Team17 H1 2023 revenue grew by 31%

gamesindustry.biz:

Team17 has published its financial results for the first half of 2023, reporting a 31% increase in revenue to £69.7 million.

For the six months ended June 30, 2023:

Team17 saw notable growth during H1 2023, with revenue increasing 31% year-on-year to £69.7 million from £53.2 million in H1 2022.

However, the company saw a 9.3% decrease in EBITDA from £18.2 million in H1 2022 to £16.5 million in H1 2023. Profit before tax also fell from £11.2 million to £8.1 million.

These decreases came from increased marketing and operational costs in the first half of 2023 to support the early release pipeline expected in H2 2023, the UK-based firm explained.

Team17 released five new titles during the first half of 2023, including Dredge, Trepang 2, and Killer Frequency, in addition to releasing Batora Lost Haven and Worms W.M.D on additional platforms. 17 new DLC packages were also released across 13 titles.

German-based developer Astragon, acquired by Team17 last year for €75 million, saw strong performance during the first half of this year.

Astragon launched 12 DLC packages, two season passes, and free content updates during this period. Two of its IPs, Construction Simulator and Police Simulator, have maintained a continued increase in sales following their release in Q3 and Q4 2022, respectively.

Earlier this year, Astragon acquired Independent Arts Software, which has expanded the development team in preparation for a new IP title.

Team17 also saw a strong performance from educational games studio StoryToys, whose payable active subscriber base has grown to over 320,000 compared to over 250,000 in H1 2022.

StoryToys launched three new apps during the first half of 2023, including Barbie Color Creations, Lego Duplo Disney — Mickey and