Team17 delivers stunning interim results
Team17 is an independent developer of premium video games. We commented at the time of Its IPO that it could be a great stock to follow and it hasn’t disappointed with fantastic interim results and a very positive outlook
Team17 (AIM:TM17) supports both owned first party IP and third party IP in the development and publishing of video games across multiple platforms, typically for a fixed revenue share. The Group focuses on premium, rather than free to play games, and its portfolio comprises over 100 games, including the iconic and well-established Worms franchise, as well as Overcooked and The Escapists.
Interims bring record breaking performance
Team17 delivered stunning results for the six months ending 30 June 2019.
With several new game releases in the period and the revenue profile more 1st half weighted than previous years, revenues rose 97% to £30.4m, adjusted EBITDA up 145% to £12.0m and adjusted earnings per share up a whopping 356% to 7.31 pence - full year Dec 2019 forecasts are for earnings per share of 10.03p, emphasising the first half weighting.
Cash follow was just as impressive with the operating cash inflow £13.7m and free cash flow £12.1m, this after taking account of development costs of…
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