Investors Story

The Company is focused on premium, rather than free to play games, and creates and publishes titles for the PC, console, mobile, and tablet gaming markets. Alongside developing the Company’s own games in house (“first party IP”), Team17 also partners with independent developers across the globe to add value to their games in all areas of development and production alongside bringing them to market across multiple platforms for fixed percentage royalties (“third-party IP”).

Since foundation in 1990, Team17 has launched over 100 games, including the iconic Worms, Overcooked and Escapists franchises, as well as Yooka-Laylee, Yoku’s Island Express, My Time at Portia, Hell Let Loose and Blasphemous, making Team17 one of the most prolific developers and partners of games for the indie market.

Team17 was founded in 1990, launched its Games Label in 2014 and listed on the London Stock Exchange’s AIM market in 2018. Team17’s areas of expertise are:
  • Product acquisition: identifying and partnering with highly creative indie developers, leveraging the Group’s highly selective ‘greenlight’ process to identify, screen and appraise potential titles.
  • IP & product incubation: a 150+ employee internal creative development studio providing essential resources including additional code, art, audio, design, quality assurance, usability, release management, cross-platform development and support services.
  • Go-to-market execution: Team17 uses the experience, skill set and know-how within its separate commercial team to create consumer awareness and discoverability on digital distribution platforms through sales, marketing, events, public relations, social channels and community marketing.
  • Lifecycle management: maximising long-term enhanced revenue of games through dynamic price management, incremental downloadable content, promotional planning and strategic additional platform releases.

Over 90 percent of the Group’s revenues are generated from digital sales, which facilitates a high level of control over pricing and game lifecycle management, with minimal additional development costs post-launch. Team17 has released over 100 premium games during its history, including the highly successful Worms franchise, which has continued to generate approximately £5 million in annual revenue between 2009 and 2019. Due to the Group’s diverse portfolio of owned and third party IP, coupled with its approach to lifecycle management, a substantial portion of revenue has been generated from Back Catalogue sales and a material proportion of new releases are new titles from existing franchises, including Overcooked!2, The Survivalists and Worms Rumble.


Since launching its premium games label in 2014 and the Company’s IPO in 2018, Team17 has consistently grown year-on-year. Last year, the Company posted record results, delivering:

  • Revenue of £83.0m (2019: £61.8m);
  • Gross profit of £39.1m (2019: £29.5m);
  • Adjusted EBITDA of £30.1m (2019: £22.1m);
  • Adjusted EPS of 18.2p (2019: 13.6p);
  • A gross profit margin of 47% (2019: 48%); and
  • A Gross Cash Position of £61.5m (2019: £41.9m)