everplay group FY2024 Earnings Release

everplay group plc
Annual Report and Financial Statements 2024
Never stop playing

2024 Operational Highlights
• Double-digit growth in first-party IP revenues, which contributed
37% to Group revenues (FY 2023: 35%). 10 first-party IP projects
are in the development pipeline, based both on established
and new IP and to launch mostly in 2026 and 2027.
• The back catalogue had another excellent year across
all divisions, with revenues up 27%, demonstrating the
outstanding lifecycle management skills as well as the
dependable nature of the portfolio strategy. Over 130 titles
contributed to back catalogue revenues during the period,
spread across a wide range of genres and release years.
• Community engagement was ver y strong across our key titles.
In particular, Hell Let Loose enjoyed record revenues (five years
after its original launch), with peak concurrent users (CCU)
during the year over 90% higher yoy, increasing to over 140,000
following its release on the Epic platform at the year end.
• astragon delivered strong revenue growth of 22%. Strong
contributors for the year included the popular Police Simulator
and Construction Simulator franchises, the latter of which saw
the introduction of a Year 2 Season Pass. Revenue growth for
the year was supported by the release of two new games
(FY 2023: three) – including Construction Simulator 4 – as
well as the physical distribution of Farming Simulator 25 in
Germany, five existing first and third-party IP games released
on additional platforms and 12 paid DLCs
4 (FY 2023: 16).
• Stor yToys delivered another excellent year of growth, up 25%.
It launched three new licensed app titles (FY 2023: three),
including LEGO® DUPLO® Peppa Pig in addition to 531 app
updates (FY 2023: 327) across existing titles supporting
subscriptions. Active subscribers continue to grow and now
exceed 337,000, with 11 million active users and the number
of total lifetime downloads now exceeding 240 million
(FY 2023: 200 million).
• Team17 revenues fell by 5%, as some new titles failed to meet
management expectations and some titles were moved into
2025. There was, on the other hand, strong double-digit
growth in the back catalogue. More than 80 titles contributed
towards back catalogue revenues in period, encompassing
over 1,200 Digital Revenues Lines (up from over 900 in
FY 2023), with stand-out performers including first-party IPs
Hell Let Loose and Golf With Your Friends and third-party
IPs Overcooked! and Dredge. Team17 launched 10 new
games (FY 2023: 11) in the period, with 11 existing games
released on new platforms (FY 2023: five).
• The Group continued to strengthen its Board and Senior
Management Team. Rashid Varachia joined in October 2024
in the newly-created joint role of Group Chief Financial Officer
and Chief Operating Officer. Harley Homewood joined as
Group Product Acquisition Director, with responsibility for
innovating our publishing models, leading our IP acquisition
strategy as well as strategic involvement in our greenlight process.
• Following the year end, in Januar y, the Group rebranded to
everplay group plc, reflecting the evolution of the business
following its IPO in 2018.
everplay group plc, a leading
global independent (“Indie”)
games label developer and
publisher of premium video
games and apps.
Strategic Report
01 Highlights of the Year
02 Chair’s Statement
04 Group Chief Executive Officer’s Review
08 Group Strategy and Business Model
10 Group Chief Financial Officer’s Review
18 Divisional Reports
30 ESG Repor t: People
34 ESG Repor t: Environmental
36 Principal Risks & Uncer tainties
Corporate Governance
39 Board Engagement with Stakeholders
42 Board of Directors
44 Directors’ Report
46 Corporate Governance Report
52 Audit Committee Report
54 Remuneration Committee Report
Group Financial Statements 
59 Independent Auditors’ Repor t to the Members
of everplay group plc
65 Consolidated Statement of Profit or Loss
66 Consolidated Statement of Comprehensive Income
67 Consolidated Statement of Financial Position
68 Consolidated Statement of Changes in Equity
69 Consolidated Statement of Cash Flows
70 Notes to the Consolidated Financial Statements
Company Financial Statements
10 0 Company Statement of Financial Position
101 Company Statement of Changes in Equity
102 Notes to the Company Financial Statements

Highlights
1. A full description of Alternative Performance Measures, the rationale for their use, and reconciliation
between adjusted and reported statutory measures can be found within the Group Chief Financial
Officer’s Report on page 15.
Adjusted profit before tax excludes acquisition-related costs and adjustments, amortisation and
impairment of acquired intangible assets recognised as a result of business combinations,
share-based compensation and one-off restructuring costs from the statutory measure whilst
adding back development cost amortisation eliminated through acquisition fair value adjustments.
Adjusted profit after tax excludes the same items as adjusted profit before tax removing corporation
tax net of any tax effects on these items.
Adjusted EBITDA can be calculated from adjusted profit after tax by adding back all remaining
finance income and costs, tax, depreciation, amortisation and impairment except for those on
development costs and publishing rights.
2. The calculation of adjusted earnings per share is based on the adjusted profit after tax divided by
the weighted average number of shares (either basic or diluted).
3. Operating cash conversion is defined as cash generated from operating activities adjusted to add
back payments made to satisfy pre-acquisition liabilities recognised under IFRS 3 “Business
Combinations”, divided by earnings before interest, tax, depreciation and amortisation (“EBITDA”)
4. Downloadable content.
Revenue
(FY 2023: £159.1m) Revenue Growth

(FY 2023: +12%)
£166.6m +5%
Gross Profit
(FY 2023: £57.5m) Gross Margin

(FY 2023: 36.1%)
£69.4m 41.6%
Adjusted EBITDA 1
(FY 2023: £29.9m) Adjusted EBITDA Margin 1
(FY 2023: 18.8%)
£43.5m (+46%) 26.1%
Profit Before Tax
(FY 2023: £1.1m loss) Adjusted Profit Before Tax 1
(FY 2023: £28.7m)
£25.3m
£43.4m (+51%)
Basic EPS
(FY 2023: 2.6p loss) Adjusted EPS 2
(FY 2023: 17.5p)
14.0p 24.1p (+38%)
Operating Cash Conversion 3
(FY 2023: 87%) Cash & Cash Equivalents
(FY 2023: £42.8m)
97% £62.9m
Team17 is a global games label,
creative partner and developer
of premium video games.
Find out more
on pages 18-21
Te a m17
/ Indie Games Label
astragon is a leading developer,
publisher and distributor
of sophisticated ‘working’
simulation games.
Find out more
on pages 22-25
astragon
/ Working Simulation
Stor yToys is a world-class
developer and publisher of
educational entertainment
apps for children.
Find out more
on pages 26-29
S t o r yTo y s
/ Edutainment
Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
2024 Financial Highlights
everplay group plc Annual Report and Financial Statements 2024 01 everplay group plc Annual Report and Financial Statements 2024

