Team17
has
released
its
financial
results
for
the
first
half
of
2024,
with
the
firm
reporting
a
11%
increase
in
revenue
to
£80.6
million.
The
numbers:
For
the
six
months
ended
June
30,
2024:
-
Revenue:
£80.6
million,
up
11%
year-on-year -
Gross
profit:
£32.9
million,
up
9%
year-on-year
The
highlights:
Team17
experienced
growth
across
its
business
operations,
including
a
18%
increase
in
EBITDA
from
£16.5
million
in
H1
2023
to
£19.4
million.
It
also
saw
a
53%
rise
in
profit
before
tax
from
£8.1
million
to
£12.4
million.
The
firm
released
nine
new
games
and
three
new
apps
during
the
period,
which
included
Border
Bots,
Classified
France
’44,
Undead
Inc,
and
Autopsy
Simulator.
Hell
Let
Loose
also
launched
on
Game
Pass,
following
Team17’s
acquisition
of
the
IP
in
2022.
Overall,
games
label
revenue
grew
by
9%
to
£51.3
million,
while
its
first
party
IP
revenue
increased
25%
and
represented
42%
of
Team17’s
total
revenue.
However,
the
company
noted
that
the
new
releases
market
“continued
to
remain
challenging”
during
the
first
half
of
2024,
which
contributed
“to
the
decision
to
make
a
combined
£4.6
million
impairment
across
a
small
number
of
titles”
expected
to
release
in
2024
and
2025.
German-based
developer
Astragon
also
saw
increased
revenue
growth
of
13%
to
£18.5
million,
following
strong
performances
from
Construction
Simulator
and
Police
Simulator
which
drove
an
increase
in
first-party
sales
of
17%.
Educational
games
studio
StoryToys
revenue
experienced
growth
of
23%
to
£10.9
million,
while
active
subscribers
grew
from
over
310,000
in
H1
2023
to
more
than
350,000.
“I
am
pleased
with
Team17’s
performance
during
the
first
half
as
we
continue
to
focus
on
driving
sales
through
first
party
IP
titles
and
across
our
extensive
portfolio,
with
strong
demand
for
our
games
and
apps,”
said
Team17
CEO
Steve
Bell.
“Looking
ahead,
there
is
significant
growth
potential
in
our
core
markets
–
indie,
edutainment,
and
working
simulation
games,”
he
continued.
“Our
focus
on
creating
a
portfolio
of
games
and
apps
with
evergreen
longevity,
and
leveraging
our
excellent
lifecycle
management
capabilities,
ideally
positions
us
to
capitalise
on
this
and
build
a
lifetime
of
play
within
our
growing
portfolio
and
player
base.”
Bell
was
appointed
Team17
CEO
earlier
this
year,
following
Debbie
Bestwick’s
departure
to
a
non-executive
director
role
in
March
2023.
Last
October,
reportedly
90
jobs
were
at
risk
as
part
of
Team17’s
restructuring
efforts.
This
followed
a
round
of
layoffs
in
early
2023
due
to
“a
re-alignment
of
elements
within
its
studio
operating
business
model.”