Last checked at 18 Jan 2023 07:00
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014. Upon the publication of this announcement, this information is now considered to be in the public domain.
18 January 2023
Team17 Group plc
("Team17", the "Group" or the "Company")
Trading Update
Team17 Group plc, a global games label, creative partner, developer and publisher of independent ("indie") premium video games, educational entertainment ("edutainment") apps for children and working simulation games, provides the following trading update for the twelve months ended 31 December 2022 ("FY 2022").
We are pleased to report that the Group traded strongly in H2 2022, with multiple new first and third-party games released, extended games distribution to wider platforms and strong support across the portfolios with additional new content updates. Careful lifecycle management of the diverse portfolio of growing games and apps across the Group combined to complete a strong FY 2022 performance for the Group.
As a result, revenue and adjusted EBITDA* for FY 2022 will be significantly ahead of market expectations and show strong growth compared with FY 2021, benefitting from the performance of a stronger, broader portfolio supported by the acquisitions and investment in people made over the last two years.
Whilst the Board remains mindful of the cost of living crisis and constantly changing global economic trends, and continues to closely monitor the impacts over the coming months and year ahead, we enter FY 2023 with confidence, with a broad Group wide portfolio and future pipeline of new games/apps and updates for delivery in the coming year and beyond.
The Group expects to report its full year results FY 2022 during March 2023 and looks forward to providing further insight into the Group's plans for 2023 at that time.
Debbie Bestwick MBE, CEO of Team17, said:
"2022 was a well-executed year delivering on our highly ambitious plans for the Group, specifically strong lifecycle management across a very diverse portfolio and on time delivery of astragon first party IPs launched in 2022.
"There will always be more work to do as a growth business, but last year's performance is a testament to the significant investment that has been made over the last two years in people, diversifying portfolios and successful M&A, all of which put the Group in a very robust position for the future.
"We look forward to 2023 with an exciting pipeline of releases and updates as well as ongoing ROI from the investments we have made in people and products."
*Adjusted EBITDA is defined as operating profit adjusted to add back depreciation of property, plant and equipment, amortisation of intangible assets (excluding capitalised development costs), share based payment costs and all acquisition related adjustments and fees. This has been restated to include the add back of acquisition related fees not previously included in the definition
The person arranging release of this announcement on behalf of Team17 is Mark Crawford, Chief Financial Officer.
Enquiries:
Team17 Group plc Debbie Bestwick MBE, Chief Executive Officer Mark Crawford, Chief Financial Officer
| via Vigo Consulting +44 (0)20 7390 0233 |
Houlihan Lokey (Nominated Adviser) Adrian Reed / Tim Richardson
| +44 (0)161 250 3577 |
Berenberg (Broker) Chris Bowman / Toby Flaux / Marie Moy / Alix Mecklenburg-Solodkoff | +44 (0)20 3207 7800 |
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Fiona Hetherington / Kate Kilgallen team17@vigoconsulting.com | +44 (0)20 7390 0233
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About Team17
Team17 Group plc is a global provider of games entertainment to a broad audience. The Group now includes a games entertainment label and creative partner for indie developers, a leading developer of educational apps, aimed at children under the age of eight and a leading working simulation games developer and publisher.
Visit www.team17.com for more info.