Team17 investors were not happy that Debbie Bestwick is preparing to step down as CEO. After the announcement of the management reshuffle, the company’s share price fell by 10% to 400 pence apiece.
Also, the fall in the value of shares could be affected by the Team17 financial report for 2022.
In the report, the Worms authors reported that the company’s revenue over the past year immediately increased by 52% to £137.4 million, but pre-tax profit fell by 1% to £28.7 million. Team17 also mentioned recent layoffs, but stressed that a small number of employees had left it. She added that in 2022 the company’s staff has grown significantly: from 265 to 392 people.