Team17 Group Full Year Results Presentation: 2022

Team17 Group’s 2022 full-year results demonstrate significant financial and operational expansion, characterized by a 52% increase in total revenue to £137.4 million. This growth was largely driven by strategic acquisitions, including the purchase of astragon Entertainment and Team17 USA, which contributed £44 million to the annual revenue. The group’s portfolio strategy has successfully shifted toward owned intellectual property, which now accounts for 41% of total revenue, supported by the strong performance of titles like Hell Let Loose and the Construction Simulator series.

The group’s operational model emphasizes a diversified, non-hit-driven portfolio across three primary divisions: Team17 Digital, astragon, and StoryToys. Throughout 2022, the company launched 12 new games and released six existing titles on additional platforms, while maintaining a robust back catalogue that grew by 40% in value. StoryToys, in particular, expanded its strategic partnerships with global brands such as Mattel and Sesame Workshop, while astragon’s simulation-focused portfolio saw 73% of its revenue derived from owned IP. This multi-divisional approach is underpinned by a growing headcount of 392 employees and a senior leadership team with extensive industry experience.

Financially, the group maintained strong profitability, reporting an adjusted EBITDA of £48.8 million, a 37% increase over the previous year. While administrative expenses rose due to acquisition-related costs and increased investment in infrastructure, the company achieved a 108% cash conversion rate and ended the year with £50.8 million in net cash. The balance sheet reflects significant investment in long-term growth, with a three-fold increase in capitalized development costs. Looking forward, the group remains focused on organic growth, selective M&A, and the continued development of its diverse pipeline of original IP to sustain its market position.