This report marks my first full year as Chair of everplay group plc.
Much has changed over the last 12 months, such as the realignment
of focus on the Indie market, alongside tighter cost controls and
increased effort on driving our first-party IP. With a strengthened
Group leadership and company re-branding, I believe this year has
been pivotal in getting the business back on the right track to
ensure profitable growth over the next few years.
We have refocused our go-to-market strategy by concentrating on
what everplay group plc knows best – Indie games and edutainment
apps. We continue to be a leading player in the Indie space, with our
skilled lifecycle management and resilient back catalogue setting us
apart from our competitors. A key example of this from this year was
the launch of Worms Armageddon: Anniversary Edition. It has been
25 years since the original Worms game was released, yet this
series continues to captivate players and has a dedicated and loyal
player community.
In the year ended 31 December 2024, the Group generated revenues
of £166.6 million (FY 2023: £159.1 million), gross profit of £69.4 million
(FY 2023: £57.5 million) and adjusted EBITDA of £43.5 million
(FY 2023: £29.9 million). The Group continues to provide a strong
balance sheet, with £62.9 million of cash and cash equivalents at
31 December 2024 (31 December 2023: £42.8 million). This places
us in a robust position for future growth, as we consider new
opportunities which closely align with our Indie focus.
In Januar y 2025, we launched our new Group brand: everplay group plc.
Our new name reflects the evolution and growth of the Company
since our IPO and creates greater clarity for our three distinct
divisions, astragon, Stor yToys and Team17, operating across
complementar y markets within the video games and apps industr y.
Our new brand will have greater external relevance and internal
efficiency, as we further centralise key business functions, such
as finance, HR, legal, IT and compliance across all three divisions.
Chair’s Statement
We are continuing to bring experienced games industr y experts
into this new structure, with their knowledge and leadership skills
resonating across the broader business. In October 2024, we
welcomed Rashid Varachia to the Board as Chief Financial Officer
and Chief Operating Officer. Rashid is ideally placed to oversee a
widened operational remit, having amassed over 25 years’ financial,
gaming, M& A and capital markets experience. The strengthened
senior management team is working alongside our dynamic Board,
which has unrivalled gaming pedigree, making everplay better
placed than ever before as the go-to Indie games label developer
and publisher of premium video games and apps.
We have now reenergised our greenlight process, which has
historically been people and data led, but will now benefit from
the counsel of our strengthened senior team. This means that we
can move more swiftly when it comes to attracting brilliant games
available for us to develop, expanding on our first-party IP, as well
as third party development. We now focus on exclusively Indie
investment in this process, which is paramount to our goal of
becoming the go-to developer for Indie games.
The Indie market continues to grow, with more titles released in
2024 than any other year in histor y. In light of this competitive new
release market, the strength of everplay’s back catalogue continues
to be vital to the Company’s success. Over the last six years, the
back catalogue has on average accounted for 76% of total revenues,
reflecting our ability to develop evergreen, timeless games which
captivate audiences year after year. In 2024, its resilience strengthened,
contributing 86% of the Company’s revenue. Our back catalogue
revenue base significantly derisks our exposure to an already
crowded marketplace, as our success is not solely dependent on
our latest releases. FY 2025 is shaping up to be another successful year for everplay.
There are a number of titles scheduled for launch in 2025, including
new first-party IP titles, while broader market growth will be supported
by the launch of the Nintendo Switch 2 console hardware. We’re
cognisant of the challenges associated with growth in an increasingly
crowded games market, and so will deploy our strengthened
organisation and strong balance sheet to explore M& A opportunities
to accelerate our growth.
everplay remains a differentiated and compelling investment
proposition within the games industry. Alongside the development
of high-quality, engaging games and apps, everplay has a track
record of consistently leveraging the strength of its back catalogue
to drive reliable revenue streams from our existing content portfolio.
It is this confidence, in both our people and our strategy, that
underpins the strength of the Board’s belief in the future prospects
for the business.
Frank Sagnier
Chair
1 May 2025
“
2024 has been pivotal in getting the
business back on the right track to
ensure we deliver profitable growth.”
“
The business is now positioned for
future growth, as we consider new
growth-accretive opportunities which
closely align with our Indie focus.”
“ We continue to be a leading player
in the Indie space, with our skilled
lifecycle management and resilient
back catalogue setting us apart from
our competitors.”
Frank Sagnier
Chair
Group revenues for FY 2024
£166.6m
03 everplay group plc Annual Report and Accounts 2024
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
02 everplay group plc Annual Report and Financial Statements 2024 03 everplay group plc Annual Report and Financial Statements 2024

Introduction
In my first full year as Chief Executive Officer of everplay group plc,
I am delighted with how the business has responded as we realigned
our focus to our Indie heritage, which best captures the passion and
drive of our hugely talented people. The focus of the team over the
past 12 months has been excellent as we’ve sought to bring our
divisions closer together and align under shared aspirations and goals.
This progress is evidenced in our financial performance, delivering
all-time high revenues of £166.6 million (FY 2023: £159.1 million)
and gross profit of £69.4 million (FY 2023: £57.5 million) in FY 2024,
supported by strong traction from our extensive back catalogue,
alongside sales from new releases. The business also saw a sharp
recover y in adjusted EBITDA to £43.5 million (FY 2023: £29.9 million),
highlighting the inherent strength of our business model. Reported
profit before tax was £25.3 million (FY 2023: loss of £1.1 million).
Further detail and granularity on the financial performance can be
found in the Chief Financial Officer’s review.
The Group retains a healthy balance sheet, with £62.9 million of cash
and cash equivalents at 31 December 2024 (31 December 2023:
£42.8 million), which provides a strong base from which to further
invest and grow our business. In Januar y 2025, we successfully completed the rebranding of our
business to everplay group plc. Our new name better captures the
breadth of our genre, platform and demographic-agnostic business.
It also reflects the connection we have with our consumers: inspiring
gamers to never stop playing. It supports our ambition to be the
best place in the world to make and play games, creating pioneering
and captivating experiences that enrich and inspire players around
the world of all ages. It also allows astragon, Stor yToys and Team17
to retain their distinctive and well-established brand identities whilst
maximising operational synergies and cross-selling opportunities
across the wider Group.
Strategic Priorities
As highlighted at the beginning of 2024, we set out our key strategic
priorities, along with our “Action Plan for Growth Deliver y”, aimed
specifically at accelerating revenue growth, improving profitability
and tightening cost control, while increasing agility, maximising
synergies across the business and ultimately improving shareholder
returns. These strategic priorities are laying the foundations for the
Group to deliver continued market-beating growth, and I’m pleased
to report we are already demonstrating tangible progress against
these:
Evergreen brands: we continue to focus on our first-party IP games,
which drive our return on investment. Ten exciting first-party IP
projects are currently in development, with the first launch anticipated
in 2025. At the same time, we maximise our lifecycle management
skills to sustain our resilient back catalogue, which remains the
bedrock of our business, supported by evergreen franchises such
as Overcooked!, Hell Let Loose and Worms, while innovative
marketing strategies drive both player engagement and sales. Relationship builders:
to be the leading Indie publisher, we need to
continue to nurture our world-class partnerships with developers,
platforms and brand owners. We reviewed more games in FY 2024
than in any prior year through our reinvigorated and streamlined
greenlight process, in which we evaluate and analyse game
submissions from potential developers, ensuring we access the
most exciting games from outstanding developers from around the
world. Our recently-appointed Group Legal Director has already
enhanced the rigour of the process. We have reinforced our strict
investment limits for games signed, ensuring each title has the right
investment profile and our teams are fully aligned to develop and
promote the games accordingly. Stor yToys’ launch of L EG O™
DUPLO™ Peppa Pig in May 2024 was further evidence of another
leading brand choosing to partner with everplay, entrusting the
Group to maintain the brand reputation.
Innovation and M&A: we are exploring opportunities to capitalise
on our knowledge base and drive growth into new markets, audiences
and IP, both organically and through M& A. Our commercial and
scouting teams are adopting more flexible and innovative publishing
models to ensure we are attracting the highest quality developers
and publishing the best Indie games in the world. We are cognisant
of our skillset and experience with back catalogue management and
are exploring the opportunity to leverage this in innovative adjacent
business models.
Synergies and collaboration: we are continuing to foster greater
collaboration between all our teams and divisions, maximising the
potential of their unique skills and expertise, whilst simultaneously
optimising efficiencies and synergies across the business. The
Group team is creating a more connected culture throughout the
business, facilitating a greater sharing of best practice, expertise
and cost discipline, while freeing up resources from the divisions.
games contributed to revenues
in FY 2024
140+
“ I would like to acknowledge the
passion of the entire team across
all our divisions at everplay. I remain
inspired by the level of dedication
they bring to the business and am
continually motivated by our
ambition and drive.”
Steve Bell
Group Chief Executive Officer
“
everplay, our new name, reflects the connection we
have with our consumers: inspiring gamers to never
stop playing. It supports our ambition to be the best
place in the world to make and play games, creating
pioneering and captivating experiences that enrich
and inspire players around the world of all ages.”
In FY 2024, 4 of the top 10 games
sold in the period came from
first-party IP titles
4 of the top 10
Group Chief Executive Officer’s Review
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04 everplay group plc Annual Report and Financial Statements 2024 05 everplay group plc Annual Report and Financial Statements 2024

