After successfully completing IPO on AIM in May last year, Team17 reports its revenue increased by 46 per cent in 2018.
It has been a busy year for Team17, which launched 12 games across the 12-month period and increased its headcount by 30 per cent, jumping from 128 employees to 167.
In its financial results for the year ending December 31st, 2018, the indie publisher and developer reports a revenue jump from £26.5 million in 2017 to £43.2 million in 2018. Gross profit is up 18 per cent – £16.9m to £19.8m – whilst its gross profit margin is down from 57 per cent to 46 per cent "due to increasing contribution from third-party sales in the period".
"I’m delighted to report on an excellent year for Team17, delivering record revenues and operating profits in the period as well as successfully completing our listing on the Alternative Investment Market," said CEO, Debbie Bestwick MBE. "This result was successfully driven by delivery of our ever-growing portfolio during 2018. We have continued to build upon the enviable track record of revenue and profit growth shown over previous years coupled with our ability to effectively manage the lifecycle of our games.
"Our people remain our point of differentiation – their passion, talent, ambition and teamwork collectively made the difference in 2018, and as such, it was most rewarding to see industry recognition across our label with over 140 nominations and awards for our games and people.
"Our incredibly exciting industry continues to grow at a rapid pace," she concluded. "We believe there are more opportunities than ever before for content creators and publishers with the rapid uptake and more openness of digital distribution platforms alongside new emerging distribution methods. We have a solid pipeline of game launches in 2019 and look forward to updating our shareholders on our continued progress in due course."
The company concludes on stating it has a "solid pipeline of game launches planned for 2019".