Team17 Group FY22 Half Year Results

Key insights

6 takeaways

01
Team17 reported H1 2022 revenue of £53.2 million, a 33% increase over the previous year, with organic revenue accounting for 75% of total earnings.See it on page 3
02
Adjusted EBITDA grew to £18.2 million from £16.5 million in H1 2021, supported by a strong cash position of £51.3 million and a 139% operating cash conversion rate.See it on page 5
03
First-party titles contributed 38% of total revenue, while the StoryToys division doubled its active subscriber base to over 250,000.See it on page 3
04
The company expanded its workforce by 80 employees to a total of 345 to support the operational scaling of the organization following the acquisitions of astragon and StoryToys.See it on page 2
05
Management maintains a positive outlook for the full year, supported by a release schedule that includes titles such as Thymesia and Marauders alongside simulation games from the astragon division.See it on page 7
06
Strategic priorities for the remainder of the year focus on leveraging the expanded development pipeline, growing owned intellectual property, and pursuing further acquisition opportunities.See it on page 8

Summary

Team17 Group achieved significant financial growth during the first half of 2022, reporting revenue of £53.2 million, a 33% increase compared to the same period in 2021. This performance was driven by a robust back catalogue and the integration of recent acquisitions, including astragon and StoryToys. Organic revenue accounted for 75% of total earnings, while the group’s adjusted EBITDA rose to £18.2 million from £16.5 million in the prior year. Despite inflationary pressures and increased administrative costs associated with headcount expansion and acquisition integration, the company maintained a strong cash position of £51.3 million and an operating cash conversion rate of 139%.

The group’s portfolio strategy emphasizes a mix of first-party and third-party intellectual property, with first-party titles contributing 38% of total revenue. StoryToys successfully doubled its active subscriber base to over 250,000, supported by consistent app updates and global licensing partnerships. Meanwhile, the Games Label segment benefited from sustained engagement with established titles, and the astragon division expanded its simulation portfolio. These efforts are supported by a workforce that grew by 80 employees to a total of 345, reflecting the operational scaling of the enlarged organization.

Looking toward the second half of the year, the company maintains a positive outlook, supported by a weighted release schedule featuring titles such as Thymesia, Marauders, and various simulation games. While management remains mindful of macroeconomic headwinds and rising costs, the business is positioned to meet full-year expectations. Strategic priorities remain focused on leveraging the expanded development pipeline, growing owned intellectual property, and identifying future acquisition opportunities that align with the group’s operational footprint and long-term growth ambitions.