Talent and culture: to deliver growth and achieve our ambitions,
we need to ensure we retain our world class talent, and that our
culture supports aspiration, creativity and belonging. We believe that
when our employees have pride in their work, trust in the business
and camaraderie amongst their colleagues, they will be more
engaged and productive. We have taken several major steps during
2024 to improve employee engagement through surveys, townhalls,
training programmes and workshops and look forward to building
on this in 2025.
Operational Review
The Indie gaming market remains highly dynamic, as favourable
demographic trends support underlying growth in gamers, while the
proliferation of development tools and distribution channels lowers
barriers to entr y. Although growth in the broader gaming market
remained modest in 2024 at 0.6%
1, this highly competitive landscape
s a w 18 ,14 8 2 titles launched on Steam in 2024, a 30% increase on
13,933 titles launched in 2023.
Against the backdrop of an increasingly competitive marketplace,
discoverability remains crucial in driving the success of games. With
such an increased number of titles competing for players’ attention
across all platforms, the role of marketing in growing and developing
communities that engage with and raise awareness of our games
has never been more important.
Adopting innovative marketing strategies forms a key component
of driving discoverability, alongside supporting the Group’s expertise
in lifecycle management. Targeted marketing, optimisation for
platform-specific algorithms and social media campaigns are three
examples of the many components we have at our disposal. In
2024, we successfully partnered with a number of influencers on
social media platforms to drive awareness of specific titles from our
back catalogue, including a feast of TikTok content for Overcooked!
and taking over a burger bar in L A to recreate Overcooked! in real
life with influencers, resulting in 53 million views across social media
platforms, and driving a pleasing resulting peak in sales. Exploring
partnerships and targeted marketing opportunities continues to
form a key part of our marketing strategy going forward. The strength of everplay’s back catalogue and the team’s expertise
in lifecycle management cannot be overstated and it continues to
elevate our brands in what has become a crowded marketplace.
Over 130 games contributed revenues to our back catalogue in
FY 2024 and the team’s ability to continue to drive player engagement,
launch new content and develop sequel titles for the back catalogue
is key to underpinning the resilience of our revenues and the long-term
success of everplay.
Divisional Highlights
Revenues generated by Team17 in 2024 were underpinned by the
strong performance of the back catalogue. Whilst 10 new titles
were launched (FY 2023: 11 titles) – comprising a mix of first-and
third-party IP – Team17 was equally focused on driving sales through
the release of additional content across existing titles within the
portfolio. Key launches in the period included the multi-award-
winning Conscript, Classified: France 44 and Amber Isle, along
with content updates including Dredge: The Iron Rig, Worms
Armageddon: Anniversary Edition and Olympus Odyssey for
Golf With Your Friends.
astragon continued the historic trend of delivering solid revenue
growth over the period, with its high-quality working simulation
titles. New titles in 2024 included Construction Simulator 4, based
in a new Canadian setting, along with additional content released
across Construction Simulator, Police Simulator and Lawn
Mowing Simulator among others. astragon also launched Police
Simulator – Prop Island in August in collaboration with Fortnite,
which sees gamers in either the Props or Hunters teams, battling to
reign victorious. The launch of additional apps including Thomas & Friends™: Let’s
Roll and the highly successful LEGO™ DUPLO™ Peppa Pig, our
first collaboration with this globally iconic children’s brand, further
expanded StoryToys’ portfolio in the period. Furthermore, an additional
520 app updates were delivered in the period, demonstrating the
continued development and evolution of the products and responsibility
in updating content to reflect feedback from users. The foundation
of Stor yToys’ success is the strength of its partner relationships and
reputation for delivering high quality apps that do not diminish a
brands’ value.
As previously outlined, part of the Group’s strategy is to drive revenues
from first-party titles, where we naturally retain a higher portion of
revenues. In FY 2024, 4 of the top 10 games sold in the period
came from first-party IP titles, with the constituents of the top 10
including titles from Team17, astragon and Stor yToys. For FY 2024,
the top ten selling games represented approximately 60% of total
revenues, demonstrating the breadth of the portfolio’s performance.
The Team
I would like to acknowledge the dedication and passion of the entire
team at everplay group plc. I remain inspired by the level of dedication
they bring to the business and am continually motivated by the
company culture.
We have continued to strengthen the team throughout FY 2024 and,
in particular, introduced a number of roles at the Group level which
will help to drive synergies and ensure we benefit from the expertise
and skillset across the divisions.
Rashid Varachia joined us in October 2024 in the newly-created role
of Chief Financial Officer and Chief Operating Officer. Rashid replaced
Mark Crawford, who I would like to personally thank for his support
and contribution to the business over the last five years. In Rashid,
we have someone with a rich pedigree in the video games industr y
and we are already benefitting enormously from his experience and
insights. In December 2024, Harley Homewood, a gaming industr y
veteran who previously worked with Debbie Bestwick MBE at Team17,
joined as Group Product Acquisition Director.
I believe the strength of the Board continues to be a point of
differentiation for everplay group plc. During my first year at the
helm, I have been privileged to benefit from such a breadth of
experience in the gaming and public markets. Outlook

