Looking beyond the headline releases

Everplay Group, the games developer and publisher behind the Team17 label and a FTSE AIM UK 50 constituent, has made no regulatory announcement since a 5 October 2026 holdings notice. (LSE:EVPL) Recent attention has centred on second-half launches from Team17, including Wardogs and Hell Let Loose: Vietnam. This article looks instead at the group's two other divisions, StoryToys and Astragon, using the half-year results published on 15 September.

On the LSE delayed price for the 3 November session, the shares were 403.0p, down 0.37%.

StoryToys: the fastest-growing division

StoryToys develops educational entertainment apps for children under eight, often using licensed brands such as LEGO, Disney and Bluey. (LSE:EVPL) In the six months to 30 June 2026 its Revenue rose 43% to £15.9m, from £11.1m. Active subscribers increased 22% to 408,000, total downloads exceeded 18 million, and monthly average users peaked at 9.3 million.

No new apps were launched in the half; growth came from 394 updates to existing titles, including LEGO Bluey, which won awards during the period. (LSE:EVPL) The division also works with Apple Arcade and Netflix. Content released since June includes a School play pack for LEGO Bluey and new LEGO DUPLO material, while My Very Hungry Caterpillar is now live on Netflix Playground. On our reading, StoryToys now accounts for nearly a quarter of group revenue, about 24% on our calculation, and offers a subscription-driven stream that is less dependent on individual launch dates.

Astragon: a division being refocused

Astragon publishes working simulation games, including the Construction Simulator, Bus Simulator and Police Simulator franchises. (LSE:EVPL) Its revenue fell 20% to £9.7m, mainly because the group exited a low-margin physical distribution Business during 2025; excluding that effect, revenue declined 6%. Two smaller new releases, Ranger's Path: National Park Simulator and Underground Garage, did not meet internal sales expectations, and reorganisation initiatives were completed during the half. Astragon also holds a 25% stake in Weltenbauer, developer of Construction Simulator, which was named Studio of the Year at the German Computer Game Awards 2026.

The second half has been busier. Bus Simulator 27 launched in September and, despite some early issues, is making what the company calls a solid contribution. A full release of Seafarer: The Ship Sim and an Early Access version of Construction Simulator: Evolution were also planned, with the next Police Simulator title revealed for 2027.

How the pieces fit together

Group revenue in the half was £66.9m, down 8%, with adjusted EBITDA of £9.2m against £19.2m a year earlier, reflecting a quiet release schedule and Investment ahead of second-half launches. Back catalogue revenue across more than 150 titles was £64.3m. Team17 remained the largest division, with revenue of £41.1m.

Everplay plans capitalised development spending of £35m to £40m in both 2026 and 2027, with roughly two-thirds on first-party intellectual property. On our reading, Diversification across a children's subscription business, simulation franchises and Team17's catalogue spreads risk, although the bulk of near-term upside still rests with Team17.

Expectations and risks

On 30 September the board said full-year revenue and adjusted EBITDA were expected to be materially ahead of company-compiled consensus of £197.6m and £57.2m. StoryToys depends on licences from third-party Brand owners, so renewal terms matter. Astragon must show that its refocus restores growth after weak new releases. Cash was £57.1m at 30 June, but development spending is rising and returns on new titles are uncertain.

What to watch

The company has not yet dated its next update or results. Key indicators will be whether StoryToys sustains subscriber growth without new launches, how Bus Simulator 27 and Construction Simulator: Evolution perform for Astragon, and whether the full-year figures confirm the upgraded guidance. The Interim Dividend of 1.1p was declared payable on 23 October 2026.