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Team17 Group PLC - Nottingham, England-based video game development company and publisher of educational entertainment apps for children - Reports strong trading in the second half of 2022, with multiple new first and third-party games released. Also notes extended games distribution to ‘wider platforms’ and ‘strong support’ across its portfolios with additional new content updates. As a result, expects full-year revenue and adjusted earnings before interest, tax, depreciation and amortisation to be significantly ahead of market expectations, which it does not specify. Will release results during March.
Chief Executive Officer Debbie Bestwick says: ‘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 September, Team17 had said pretax profit in the six months to June 30 fell 20% to £11.2 million from £14.0 million a year prior. Revenue, however, grew 33% £53.2 million to £40.1 million.
Current stock price: 445.00 pence, up 7.9% on Wednesday in London
12-month change: down 39%
By Xindi Wei, Alliance News reporter
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