Our ambition is clear: to create pioneering and captivating experiences
that enrich and inspire players around the world and to never stop
playing, whilst also delivering market-beating growth and improved
profitability for our shareholders.
For 2025, we have an exciting pipeline of at least 10 games and
apps. We expect a greater proportion of our launches to be our
first-party IP going forward and are employing more innovative
marketing strategies to drive discoverability in a crowded market.
We are also implementing more agile publishing models whilst
looking for the best M& A opportunities that are both strategically
and commercially additive to the Group.
We have an enormously experienced and talented team across the
business. Centralising a number of functions will ensure that we are
able to drive further synergies and leverage the business expertise
across the portfolio.
I am hugely excited for the future of everplay group plc. The Group
is well positioned to deliver growth in the short to medium term and
the current financial year has started strongly with the positively-
received Sworn already launched and several other titles announced.
I look forward to updating all stakeholders on further progress
throughout the year.
Steve Bell
Group Chief Executive Officer
1 May 2025
Group Chief Executive Officer’s Review
continued
“
Part of the Group’s strategy going
forward is to drive revenues from our
first-party titles, where we naturally
retain a higher portion of revenues.”
“
The Indie gaming market remains highly
dynamic, as favourable demographic
trends support underlying growth in
gamers, while the proliferation of
development tools and distribution
channels lowers barriers to entry.” “
The strength of everplay’s extensive back
catalogue of 130+ titles and the team’s
expertise in lifecycle management
cannot be overstated enough as it
continues to elevate our brands in an
increasingly crowded marketplace.”
1. Newzoo Total gaming market grow th (2024)
2. Video Games Insights
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
06 everplay group plc Annual Report and Financial Statements 2024 07 everplay group plc Annual Report and Financial Statements 2024

Group Strategy and Business Model
• astragon is a leading games publisher,
developer and distributor of sophisticated
working simulation games, targeting a broad
audience from young enthusiasts to technical
experts and casual gamers.
● Stor yToys is a world-class developer and
publisher of educational entertainment apps
for children. Stor yToys brings the world’s most
popular characters, worlds and stories to life
for children, making apps to help them learn,
play and grow.
● Team17 is an independent games label
developer, publisher and creative partner for
studios around the world that leads and nurtures
without compromising our independent spirit.
Who We Are:
Following a one-off surge in gaming during
the COVID-19 pandemic, the total gaming
market declined in 2022, and has delivered
only modest growth since, averaging 1.1%
in 2023 and 2024. Newzoo forecasts the
market will grow at a compound annual
growth rate of 3.7% over the next three
years. The number of gamers is growing
globally, driven by increasingly diverse
demographics and the adoption of digital
distribution which has broadened
accessibility for customers.
everplay is firmly focused on the Indie
market, which we estimate to be worth
around $8 billion, based on internal
estimates. While smaller, the Indie market
provides a differentiated, more affordable
and less time-consuming proposition for
gamers compared with the A A A market,
while still offering an incredible range of
genres, platform and co-op opportunities
to gaming communities, alongside sizeable
commercial opportunities for developers.
Our Market:
Experts
We are experts in identifying,
developing, publishing, distributing
& licensing a mix of both first and
third-party IP games. Our portfolio
of over 140 games appeals to a
wide range of gamers, from 2 to 60
years of age, across multiple
platforms.
Global
We are an award winning leading global
Indie games label developer and
publisher of premium video games and
apps. everplay was founded in 1990
and successfully listed in 2018. Today,
everplay employs over 350 people
across 8 locations in 5 countries,
and operates across three divisions:
astragon, Stor yToys and Team17.
Our Business Model:
As well as developing our own first-party IP, accounting for 37% of sales, we co-develop
and publish IP from third-party developers and branded license partners.
In addition to the development of new high-quality, engaging games and apps, we have
an enviable track record of consistently leveraging our unparalleled diverse back catalogue
with world class lifecycle management capabilities to drive additional, reliable revenue
streams from our existing content portfolio, building long-lasting franchises, including
Overcooked!, Hell Let Loose, Blasphemous, Construction Simulator and Police
Simulator to name a few.
Pioneering
We are the place for
players and creators. Our
mission for over 30 years is
to create pioneering and
captivating experiences
that enrich and inspire
players around the world.
Play is our thing. It always
has been. It always will be.
Market-Leading
Businesses
In addition to revenue from base game sales, we follow a strategy that combines free
updates with paid DLCs to continuously add fresh value to our content and maintain
long-term revenue streams. Our first-party IPs undergo a multi-year development
process, which varies based on the scope of the project and the platform. Over a
decade ago, we launched our first first-party IP game and have since continued to
release significant new instalments and updates to keep our diverse customer base
engaged with our content.
astragon
Find out more
on pages 22-25
Stor yToys secures global leading brand partner license agreements for popular kids’
brands to create, develop and publish engaging mobile apps and games appealing
to children in early childhood. The apps are free to download and access basic content.
Parents and caregivers can unlock additional content through a recurring subscription
or one-time in-app purchases across mobile (iOS, Android), Apple, Google, Amazon
and Samsung marketplaces. Platforms like Apple and Google deduct their fees, and
Stor yToys pays brand owners royalties based on net revenues and the agreed
commercial terms. StoryToys boasts over 337,000 active subscribers, 11 million
monthly active users and over 240 million app downloads.
StoryToys
Find out more
on pages 26-29
Team17’s business model is focused on identifying, developing, enhancing, publishing
and extending IP in the Indie space. In addition to our first-party IP, we are partners to
new and returning independent developers around the globe. Team17 has developed
a successful and comprehensive greenlight process for identifying and commercialising
creative ideas and talent, as we seek to discover stand out content for our gaming
communities. We provide funding, development, publishing and commercial resources
to our developer partners, from end-to-end support in the game creation process, to
marketing and revenue lifecycle management. Managing the lifecycle of games,
through new downloadable content, sequels, discounts, promotions and innovative
marketing, ensures they continue to contribute revenues to the business as part
of our back catalogue.
Team17
Find out more
on pages 18-21
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08 everplay group plc Annual Report and Financial Statements 2024 09 everplay group plc Annual Report and Financial Statements 2024

Group Strategy and Business Model
continued
Our Growth Strategy:
The Group plans to continue to grow revenue and profit, which includes increasing the
proportion of revenues from first-party IP over time, sharpening our greenlight process,
developing more innovative marketing and publishing models, while pursuing an active
M& A agenda.
We have a strong pipeline of new games and apps scheduled for launch across 2025
and beyond, and we will continue to develop and launch additional content across the
existing portfolio.
As everplay moves forward, it will be focused on five core strategic pillars, namely:
Evergreen
brands:
We will be the
custodians of our
games and IP with a
development roadmap
to unlock their potential
today and into the
future. We will focus
on our established
first-party IP games
and the discover y of
new games for existing
and new players. We
will use our world class
lifecycle management
skills to support our
back catalogue and
employ innovative
marketing strategies
driving player
engagement to
improve growth,
profitability and
return on investment.
Relationship
builders:
We will nurture our world-class
partnerships with
developers, platforms
and brand owners
to remain the leading
Indie developer and
publisher. We will
leverage our greenlight
process to access the
most exciting games
from outstanding
developers from
around the world.

