated Adviser) Adrian Reed / Paul Lines
| +44 (0)845 505 4343 |
Berenberg (Broker) Chris Bowman / Toby Flaux / Marie-Agnes Stolberg
| +44 (0)20 3207 7800 |
Vigo Communications (Financial Public Relations) Jeremy Garcia / Fiona Henson / Charlie Neish team17@vigocomms.com | +44 (0)20 7390 0238 |
About Team17
Founded in 1990, Team17 Group plc is a leading international premium video games label and creative partner for independent developers. The portfolio comprises over 100 games, including The Escapists, Genesis Alpha One, My Time at Portia, Overcooked, Yoku's Island Express, Yooka-Laylee, the Worms franchise and many more from developers around the world. Visit www.team17.com for more info.