Team17 has published its financial results for 2021, reporting that the company has seen a 9% increase in revenue to £90.5 million.
For the twelve-month period, ending on December 31, 2021, the company has reported a yearly gross profit increase of 16%, reaching a total sum of £45.5 million. This is quite a significant growth, even considering the fact that the year 2020 was an extremely profitable year for the majority of video games companies. Team17 was definitely among them, managing to launch a record number of video games in 2020.
Team17 managed to release 12 new video game titles in 2021, just like in 2020, as well as launch four already existing titles on new platforms which is two more than in 2020. The company indicated that an increasing depth of back catalog titles represented 77% of its revenue.
The studio’s own IP releases represented 21% in 2020 and have increased up to 22% in 2021. The company also increased the number of employees to 265 in 2021, compared to the 250 employees in 2020.
Team17 has indicated that their recent acquisitions of Astragon for €75 million, as well as the $100 million acquisition of Hell Let Loose IP and indie publisher The Label, are expected to start adding to the earnings in the financial year 2022.
In their statement, Team17 added that despite unforeseen headwinds, the group remains well-positioned to continue to deliver on its growth plans, supported by the recent acquisitions coupled with the underlying strength and continued momentum of the group’s broadening games portfolio and healthy development pipeline across the enlarged group.
Debbie Bestwick, the CEO of Team17 commented that the company has invested heavily across their business in people, processes, and infrastructure and that they will continue to do so. She added that the company has a fully funded Employee Benefit Trust which was set in 2018, and that the company will ensure that 100% of its group employees are shareholders by April 2022.
Debbie Bestwick continued by saying that the company collectively has a fantastic opportunity to build a remarkable group and that she is delighted to say that the company has delivered another year of growth and that is a testament to the contributions made by all people across the group and the success of the groups growing content portfolio.
She concluded by saying that the group now has its most diverse range of owned IP; the third party and licensed IP targeting the broadest audiences across multiple platforms and that the company has made great strides over the last few years to build out its portfolios in order to lay strong foundations for future years.
Last year, Team17 acquired the rights and assets for Golf with your Friends and StoryToys for £12 million and $26.5 million respectively.
Team17 has recently revealed its MetaWorms NFT project, however, the project was met with criticism both internally at the studio and externally by the consumers and the games industry which led the company to shut down the project.