Innovation
and M& A:
We will explore and implement
opportunities to
capitalise our
knowledge base and
drive growth into new
markets, technologies,
audiences and IP, both
organically and
through M& A. We will
adapt our publishing
models to ensure we
attract the highest
quality developers.

Synergies &
collaboration:
We will foster greater
collaboration between
all our teams and
divisions, maximising
the potential of their
unique skills and
expertise, whilst
simultaneously
optimising efficiencies
and synergies within
the Group.

Talent
& culture:
We will ensure our
culture attracts and
retains world class
talent. We will support
aspiration, creativity
and belonging, to
deliver growth and
achieve our strategic
ambitions. We believe
that when our
employees have pride
in their work, trust in
the business and
camaraderie amongst
their colleagues, they
will be more engaged
and productive.
>14 0
Active titles across the Group 2
Diversified portfolio, across multiple
platforms, to a broad demographic
2 1% vs 5%
Organic revenue growth vs market 5
Consistent track record of market-beating
revenue growth
12
Franchise titles with sales >$20m 3
Evergreen brands: proven franchise
creation & lifecycle management
£62.9m
Cash & equivalents 6
Strong balance sheet & cash generation
support M&A optionality
37%
Group sales from first-party IP 1
IP and talent in place to deliver
accelerated growth
76%
Group sales from back catalogue 4
Dependable back catalogue providing
mid-term visibility
Our Investment Case:
1. F Y 2024
2. Active = generated sales in F Y 2024
3. Lifetime sales to Dec 2024
4. Average for F Y 2018 – 2024
5. Average annual Group organic grow th vs Newzoo
console and PC market 2018 – 2024
6. F Y 2024
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10 everplay group plc Annual Report and Financial Statements 2024 11 everplay group plc Annual Report and Financial Statements 2024

Performance Overview
FY 2024 was another highly competitive year for the gaming sector.
Against this backdrop, the Group delivered a pleasing revenue
performance, up 5% compared to the prior year, substantially ahead
of the market which grew just 0.6%. 2024 was everplay’s seventh
consecutive year since its IPO of delivering market-beating revenue
growth. This growth was generated organically through revenues
from existing businesses, through a combination of new releases and
a stellar performance from the Group’s extensive back catalogue,
further demonstrating the benefit of everplay’s portfolio strategy and
exceptional lifecycle management skills. Tightened cost controls,
improved title mix and lower impairments all contributed to a
significant improvement in margins. This, along with the higher
revenues, contributed to a sharp recover y in earnings, with profits
before tax of £25.3 million (FY 2023: £1.1 million loss).
Revenue
Group revenues increased 5% on a like-for-like basis to £166.6 million
(FY 2023: £159.1 million). Team17 (formerly Team17 Games Label)
contributed £98.6 million, down 5% on the prior year (FY 2023:
£103.6 million), astragon delivered £43.8 million (FY 2023: £36.0 million)
showing excellent growth of 22%, whilst Stor yToys had another
outstanding year, with revenues up 25% to £24.3 million (FY 2023:
£19.5 million). Overall first-party IP revenues increased 10% to £61.5 million (FY 2023:
£55.9 million) reflecting a strong performance from games such as
Hell Let Loose, Construction Simulator, Police Simulator and
Golf With Your Friends – all of which remain in the Group’s top 10
selling titles. This brings first-party IP revenues up to 37% of revenues
(FY 2023: 35%), in line with the Group’s core strategy to increase
the weighting of first-party IP revenues. Third-party game revenues
grew modestly to £105.1 million (FY 2023: £103.3 million), led by
Overcooked! and 2023’s award-winning Dredge.
The Group’s back catalogue enjoyed another year of sustained strong
performance, thanks to some excellent new downloadable content
(“DLC”) and innovative marketing activity from the teams. Revenues
grew 27% to £143.8 million (FY 2023: £113.6 million). This growth is
testament both to the quality of the Group’s portfolio, and the team’s
skills in lifecycle management. Stand out performers included
Overcooked! 2, Hell Let Loose, Police Simulator and Dredge.
The competitive environment and strong prior year base did result in
a more muted revenue performance for new releases at £22.9 million
(FY 2023: £45.5 million), affecting Team17 in particular. However,
reviews for many of games which were released were pleasing,
including 90% positive user reviews on Steam for Conscript and
89% for Amber Isle.
Gross Profit
Gross profit in the year rose 21% to £69.4 million (FY 2023:
£57.5 million). The gross margin increased sharply by 550bps
to 41.6% (FY 2023: 36.1%), due to a number of factors including
substantially lower title impairment charges, development cost
amortisation charges, expensed development costs and royalty
payments.
As usual, a full review was undertaken of the value of intangible
assets held on the balance sheet which included both released
games with a residual net book value as well as games in development
yet to be released. Title impairment charges for the year were
£4.7 million (FY 2023: £11.1 million), across select titles following the
lower-than-expected performance of new releases in H1 2024 and
the current view of the new release market.
“ 2024 was our seventh consecutive
year since its IPO of delivering
market-beating revenue growth.”
Rashid Varachia
Group Chief Financial Officer and Chief Operating Officer
Group Chief Financial Officer’s Review
Growth in back catalogue revenues
27%
“
Tightened cost controls and improved
mix, along with higher revenues,
all contributed to a sharp recovery
in earnings.”
Group Revenues £m
F Y 2024F Y 2023 F Y 2022
166.615 9 .1 14 2. 3
10%
Growth in first-party IP revenues
IP Revenues Split £ m, 2024
1. F i r s t- p a r t y 61. 5
2. Third-party 10 5 .1
1.
2.
Divisional breakdown £ m, 2024
1. New release 22.9
2. Back catalogue 14 3 . 8
1.
2.
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12 everplay group plc Annual Report and Financial Statements 2024 13 everplay group plc Annual Report and Financial Statements 2024
Divisional breakdown 2024
1. Te a m17 98.6 59
2. astragon 43.8 26
2. S t o r yTo y s 24.3 15
1.
2. 3.
£m%

