25 January 2024
Team17 Group plc
("Team17", the "Group" or the "Company")
Trading Update
Team17 Group plc, a global games label, creative partner, developer and publisher of independent ("indie") premium video games, educational entertainment ("edutainment") apps for children and working simulation games, provides the following trading update for the twelve months ended 31 December 2023 ("FY 2023" or the "Period").
All parts of the Group performed well over the key Black Friday and festive trading periods, in particular Team17 Games Label. As a result, as communicated in November, management continues to expect FY 2023 adjusted EBITDA to be at least £28.5m, which includes non-cash title impairments of up to £11.5m recognised in the Period.
Linked to the earlier Easter holiday dates this year, the Group expects to report results for FY 2023 on Tuesday 9 April, at which time management will provide additional insight into the Group's plans for 2024 and its broader strategic outlook.
Steve Bell, CEO of Team17, said:
"Having joined the business in September 2023, I am delighted to now formally take over as Group CEO, having spent the last four months fully immersing myself across the Group, with our people, portfolio of games and developers.
"I am pleased with how FY 2023 trading closed, finishing the year with positive momentum across the portfolio. I am extremely excited about the prospects for the Group in 2024 and beyond."
Enquiries:
| Team17 Group plc Steve Bell, Chief Executive Officer Mark Crawford, Chief Financial Officer James Targett, Group Investor Relations Director |
ir@team17.com |
| Houlihan Lokey UK Limited (Nominated Adviser) Adrian Reed / Tim Richardson |
+44 (0)20 7839 3355 |
| Berenberg (Joint Corporate Broker) Toby Flaux / Ben Wright / Marie Moy / Alix Mecklenburg-Solodkoff |
+44 (0)20 3207 7800 |
| Peel Hunt (Joint Corporate Broker) Neil Patel / Paul Gillam / Kate Bannatyne |
+44 (0)20 7418 8900 |
| Vigo Consulting (Financial Public Relations) Jeremy Garcia / Fiona Hetherington / Aisling Fitzgerald team17@vigoconsulting.com |
+44 (0)20 7390 0233 |
About Team17
Team17 Group plc is a global provider of games entertainment to a broad audience. The Group now includes a games entertainment label and creative partner for indie developers, a leading developer of educational apps, targeting children under the age of eight, and a leading working simulation games developer and publisher.
Visit www.team17.com for more info.