Team17 sees record trading during lockdown

The Wakefield-based firm, best known for the Worms video game franchise, saw a strong performance across its portfolio, particularly from multiplayer, co-op and online games during the peak of the Covid-19 outbreak.

The group said revenues jumped 28 per cent to £39m in the six months to June 30 and it reported a record pre-tax profit of £13.3m, also up 28 per cent.

Three new releases were launched in the first half. These included Moving Out, which launched in April across PS4, Xbox One, Switch and PC, and Golf With Your Friends, which launched in May across PS4, Xbox One and Switch.

Another game, Main Assembly, was released in June on Steam Early Access.

Downloadable content was also released for Hell Let Loose, Overcooked! and The Escapists franchises, alongside several other titles.

Team17 said it has a solid portfolio of new releases scheduled for the second half, including its first game with Tencent Games’ NeXT Studios for release in the autumn.

At the end of the year, it will launch a Worms Rumble partnership with PlayStation 5 and 4. Overcooked! All You Can Eat will launch on next generation consoles towards the end of the year. Many of the games have been designed in Wakefield.

Debbie Bestwick, chief executive of Team17, said: “2020 was always going to be a memorable year for myself and many at Team17. This year we celebrate our 30th anniversary and also the 25th anniversary for our beloved Worms franchise.

"I’m delighted to share yet another record start to our fiscal year from the group in the first half of 2020."

She said Team17's broad genre and platform agnostic portfolio shows the importance of inclusivity and variety in gaming.

"Be it at home with your family or online with our growing community across the globe, from single player or local co-op to massive online games, we truly have an exceptional portfolio that encourages more gamers than ever before to step into the worlds we create and enjoy our characters," she said.

"We live the world of video games. It’s part of everything we do here at Team17, be it creating our worlds, introducing new characters or bringing communities together.

"None of this would be possible without our talented and growing team. I would like to say a special thank you to our teamsters and label partners for their continued resilience, ingenuity and brilliance as we grow together to deliver our personal and corporate ambitions.”

Team17 said its second half results will undoubtedly be influenced by the “normalisation” of the global economic environment and consumer behaviours.

Asked whether sales will fall from their lockdown peak, Ms Bestwick said: "This is part of the normalisation we were talking about.

"There are more people playing video games than ever before. A lot of people are getting into gaming for the first time ever, but it would be irresponsible of us not to look at the global economic issues that may happen.

"When the furlough stops, how is that going to impact? Yes people are playing more games, but kids are back at school.

"Gaming is not recession proof, but it does manage itself really well through recessions. These are games that range between 20 and 40 dollars. Parents will be looking for that value."

The group has been busy recruiting and its headcount rose 14 per cent in the first six months to 228, up from 164 employees in the first half of 2019.

Mark Crawford, Team17's chief financial officer, said: "We do see that continuing to grow. We've been very successful in being able to attract great people to our teams.

"We are longing for the time we can bring people back to Wakefield and Manchester.

"We are very proud of our teams and the way they've responded to working from home."