StockMarketWire.com - Video game developer Team17 said it had experienced higher-than-expected demand for its products during the Covid-19 crisis as people hunkered down at home during lockdowns.

Still, the company said the uncertain economic outlook meant it was too early to provide specific guidance for the full year.

In a trading update for the six months through June, Team17 said it had experienced strong sales traction during that period.

'This good performance has been delivered against the backdrop of the global Covid-19 pandemic and subsequent lockdown,' it said.

'During these unprecedented times the company has seen above expected demand for its back catalogue, which has outperformed pre Covid-19 expectations, especially at the height of the lock down during April and May.'

Further sales traction and increased playtime was also generated across the company's more socially orientated or multi-player co-op and online games.

Team17 said it had started to see unusually high levels of demand during April and May returning to a more normal level as lockdowns are eased. It also reiterated that it had a 'solid' pipeline of new releases, weighted towards the second half of 2020.

'Gaming has historically shown good resistance in uncertain economic situations; however, we are in unprecedented times,' the company said.

'Covid-19 has proven the resilience of the business during this period, however, there clearly remains a degree of uncertainty as to the longevity and socio-economic effects of Covid-19 on our markets.'

'This, combined with next generation consoles and new IP launches across the second half, creates a more unpredictable backdrop to maximise the best commercial opportunities for each game both digitally and physically.'

'As such, the board believes it is too early to assess what impact the strong trading in recent months may have on the full year results given the unpredictable trading environment due to Covid-19. '






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