Stay-at-home boost for video game firm

EVEN as markets continue to plummet, a small number of stocks are proving resilient. Video games group Team17 is on that list.

The shares have actually risen this year, from £3.82 to £4.70. Admittedly they were even higher just a few weeks ago but at least they are still ahead in 2020.

The gains make sense. Team17 produces games such as the Worms series, featuring worms at war, and Overcooked, where virtual chefs rush to prepare meals within a certain time frame.

Both are highly popular with consumers of all ages and as Boku, above, is also finding, when millions of people are forced to amuse themselves at home, video games are an obvious distraction. Team17 has numerous games in its catalogue, including several award-winners, and chief executive Debbie Bestwick is optimistic about the future.

Annual results, released earlier this month, showed the business is firing on all cylinders. Sales rose 43 per cent to £62million and profits soared 121 per cent to £19.2 million. Robust growth is expected this year too, as Bestwick intends to bring out ten new games.

Team17 has certain advantages in the current environment too. The group both makes games from scratch and helps independent developers to bring their ideas to market. Many of these people already work from home, which means that Team17 is suffering less disruption than many businesses, wrestling with helping employees to work remotely. Traded on: AIM Ticker: TM17 Contact: team17group.com