Team17 Group PLC Trading Update (5883X)
06 January 2022 - 6:00PM
UK Regulatory
TIDMTM17
RNS Number : 5883X
Team17 Group PLC
06 January 2022
6 January 2022
Team17 Group plc
("Team17", the "Group" or the "Company")
Trading Update
Team17 , a global games entertainment label, creative partner
and developer of independent ("indie") premium video games and
developer of educational entertainment ( " edutainment ") apps for
children, provides the following trading update for the twelve
months ended 31 December 2021 ( "FY 2021") .
The Company is pleased to report that the Group continued to
trade above Management's expectations across H2 2021 completing a
solid performance in 2021.
As a result, revenue and adjusted EBITDA* for FY 2021 will be
ahead of Management's expectations and ahead of FY 2020 which, as
announced previously, received a significant one-off commercial
benefit across the whole back catalogue in early 2020, driven by
the Covid-19 pandemic.
The Company has therefore entered FY 2022 with confidence,
supported by a full twelve-month contribution from StoryToys and
the acquisitions of The Label and Hell Let Loose IP announced this
morning that are jointly expected to deliver high single digit
earnings accretion in FY 2022, and the underlying strength and
continued momentum of the Group's broader games portfolio.
We continue to monitor the pandemic and the broader
macro-economic environment and expect these to remain key
considerations across H1 2022 and beyond.
The Company expects to report its full year results for the
twelve months ended 31(st) December 2021 during March 2022.
Debbie Bestwick MBE, CEO of Team17, said:
" We are pleased with the 2021 performance, in which we
continued to execute on our highly ambitious pipeline alongside
completing the acquisition of StoryToys. Bringing StoryToys into
the Team17 family sees us align our growth ambitions with their
hugely talented team and is a clear marker for our future growth
strategy.
" In addition, we are delighted with the acquisitions announced
this morning. These further support our content and people growth
plans. We look forward to working with them as part of our growing
Team17 Group in 2022. "
*Adjusted EBITDA is defined as operating profit adjusted to add
back depreciation of property, plant and equipment, amortisation of
brands and impairment of intangible assets (excluding capitalised
development costs), share based payment costs
Enquiries:
Team17 Group plc via Vigo Consulting
Debbie Bestwick MBE, Chief Executive Officer
Mark Crawford, Chief Financial Officer
GCA Altium (Nominated Adviser) +44 (0)845 505
Adrian Reed / Paul Lines 4343
Berenberg (Broker)
Chris Bowman / Toby Flaux / Marie Moy +44 (0)20 3207
/ Alix Mecklenburg-Solodkoff 7800
Vigo Consulting (Financial Public Relations)
Jeremy Garcia / Kate Kilgallen +44 (0)20 7390
team17@vigocon sulting .com 023
About Team17
About Team17 Group plc
Team17 Group plc is a global provider of games entertainment to
a broad audience. It has two main verticals - a games entertainment
label and creative partner for indie developers, and a leading
developer of educational apps, targeting children under the age of
eight.
Games label and creative partner
Team17 is a games entertainment label and creative partner for
independent ("indie") developers, focused on the premium, rather
than free to play, market and creating games for the PC, console,
mobile and tablet gaming markets.
Alongside developing the Company's own games in house ("first
party IP"), Team17 also partners with independent developers across
the globe to add value to their games in all areas of development
and production and in bringing them to market across multiple
platforms for fixed percentage royalties ("third party IP").
Since foundation in 1990, the Company has launched over 100
games, including the iconic Worms, Overcooked! and Escapists
franchises, along with many more including; Yooka-Laylee, Yoku's
Island Express, My Time at Portia, Hell Let Loose, Blasphemous,
Golf With Your Friends, Neon Abyss and Moving Out making Team17 one
of the most prolific developers and diverse partners of games for
the indie market.
Visit www.team17.com for more information
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