Tuesday 16 July 2019

Worms developer Team17 ups full-year outlook on strong first half

The group said it expects both annual underlying earnings and revenues to be ahead of market forecasts.

Videogame developer Team17 Group has seen shares jump after upping its earnings and revenues outlook for the full year thanks to strong sales of new and old titles (Team17/PA)
Videogame developer Team17 Group has seen shares jump after upping its earnings and revenues outlook for the full year thanks to strong sales of new and old titles (Team17/PA)

By Holly Williams, Press Association Deputy City Editor

Videogame developer Team17 Group has seen shares jump after upping its earnings and revenues outlook for the full year thanks to strong sales of new and old titles.

Shares in the group behind the popular Worms series rose more than 7% on the results cheer, which came after it notched up good first half sales growth of its back catalogue and saw a “solid” performance for a raft of new games.

The Yorkshire-based group also said trading has been boosted by a growing proportion of revenues relating to licence income.

Team17 said: “The company has continued to experience strong customer traction from both new and established games since the start of the year and now expects both adjusted EBITDA and revenue to be ahead of market expectations for the current year.”

It said a busy first half saw a raft of new titles launched, including the multi-platform release of My Time At Portia along with Hell Let Loose earlier this month.

The group has also released new downloadable content for a number of titles, including The Escapists 2 and Overcooked 2.

Team17 said it announced several new partnerships in the half-year, including with Blacklight Interactive for the popular Golf with Your Friends! game and with Hermes Interactive for the indie kitchen puzzle game Automachef, set for launch on Nintendo Switch.

Team17 will report half-year figures in September.

The firm was launched in 1990 and now has a portfolio of more than 100 games from developers around the world.

PA Media

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