REG - Team17 Group PLC - Trading Update

Team17Announcement

25/01/2024 07:00

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RNS Number : 8333A  Team17 Group PLC  25 January 2024

25 January 2024

 

 

Team17 Group plc

("Team17", the "Group" or the "Company")

 

Trading Update

 

Team17 (http://www.team17.com/)  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                                                     ir@team17.com

 Steve Bell, Chief Executive Officer

 Mark Crawford, Chief Financial Officer

 James Targett, Group Investor Relations Director

 Houlihan Lokey UK Limited (Nominated Adviser)                        +44 (0)20 7839 3355

 Adrian Reed / Tim Richardson

 Berenberg (Joint Corporate Broker)                                   +44 (0)20 3207 7800

 Toby Flaux / Ben Wright / Marie Moy / Alix Mecklenburg-Solodkoff

 Peel Hunt (Joint Corporate Broker)                                   +44 (0)20 7418 8900

 Neil Patel / Paul Gillam / Kate Bannatyne

 Vigo Consulting (Financial Public Relations)                         +44 (0)20 7390 0233

 Jeremy Garcia / Fiona Hetherington / Aisling Fitzgerald

 team17@vigoconsulting.com

 

 

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 (http://www.team17.com/) for more info.

 

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