Team17 Half Year Results 2021

Team17 achieved record financial performance during the first half of 2021, reporting revenues of £40.1 million. This growth was driven by a robust portfolio strategy that balanced the release of six new titles with the active management of a back catalogue, which generated £36.4 million in revenue. The company’s digital-first approach remains a cornerstone of its operations, with digital sales accounting for 97% of total revenue. Furthermore, the acquisition of the Golf With Your Friends intellectual property and the strategic expansion into the edutainment sector through the purchase of StoryToys have diversified the company’s offerings and strengthened its long-term growth prospects.

Profitability metrics remained strong, with gross profit rising 10% to £20.2 million and adjusted EBITDA increasing 9% to £16.2 million, reflecting an elevated margin of 40%. The company maintains a healthy balance sheet with £66.6 million in net cash and equivalents, supporting ongoing investment in infrastructure, headcount expansion, and potential future acquisitions. Operating cash conversion reached 108%, underscoring the business's ability to generate significant liquidity from its core activities.

The company’s operational scope encompasses a diverse portfolio of over 500 digital revenue lines, supported by a team of 262 employees. Strategic initiatives for the remainder of the year and beyond focus on leveraging expanded resources, maintaining a solid pipeline of new releases, and continuing to scale the StoryToys edutainment label. By combining organic growth through content delivery with targeted M&A, the company aims to solidify its position as a leader in the independent games industry while expanding its footprint across multiple platforms and genres.