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29 Jan 2019 07:00
29 January 2019
Team17 Group plc
("Team17", the "Group" or the "Company")
Trading update
Team17, a global games label, creative partner and developer of independent ("indie") premium video games, provides an update for the year ended 31 December 2018.
The Company is pleased to report it has continued to see strong sales momentum in the second half, particularly in the sales of third party titles such as Overcooked 2. The Company will therefore report revenues ahead of expectations and adjusted EBITDA at the upper end of market expectations.
The Company's growing back catalogue portfolio has continued to perform well over the course of 2018, demonstrating the strength of the team's 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 Company and Portfolio received over 130 Awards and Nominations in 2018, notably at the international gaming industry's flagship awards ceremony, The Game Awards, held in Los Angeles in December, where Overcooked 2 was awarded Best Family Game. Furthermore, Yoku's Island Express collected over 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 2019 and launched on both Valve's Steam Store and the Epic Games store. 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 Escapists 2: Pocket Breakout, sequel to the Company's owned multi million unit selling Escapist franchise, will also make its debut on Android (Google Play & Amazon stores) and iOS (Apple store) on 31 January 2019.
The Company will report its full year results for the year ended 31 December 2018 on Tuesday, 19 March 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.
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