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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
We are still excited about Team17’s investment case

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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Although our ‘buy’ call on video games outfit Team17 (TM17:AIM) is in the red, we’re impressed by solid half year results (11 Sep) and the AIM newcomer’s future earnings growth potential.
One of the longest-running independent video games companies, Debbie Bestwick-led Team17 develops its own games and helps independent creators bring their games to market; the focus is on premium rather than free-to-play games and Team17’s winning portfolio includes Overcooked and the Worms franchise.
For the six months to June, revenue shot up 48% to £15.4m and adjusted EBITDA rose 36% to £4.9m, although taxable profits were lower after IPO-related costs.
As expected, the full year performance will be second-half weighted due to the usual games release schedule. Revenue growth is set to be driven by new product launches and continued growth from a strong back catalogue.
New franchises include My Time at Portia, the first game published by Team17 with a Chinese label partner, as well as Yoku’s Island Express.
Gross margins will also improve in the second half driven by the revenue mix.
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Shares is provided for your general information and use and is not a personal recommendation to invest. It is not intended to be relied upon by you in making or not making any investment decisions. The investments referred to in these articles will not be suitable for all investors. If in doubt please seek appropriate independent financial advice.
Investors acting on the information in these articles do so at their own risk and AJ Bell Media and its staff do not accept liability for losses suffered by investors as a result of their investment decisions.
The value of your investments can go down as well as up and you may get back less than you originally invested. We don't offer advice, so it's important you understand the risks, if you're unsure please consult a suitably qualified financial adviser. Tax treatment depends on your individual circumstances and rules may change. Past performance is not a guide to future performance and some investments need to be held for the long term.
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