Dredge
GameBy Black Salt Games · Released Mar 30, 2023
Documents about Dredge
Everplay FY 2026 Interim Results
Everplay's interim results for the six months to 30 June 2026 show a company in a deliberately back-loaded year: weak H1 financials ahead of record H2 releases, with management guiding full-year revenue and adjusted EBITDA materially above market consensus (£175.2m revenue and £50.7m adjusted EBITDA).
- Everplay expects full-year 2026 revenue and adjusted EBITDA to exceed market expectations, driven by record-breaking early performance from second-half releases 'Hell Let Loose: Vietnam' and 'Wardogs'.
- Group revenue for the first half of 2026 fell 8% to £66.9 million, largely due to a 16% decline at Team17 and a 20% decline at Astragon as major titles were shifted to the second half.
- Adjusted EBITDA dropped 53% to £9.2 million with margins contracting to 13.7%, reflecting increased marketing spend and investment in central functions ahead of upcoming launches.
Everplay FY 2024 Results Presentation
Everplay Group (formerly Team17 Group) reported a strong FY 2024, with revenues up 5% to £166.6m against market growth of just 0.6%, and adjusted EBITDA rising 46% to £43.5m, lifting margins 740bps to 26.1%.
- Everplay Group reported £167 million in total revenue, a 5% year-over-year increase, alongside a 46% rise in adjusted EBITDA to £44 million.
- The company’s back catalogue grew by 39% and now accounts for 76% of total sales, providing significant revenue stability.
- Operational margins expanded by 740 basis points to 26.1%, supported by a strong cash position of £62.9 million and the announcement of a maiden dividend of 2.7p per share.
Team17 Group PLC Annual Report and Accounts 2023
Team17 Group's 2023 results show a year of revenue growth undermined by margin erosion and large non-cash write-downs.
- Team17 Group reported a 12% revenue increase to £159.1 million in 2023, yet swung to a £1.1 million statutory loss from a £28.7 million pre-tax profit in 2022.
- The financial downturn was primarily caused by £32.0 million in non-cash impairment charges related to goodwill write-downs for Team17 USA and underperforming development costs.
- Management initiated a strategic restructuring that included an 11% headcount reduction, a shift toward an outsourced labor model, and a return to the Games Label's core indie focus.
Team17 Group H1 2023 Results
Team17 Group reported strong financial growth for the first half of 2023, achieving total revenues of £69.7 million, a 31% increase compared to the previous year.
- Team17 Group achieved £69.7 million in H1 2023 revenue, representing a 31% year-over-year increase.
- Adjusted EBITDA declined to £16.5 million from £18.2 million, driven by higher administrative and marketing costs, royalty payments, and shifts in sales mix.
- The back catalogue remains the company's primary revenue driver, accounting for 79% of total earnings.