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Team17 Hits £90 Million Revenues in 2021

The growth is driven by strong sales of its back catalog and new titles launched last year.

Team17 published a financial report for 2021, showing a 9% increase in revenue to £90.5 million.

Its gross profit reached £45.5 million, it's a 16% increase compared to the previous year, which was great for Team17 included as it launched a record number of games that year.

In 2021, the company released 12 new titles (the same as in 2020) and launched 4 of its existing games on new platforms, compared to only 2 in 2020. Team17 mentioned an "increasing depth of back catalog titles," which represented 77% of its revenue.

This year, the studio's own IP represented 22% of the revenue, compared to 21% in 2020.

As for the employees, 265 people worked at Team17, it's 15 more than the previous year.

Team17's recent acquisitions of Astragon for €75 million, the Hell Let Loose IP, and indie publisher The Label for a combined value of over $100 million, "are expected to be immediately earnings accretive in FY22."

"We've invested heavily across our business in terms of people, processes and infrastructure and will continue to do so; we have a substantial, fully funded Employee Benefit Trust, set up in 2018 and we will ensure that 100% of our group employees are shareholders by April 2022, funded by the EBT as in previous years," Team17's CEO Debbie Bestwick commented.

The company seems quite optimistic about its present and future:

"Our group now has its most diverse range of owned IP; third-party and licensed IP targeting the broadest audiences across multiple platforms. We have made great strides over the last few years to build out our portfolios, laying strong foundations for future years."

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