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 31st 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 Debbie Bestwick MBE, Chief Executive Officer Mark Crawford, Chief Financial Officer
| via Vigo Consulting
|
| GCA Altium (Nominated Adviser) Adrian Reed / Paul Lines
| +44 (0)845 505 4343 |
| Berenberg (Broker) Chris Bowman / Toby Flaux / Marie Moy / Alix Mecklenburg-Solodkoff
| +44 (0)20 3207 7800 |
| Vigo Consulting (Financial Public Relations) Jeremy Garcia / Kate Kilgallen | +44 (0)20 7390 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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