Royalty payments were lower year on year, accounting for 29.9% of
sales (FY 2023: 30.4%), due to the stronger performance of first-party
titles relative to third-party titles (the latter of which generate higher
levels of royalty payments). However, astragon’s first-party IP simulation
games represented a higher proportion of the Group’s first-party
revenues this year (50% compared to 47% in FY 2023) and unlike
Team17’s first-party IP games, these attract a royalty paid to astragon’s
dedicated development partners, which moderated the reduction in
overall royalty payments in the period.
After several years of increases resulting from acquisitions and
some larger third-party game development investments at Team17,
capitalised development costs in the year decreased to £25.0 million
(FY 2023: £32.2 million) of which £12.1 million (FY 2023: £22.5 million)
related to Team17, £9.9 million (FY 2023: £7.1 million) to astragon
and £3.0 million (FY 2023: £2.6 million) to Stor yToys. This reflects
lower planned development costs for Team17 third-party titles, partly
offset by higher spending on first-party IP in both Team17 and astragon
– for which there are 10 projects currently under development.
As a result of the capitalisation, impairment and development
cost amortisation charges, capitalised development costs on
the balance sheet at the end of the period stood at £40.6 million
(FY 2023: £35.1 million).
Development cost amortisation charges were £13.5 million for the year
(FY 2023: £12.7 million), an increase on the prior due to the higher
number of new releases in the period. Expensed development costs
also fell during the year, partly due to the greater use of outsourcing
within the Team17 studios.
2 6 .1
Administrative Expenses
Total costs in the period decreased to £45.6 million (FY 2023:
£57.6 million). The decrease was primarily due to the lower non-cash
impairment of goodwill charge relating to The Label Inc. of £4.6 million
(FY 2023: £20.9 million). Acquisition-related adjustments, costs and
amortisation were £13.9 million (FY 2023: £10.0 million).
Staff costs within administrative expenses increased 27% in the year
predominantly reflecting higher bonus payments across the Group
as well as the final management incentive payments relating to the
acquisition of Stor yToys and astragon. Marketing costs decreased
during the year, following the implementation of tighter controls in
H2 2023 to better align to the Indie model. Depreciation and
amortisation fell to £13.1 million (FY 2023: £15.0 million). Other costs including premises, professional fees and travel & entertainment
were lower as a percentage of sales than the prior year. Total
headcount for the Group at 31 December 2024 was 344
(31 December 2023: 348).
Alternative Performance Measures (“APMs”)
The Directors believe that the reported APMs provide meaningful
performance information to aid the understanding of the underlying
business trading performance and profitability. Although these are
not GA AP measures as defined by IFRS, they have been applied to
provide an accurate comparison as well as provide readers of the
financial statements a clear understanding of the underlying profitability
of the business and more consistent comparisons over time. A
breakdown of the adjusting factors is provided in the table below:
Group Chief Financial Officer’s Review
continued
“
Adjusted EBITDA rose to £43.5 million,
a sharp recovery from the £29.9 million
in FY 2023, reflecting the strong revenue
growth, underlying margin improvements
and lower impairments.” Growth in adjusted EBITDA
46%
Adjusted EBITDA Adjusted Profit Af ter Tax
FY24
£’000 F Y23
£’000 FY24
£’000 F Y23
£’000
(Loss)/Profit before Tax 25,323 (1,080)25,323 (1,080)
Development cost amortisation eliminated through FV adjustments (1,4 6 9)( 3 ,791)(1,4 6 9) ( 3 ,791)
Goodwill Impairment 4,563 20,879 4,563 20,879
Share based compensation 1,0 0 8 417 1,0 0 8 417
Restructuring costs n /a1, 2 0 9 n /a1, 2 0 9
Acquisition related costs & adjustments
Amortisation on acquired intangible assets 11, 5 2 9 13,75 9 11, 5 2 9 13,75 9
Acquisition related costs 2,334 1, 3 6 0 2,334 1, 3 6 0
Earn out fair value 84 (5,086) 84 (5,086)
Interest & FX on contingent consideration 7 1, 0 2 3 7 1, 0 2 3
Adjusted profit before tax 43,379 28,690 43,379 28690
Finance income and costs net of acquisition related costs and adjustments (1,19 6 )556 n /a n /a
Depreciation and loss on disposal of tangible assets and software 1, 276 10 8 5 n /a n /a
Amortisation of intangible assets (excluding
development costs and acquired intangibles) 90
16 n /a n /a
Adjusted EBITDA 43,549 29,873
Taxation (net of impacts on adjustments) ( 8 ,747 ) (3,467)
Adjusted profit after tax 34,632 25,223
Adjusted basic EPS (p) 2 4 .1 17. 5
2 4 .1
Adjusted EPS p
F Y 2024
F Y 2023 F Y 2022
17. 52 7. 8
Adjusted EBITDA and Margin
F Y 2024
F Y 2023 F Y 2022
18.834.3 41.63 6 .1 49.0
Gross Profit and Gross Margin

F Y 2024F Y 2023F Y 2022
69.4
43.5
29.9 48.8
5 7. 5 69.6
£m £m
%
%
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14 everplay group plc Annual Report and Financial Statements 2024 15 everplay group plc Annual Report and Financial Statements 2024

Adjusted EBITDA reflects the EBITDA of the Group in a steady state,
without the impact of acquisition-related costs which var y year on
year based on acquisition activity. In addition, we include the impact
of amortisation and impairment of development costs and publishing
rights, as this reflects the primar y costs incurred by the Group in
generating revenue. In the previous year, restructuring costs were
also excluded as one-off in nature and not reflective of the
underlying performance of the Group.
Adjusted profit before tax reflects the profitability of the Group, adjusted
for the previously outlined acquisition-related costs. In the prior year,
this was also adjusted for the goodwill impairment which is not a
recurring cost to the Group.
Share-based compensation charges of £1.0 million (FY 2023:
£0.4 million) relate to options that were granted to the Executive
Directors, the senior leadership team and other members of the
team under a variety of schemes which other than in the case of the
Executive Directors and Non-Executive Directors will be satisfied by
shares held in the Employee Benefit Trust (“EBT”).
Acquisition-related adjustments created a net cost in the period of
£2.4 million (FY 2023: £2.7 million credit), relating to one-off costs
directly associated with the acquisitions made over the last three
years. There were £2.3 million of associated management incentive
payments in FY 2024 (FY 2023: nil), with other acquisition costs and
fair value adjustments totalling £0.1 million (FY 2023: £1.4 million).
Finance costs relating to contingent consideration was £0.1 million
(FY 2023: £1.0 million) reflecting the lower balances outstanding. Adjusted EBITDA
Adjusted EBITDA rose to £43.5 million, a sharp recover y from the
£29.9 million in FY 2023, reflecting the strong revenue growth,
underlying margin improvements and materially lower title impairment
costs. Adjusted EBITDA excludes acquisition related adjustments
and fees, amortisation on and impairment of acquired intangible
assets as a result of business combinations, share-based
compensation (as well as one-off Team17 restructuring costs
and tax in FY 2023).
Profit Before Tax
Profit Before Tax for the year was £25.3 million, compared to a
£1.1 million loss in the prior year (which was negatively affected by
the £32.0 million of non-cash impairment charges).
In addition, net finance income increased to £1.2 million (FY 2023:
£0.9 million cost), reflecting higher interest rates and cash on balance.
Adjusted profit before tax, adjusting for the items outlined in the
APMs table above, was £43.4 million (FY 2023: £28.7 million).
The tax charge for the year was £5.1 million (FY 2023: £2.7 million).
The effective tax rate for the year was 20%.
Earnings Per Share (“EPS”)
Basic EPS rose to 14.0 pence (FY 2023: (2.6) pence), reflecting
higher pre-tax profits, as well as the non-cash impairment charges
affecting the FY 2023 base. Basic adjusted EPS, reflecting the APM
adjustments noted above and calculated using the adjusted profit
after tax increased 38% to 24.1 pence (FY 2023: 17.5 pence). Statement of Financial Position
The Group remains highly cash generative with an operating
cash conversion of 97% (FY 2023: 87%), and a net inflow of cash
from operations of £51.2 million (FY 2023: £41.4 million). As a result
of final cash earn-out payments in the period (£5.0 million) and
investment in capitalised development costs (£25.0 million), there
was an overall net increase in cash and cash equivalents to
£62.9 million (FY 2023: £42.8 million) which includes £2.7 million
(FY 2023: £2.9 million) held in the EBT.
The EBT remains an important fund established at IPO to support
employee share awards and incentivise team members across the
Group. All UK and EU employees across the Group continue to
be awarded share options on joining, noting that the use of the
EBT avoids the issue of new shares to satisfy these and other
employee options.
Goodwill and intangible assets now total £197.0 million (FY 2023:
£210.0 million). As at 31 December 2024, the net book value of
goodwill was £82.3 million (FY 2023: £86.2 million). The value of the
Group’s brands now stands at £51.4 million (FY 2023: £57.6 million)
which takes into account the annual brand amortisation charge. The
current net book value of capitalised development costs at year end
stands at £40.6 million (FY 2023: £35.1 million).
Movements in working capital totalled £1.7 million in the period
(FY 2023: £3.5 million). This amounted to a £9.1 million increase
in trade and other receivables (FY 2023: £0.4 million), offset by
a corresponding increase in trade and other payables balance of
£7.6 million (FY 2023: £3.3 million decrease). This increase in trading
balances is due to high volumes of trade in Q4 related to physical
distribution within astragon, while an increase in license sales also
impacted year end working capital. Share Issues
As at 31 December 2024, the Group’s issued share capital
comprised 145,848,677 ordinar y shares of £0.01 each (FY 2023:
145,803,620).
A total of 317,970 (FY 2023: 294,535) share options were issued
during the year to the Executive Directors with a three-year vesting
period with performance criteria, 391,465 (FY 2023: 532,858) share
options were issued to other employees across the Group also with
a similar three-year vesting period and performance criteria, while
61,648 share options were issued to Non-Executive Directors as
part of a new Share Option Plan.
The Group has extended the use of its Long-Term Incentive Plan
with performance criteria across its senior divisional leadership team
together with the deferred bonus share plan for senior management.
everplay continues to administer an All-Employee Share Incentive
Plan (“SIP”) which is a UK employee SIP with matching shares open
to all UK employees and which continues to be well supported.
Rashid Varachia
Group Chief Financial Officer and Chief Operating Officer
1 May 2025
Cash and cash equivalents
highlight the Group’s strong
balance sheet
£62.9m
Group Chief Financial Officer’s Review
continued
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16 everplay group plc Annual Report and Financial Statements 2024 17 everplay group plc Annual Report and Financial Statements 2024

