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Games entertainment company Team17 upgraded its outlook on revenue and adjusted earnings following above trend performance in the second half of the year.
Revenue and adjusted earnings before interest, taxes, depreciation, and amortisation, or EBITDA, for FY 2021 would be ahead of management's expectations and ahead of FY 2020, the company said.
The group 'continued to trade above management's expectations across H2 2021 completing a solid performance in 2021,' it added.
Looking ahead, the company said it had entered FY 2022 with 'confidence, supported by a full twelve-month contribution from StoryToys and the acquisitions of The Label and Hell Let Loose IP announced this morning that are jointly expected to deliver high single digit earnings accretion in FY 2022, and the underlying strength and continued momentum of the group's broader games portfolio.'
Team17 said in a separate statement that it had acquired The Label, a USA based indie publisher specialising in mobile subscription games content, for up to $40.0 million.
Full year results for the 12 months ended 31st December 2021 were expected to be reported during March 2022.