Financial

Team17 Group PLC Annual Report and Accounts 2023

By Team17 Group plc

1 January 202459 pages6 words

Summary

The 2023 fiscal year for Team17 Group was defined by a significant contrast between robust top-line growth and a transition to statutory losses. Revenue increased by 12% to £159.1 million, bolstered by 17 new releases and a resilient back catalogue that now accounts for 71% of total earnings. Performance was particularly strong in the StoryToys edutainment division, which saw a 26% revenue increase, and through third-party IP titles like *Dredge*. Despite these gains, the Group swung from a £28.7 million pre-tax profit in 2022 to a £1.1 million statutory loss in 2023. This financial downturn was primarily driven by £32.0 million in non-cash impairment charges, largely related to goodwill write-downs for the mobile-focused Team17 USA and underperforming development costs. In response to these challenges and rising operational risks, management initiated a comprehensive strategic restructuring. This included an 11% reduction in headcount, a shift toward an outsourced labor model, and a refocusing of the Games Label on its core indie gaming roots. Leadership also underwent a major transition with the appointment of a new Independent Chair and CEO to oversee tighter cost controls and a more rigorous "greenlight" process for future titles. The Group maintains a strong liquidity position with £42.8 million in cash and has successfully reduced contingent liabilities related to previous acquisitions. Beyond financial restructuring, the Group advanced its ESG initiatives, achieving high female representation in its StoryToys and astragon divisions while establishing a roadmap toward net-zero emissions. Moving into 2024, the Group aims to restore profitability through a disciplined release schedule and enhanced financial governance, supported by a transition to a new Group-wide finance system and a revised executive remuneration policy tied to strict financial targets.

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Team17 Group PLC Annual Report and Accounts 2023

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