Divisional Reports: Team17
Team17 is a global games label, creative partner
and developer of premium video games.
Our Business Model
We are a focused Indie developer and publisher supporting both
first and third-party IP, with a portfolio of 100+ games. Our Indie
games feature across all major platforms (PC, console and mobile),
serving a growing a community of gamers of all ages and tastes.
In addition to our first-party IP, we are partners to new and returning
independent developers around the globe. Working with studios
ranging from one developer through to much larger established
outfits overseas, Team17 offers a range of publishing services from
end-to-end support in the game creation process, to marketing and
revenue lifecycle management. We pride ourselves on having a
collection of the most passionate, and engaged industry specialists,
invested in a games-first approach. All of us share a passion for
securing excellent content, nurturing consumer loyalty and, above
all, empowering our teams to deliver continuous growth.
Our Strategy
We continually seek to improve our portfolio of high-quality games
by maintaining an active and varied release schedule across our
catalogue, aiming to launch 8-10 new titles each year developed
from first-party IP franchises or third-party IP, identified through our
greenlight process. In addition to new releases, our unparalleled
back catalogue of Indie games, whose revenues we extend and
optimise through expert lifecycle management, drive the division’s
revenues, along with new downloadable content for our existing
games. Maintaining this balance between new releases and back
catalogue games provides a predictable revenue stream that
underpins the business. Through the use of innovative and creative
marketing techniques, we seek to raise our profile and deepen our
relationship with our gaming community. We consistently explore
options to diversify into new territories, platforms and media.
Our Customers
We are laser-focused on engagement with our gaming communities,
whose support is key to the success of our games. Our games are
enjoyed by gamers around the globe, across all platforms. However,
we recognise that different gaming communities have different
characteristics. We define these as:
• Casual – the hobbyist gamer who is dedicated to the games they love;
• Competitive – for whom gaming is a sport and they like to win; and
• Committed – the single player gamer.
Creating content which appeals to each of these communities is a
core focus for Team17.
First-Party IP Focus
The strength and diversity of products planned for 2025 and beyond
includes a mix of brand-new IP, internally created as well as externally
developed, and long-awaited sequels with strong partners across a
variety of genres. Within its first-party IP portfolio, Team17 boasts
iconic games such as Worms, The Escapists, Golf With Your
Friends and Hell Let Loose. We are excited to be working on new
content for these titles, creating new experiences which we know
will delight these games’ communities when they launch from late
2025 onwards.
“ All of us share a passion for securing
excellent content, nurturing
consumer loyalty and, above all,
empowering our teams to deliver
continuous growth.”
Ann Hurley
General Manager, Team17
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We are a leading games publisher
with a clear focus on developing
and launching pioneering Indie
games that inspire players around
the world for a lifetime.
Divisional Reports: Team17
2024 Highlights:
• The biggest year ever for
Hell Let Loose, in the game’s
5th year
• Great performance of first
and third-party back catalogue
titles, including Overcooked!,
Dredge, Blasphemous 2 and
Golf With Your Friends
• Excellent review scores for many
of our new releases, including
90% positive user reviews on
Steam for Conscript and 89%
for Amber Isle
new games released in 2024
10
active high-quality games
across our portfolio
100+
revenues from first-party IP
32%
Digital Revenue Lines
1,200+
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“ astragon’s diversified business model is built on a foundation of proprietary IPs,
strategic third-party collaborations, and a robust distribution network.”

