Team17 jumps on forecast-busting performance

Video games label, creative partner, developer and publisher Team17 said in an update on Wednesday that it traded “strongly” in the second half of 2022, with multiple new first- and third-party titles released, extended games distribution to wider platforms, and “strong support” across its portfolios with additional new content updates.

The AIM-traded firm said “careful” lifecycle management of its portfolio of growing games and apps across the group combined to complete a strong 2022 financial year performance.

As a result, revenue and adjusted EBITDA for the 12 months ended 31 December would be “significantly ahead” of market expectations, with “strong growth” over 2021, benefitting from the performance of a “stronger, broader portfolio” supported by the acquisitions and investment in people made over the last two years.

The board said that while it was mindful of the cost-of-living crisis and constantly changing global economic trends, and was closely monitoring the impacts over the coming months and year ahead, Team17 had entered 2023 with confidence, with a broad group-wide portfolio and future pipeline of new games and apps and updates for delivery in the coming year and beyond.

“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 intellectual properties launched in 2022,” said chief executive officer Debbie Bestwick.

“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 mergers and acquisitions, 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 return on investment from the investments we have made in people and products.”

Team17 said it expected to report its results for 2022 in March, with further insight into its plans for 2023 to be released at that time.

At 1414 GMT, shares in Team17 Group were up 7.88% at 445p.

Reporting by Josh White for Sharecast.com.