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Team17 reports record profits in maiden financial year

Staff count grew 30% in 2018

Team17 saw its profits jump 18 per cent to £19.8 million after its maiden financial year as a public company.

It follows a revenue increase of 46 per cent to £43.2 million. Both figures are record numbers for the UK company famous for Worms, Overcooked and The Escapist.

The indie games label says that profit margin was 46 per cent due to the increasing contribution from third-party partner sales over the period.

And the company remains in a strong position for potential future acquisitions, with £23.5 million in cash or equivalents.

The numbers are for the 12 months ending December 31st, 2018.

It has been a busy year for Team17, which handled 12 game launches - included seven new IPs, four additional platform releases for existing IPs and one sequel (Overcooked 2). It also increased its headcount from 128 employees to 167, a growth of 30 per cent.

The company completed a successful IPO on Aim in May last year.

"I'm delighted to report on an excellent year for Team17, delivering record revenues and operating profits in the period as well as successfully completing our listing on the Alternative Investment Market," says Team17 CEO Debbie Bestwick. "This result was successfully driven by delivery of our ever-growing portfolio during 2018. We have continued to build upon the enviable track record of revenue and profit growth shown over previous years coupled with our ability to effectively manage the lifecycle of our games.   "Our people remain our point of differentiation - their passion, talent, ambition and teamwork collectively made the difference in 2018, and as such, it was most rewarding to see industry recognition across our label with over 140 nominations and awards for our games and people.   "Our incredibly exciting industry continues to grow at a rapid pace. We believe there are more opportunities than ever before for content creators and publishers with the rapid uptake and more openness of digital distribution platforms alongside new emerging distribution methods. We have a solid pipeline of game launches in 2019 and look forward to updating our shareholders on our continued progress in due course."