Team17 is one of those rare things — a homegrown British technology company that somehow has not been swept up by an overseas rival. The video games developer is best known for the breakthrough success of its Worms franchise, but its growth is thanks in part to a few acquisitions. Most of these have been successful, adding new specialisms and titles, but the $24 million purchase in 2022 of The Label, the mobile games publisher, has proven difficult.
In full-year results, the Wakefield-based, Aim-listed company suffered a one-off £11.1 million cost impairment charge and a £20.9 million goodwill impairment charge relating to the “Games Label” division. This means Team17 paid above book value for the company and that it has declined since then. It blamed
