Team17 plans record raft of releases

Team17's popular Overcooked 2 game
Team17's popular Overcooked 2 game
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Global video games developer Team17 said it performed well over the peak Christmas sales period following a particularly strong performance in multiplayer games on Nintendo Switch.

The Wakefield-based firm said it now expects both 2019 earnings and revenue to be ahead of market expectations.

The group said it is on track to launch more new, original games in 2020 than it has launched in any previous year.

The current pipeline for 2020 includes Moving Out, Hammerting, Neon Abyss, Going Under, Rogue Heroes: Ruins of Talos, Main Assembly, The Survivalists and Golf with Your Friends on Console.

Additional titles will be announced during 2020.

The company will report its full year results for the year to December 31 on March 10.

Analyst James Lockyer at Peel Hunt said: “Team17 has done it again: it has released another trading update that is a beat and raise, truly earning its premium rating.

“This is the fifth upgrade for 2019 over the past 12 months. Our 5 per cent increase in EBITDA estimates means it has been upgraded by 40 per cent in total.

“2020 looks to be a strong year too, with more new game titles confirmed today than this time last year.

“Team17 remains one of our top picks.”

Earlier this month, Team17 bought rival company Yippee Entertainment for £1.4m in a deal that will increase studio capacity and give it access to a new talent pool in the North West.

Team17 said Yippee, which is based in MediaCityUK in Salford and run by industry veteran Mike Delves, will work with Team17 on new games and projects.

Team17 is best known for the popular Worms video game series.