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Image credit: SMG Studio, Devm Games, Team17, Moving Out
Team17, a video game developer and publisher, has unveiled its financial performance for the first half of 2023, showcasing impressive results. The company reported a substantial 31% growth in revenue to £69.7 million, compared to the corresponding period in the previous year. Moreover, the gross profit witnessed a notable increase of 18%, amounting to £30.2 million.
"We are pleased with the group's first half performance, with strong growth delivering record revenue levels, against a backdrop of one of the most competitive years for high-quality launches and deep peer discounting that I can remember. The strength of our results illustrates the success of our diverse portfolio strategy, expertise in lifecycle management and franchise building, disciplined approach to discounting, and the tireless commitment of our people across the group," said Debbie Bestwick, the CEO of Team17.
As reported by GamesIndustry.biz, the financial results for H1 2023 demonstrate the impressive growth of Team17, with revenue surging to £69.7 million, a notable increase from £53.2 million in H1 2022. However, there was a decline of 9.3% in EBITDA, which dropped from £18.2 million in H1 2022 to £16.5 million in H1 2023. Moreover, the profit before tax decreased from £11.2 million to £8.1 million during the same period.
Team17 also clarified that the decline in profits was a result of higher marketing and operational expenses incurred in the first half of 2023. These investments were intended to support the forthcoming release pipeline in the second half of the year. Notably, Team17 introduced five new titles in the first half, including Dredge, Trepang 2, and Killer Frequency, while also expanding the accessibility of Batora Lost Haven and Worms W.M.D to additional platforms. Additionally, the company released 17 new DLC packages across 13 titles, further contributing to its product offerings.
Earlier on, we wrote about Team17 taking an active role in co-developing the strategic WW2 FPS Hell Let Loose, along with their involvement in building future installments in the franchise, if you are curious, have a look at our article.
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