logo-loader
viewTeam17 Group PLC

Team17 levels up profit expectations

The maker of Worms and Overcoooked is also expecting to launch more original video game titles in 2020 than any previous year

Team17 Group PLC - Team17 levels up profit expectations

Team17 Group PLC (LON:TM17) shares levelled up on Friday after the video game developer upgraded its profit forecasts after a strong 2019.

In a trading update for the year ended 31 December, the AIM-listed maker of Worms and Overcooked said its portfolio had “continued to perform well” over the peak Christmas season, with its multiplayer titles sees particularly strong sales on Nintendo’s Switch console.

READ: Team17 acquires Yippee Entertainment

As a result, Team17 said it now expects its adjusted earnings (EBITDA) and revenue for the year to be “ahead of market expectations”.

The company added that it is also developing a portfolio of new original game launches for 2020 that will be higher than any previous year, including titles such as Golf with Your Friends, Neon Abyss and The Survivalists.

Additional titles are also due to be announced over the course of the new year.

Broker hikes target price

Following the profit upgrade, analysts at Peel Hunt hiked their target price for Team17 to 440p from 340p and retained their ‘buy’ rating.

“Team17 is one of those stocks that has been highly rated since IPO, but with plenty of reasons to be”, the broker said, highlighting that this was the fifth upgrade to the company’s profit forecasts over the last 12 months.

The upbeat trading statement sent the shares surging 9.7% to 420p in early deals.

Quick facts: Team17 Group PLC

Price: 470 GBX

AIM:TM17
Market: AIM
Market Cap: £6.16 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

planarTECH looking to raise upwards of £500k to meet 'great deal of demand'...

planarTECH chairman Ray Gibbs speaks to Proactive London's Andrew Scott ahead of a crowdfunding campaign on Seedrs to raise around £500k as it looks to expand its current business and meet the demand it's experiencing for its graphene systems. The company was formed in 2014 and makes the...

10 hours, 19 minutes ago

2 min read