UK games firm Team17 has reported £90.5 million ($118.88 million) in revenue for the 2021 financial year.

That's a nine per cent increase year-on-year, with 77 per cent of revenue coming from the company's back catalogue. 21 per cent of Team17's revenue also came from its owned IP.

Meanwhile, gross profit rose 16 per cent to £45.5 million ($59.7 million) for the 12 months ending December 31st, 2021.

"We've invested heavily across our business in terms of people, processes and infrastructure and will continue to do so; we have a substantial, fully funded Employee Benefit Trust, set up in 2018 and we will ensure that 100 per cent of our group employees are shareholders by April 2022, funded by the EBT as in previous years," Team17 boss Debbie Bestwick said.

"We collectively have a fantastic opportunity to build a remarkable group and I'm delighted to say we have delivered another year of growth, which is testament to the contributions made by all our people across the group and the success of our growing content portfolio.

"Our group now has its most diverse range of owned IP; third-party and licensed IP targeting the broadest audiences across multiple platforms. We have made great strides over the last few years to build out our portfolios, laying strong foundations for future years."