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Team17 sees record first half

The group expects its revenues for 2019 to be weighted to the first six months
September 10, 2019

Team17 (TM17) offered up a record performance for the six months to June 2019, with revenues rising 97 per cent to £30.4m – albeit, the video games company says its revenue profile across 2019 will be more first-half weighted than previous years, because of its release schedule. During the period under review, titles launched included Genesis Alpha One and My Time at Portia. The group’s back catalogue also performed well – constituting 73.7 per cent of the top line (down from 79.5 per cent).

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Adjusted cash profits rocketed by 145 per cent to £12m. Meanwhile, statutory pre-tax profits landed at £10.4m, up from just £31,000 – helped by improved sales, and the absence of exceptional items tied to Team17’s IPO last year. Additionally, the prior year’s first half was dampened by £1.3m in finance costs.