Tim Schmitz and Julia Pfiffer
Chief Executive Officers, astragon
Our Business Model
In addition to revenue from base game sales, we follow a strategy that
combines free updates with paid DLCs to continuously add fresh value to
our content and maintain long-term revenue streams. Our first-party IPs
undergo a multi-year development process, which varies based on the
scope of the project and the platform. Over a decade ago, we launched
our first first-party IP game and have since continued to release significant
new instalments and updates to keep our diverse customer base
engaged with our content.
Our Strategy
We are dedicated to creating compelling content to grow our audience,
enhancing our existing IPs, and forging new licensing partnerships. Our
key strategic priorities are:
●
First-party IP focus: maximise potential of our flagship franchises and
growing brands
● New instalments: delivering fresh and unique content
● Community: expand player community and increase community
engagement
● Lifecycle: maximising product longevity and diversification
● Sustaining engagement through content: DLCs, Season Passes,
Updates
Our primar y mission is to be the ideal partner for global game studios,
offering comprehensive support across project development, production
management, marketing, sales strategies, and project funding. This
commitment spans all platforms, including PC, console, and mobile. With
our in-house development team at Independent Arts Software, we are
able to accelerate the diversification of our product lineup and develop
new proprietar y IP products.
Our Customers
Our video games appeal to a broad and diverse audience, ranging from
young enthusiasts and casual players to seasoned technical experts.
We are proud to provide an inclusive gaming experience that meets the
unique preferences of all players. Our games are designed to engage
both newcomers and experienced gamers alike, ensuring that everyone can enjoy and connect with our offerings. This diversity among our players
highlights the adaptability of our products and underscores our dedication
to creating games that go beyond conventional boundaries, delivering joy
and fulfilment to ever y player, no matter their level of experience.
First-Party IP Focus
astragon is proud to have developed high quality simulation IPs, with
currently four franchises developed and released over the last 10 years,
including the ever-popular Police Simulator and Construction
Simulator, along with Firefighting Simulator and Bus Simulator.
Over the past year, the team has focused continuously on the
enhancement of our first-party IPs with additional content and offerings
aimed at maximising their long-term value and appeal, further
strengthening our commitment to product lifecycle management and
strategically diversifying our portfolio.
To meet the expectations of our players and extend the lifecycle of our
games, in 2024 we have further intensified our investment in the
development of DLCs, Season Passes, and Gold Editions, such as the
introduction of Year 2 Season Pass for Construction Simulator, as well
as extending our platform reach, including the release of Police Simulator
on Switch. These not only deliver new and exciting gaming experiences
but also create recurring revenue opportunities that ensure the sustained
success of our titles.
By integrating these expansive elements into our portfolio, we have
broadened the scope and reach of our brands. We have focused on
creating innovative and engaging content that offers a unique gaming
experience to both existing fans and new audiences.
With our continued emphasis on product lifecycle management and the
diversification of our offerings, we are well-positioned to respond to future
market trends and drive further growth. Our development activity in 2024
has paved the way for exciting games launches in 2025 and beyond, with
extensions of our existing IP as well as brand new IP concepts.
Our strategy aims to deliver sustainable value – both for our players and
our stakeholders. We are confident that these measures will help us
strengthen our market position and establish our IPs for the long term.
Divisional Reports: astragon
astragon is a leading developer, publisher
and distributor of sophisticated “working”
simulation games.
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We are a leading games publisher,
developer, and distributor of working
simulation games, targeting a broad
audience from young enthusiasts to
technical experts and casual gamers.
2024 Highlights:
● Diversification of our successful IPs to
Switch with Construction Simulator 4
and Police Simulator: Patrol Officers
to further broaden the audience.
● Expanding our reach and fostering
deeper engagement through
integration with subscription services
for the first time.
● Introduction of Year 2 Season Pass
for Construction Simulator
● Full release of Railroads Online from
our third-party publishing portfolio
demonstrating our commitment to
broadening our operational reach and
diversifying our revenue base.
● Marketed and distributed well-known
brands like Farming Simulator and
Banishers in our 3PD segment in
Germany.
revenue growth in FY 2024
22%
global brand license partners
60+
first-party IP brands in portfolio
4
paid DLC releases across
our first-party IP games
12
Divisional Reports: astragon
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24 everplay group plc Annual Report and Financial Statements 2024 25 everplay group plc Annual Report and Financial Statements 2024

Our Business Model
Stor yToys secures global leading brand partner license agreements
for popular kids’ brands to create, develop and publish engaging
mobile apps and games appealing to children in early childhood.
The apps are free to download and access basic content. Parents
and caregivers can unlock additional content through a recurring
subscription or one-time in-app purchases across mobile (iOS,
Android), Apple, Google, Amazon and Samsung marketplaces.
Platforms like Apple and Google deduct their fees, and Stor yToys
pays brand owners royalties based on net revenues and the agreed
commercial terms. Stor yToys boasts over 337,000 active subscribers,
11 million monthly active users and over 240 million app downloads.
Our Strategy
Stor yToys forms strategic partnerships with brand owners to license
popular kids’ brands and has established a diverse portfolio of
brands and licensed partners. We conduct in-depth research to
develop entertaining and enriching mobile apps that address market
opportunities. Our strategic focus is the regular deliver y of new
content via new and existing games, maximising average revenue
per download by supporting subscription conversion rates and
lifetime value, and optimising and expanding existing games to new
platforms. Our comprehensive marketing strategy drives downloads,
and we regularly update content to keep users engaged, including
over 520 app updates in FY 2024.
Our Customers
Stor yToys has a large global footprint, with our apps available
worldwide and localised in up to 28 languages. While the US is our
largest market, 71% of our users are from outside the US, including
in countries such as Brazil, Indonesia, India, the UK, and Mexico.
We specialise in designing apps for preschool (ages 2 to 5) and
early childhood (ages 4 to 7). Our primar y audience is children, while
parents and caregivers who download and make purchases are our
secondar y audience. We take pride in creating apps that kids love
and that parents feel good about. We have 11 million children use
our apps ever y month – that’s enough to fill Disneyland 550 times,
or, if they were holding hands, they could circle the Earth nearly
three times!
Focus on Top Tier Kids’ Brands
While our apps are owned and developed in-house, we partner with
top tier kids’ brands to license their IP. The brands which translate
into the most successful games are those which kids’ love, and that
their parents trust and often have a connection with from their own
childhood. Stor yToys’ license partners have grown to include The
Lego Group, The Walt Disney Company, Marvel Entertainment,
Mattel, Sesame Workshop, Hasbro and Penguin Random House,
which has enabled the launch of seven new apps since its acquisition
by everplay in 2021. Looking ahead, Stor yToys will continue to grow
existing licensing relationships in addition to pursuing opportunities
and, where appropriate, to further expand its network of global
license partners.
“ To take such iconic characters
and translate them to magical
digital play experiences is an
absolute privilege for StoryToys.”
Emmet O’Neill
Chief Executive Officer, StorysToys
Divisional Reports: StoryToys
StoryToys is a world-class developer and
publisher of educational entertainment
apps for children.
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
26 everplay group plc Annual Report and Financial Statements 2024 27 everplay group plc Annual Report and Financial Statements 2024

We bring the world’s most popular
characters, worlds, and stories to life
for children, making apps to help them
learn, play, and grow.
2024 Highlights:
● Launched 3 new licensed app
titles (vs. 3 in 2023), including
Sesame Street Mecha Builders,
Thomas & Friends™: Let’s Roll
and LEGO® DUPLO® Peppa Pig
● Launched Barbie Color Creations+
on Apple Arcade
● 520 app updates across existing
titles supporting subscriptions,
including LEGO® DUPLO®
WORLD, LEGO® DUPLO®
MARVEL, Disney Coloring World,
Barbie Color Creations, and
Hungry Caterpillar Play School
● 5 Kidscreen Awards 2025
nominations
● Included in The Sunday Times
2024 “Best Places to Work”
“
This app is really lovely. We have used
it for two years now as it has such a
variety of games which are often added
to, since our son was 4 years old. It
is educational and fun, and our son
used to build the Lego models with his
physical Lego blocks – now at 5 years
old he builds amazing things! The app
is perfect to keep little ones busy on
a journey or a flight. I would definitely
recommend.”
Customer
(LEGO DUPLO World – November 2024)
revenue growth in 2024
25%
total lifetime downloads in
2024, vs 200m in 2023
240m
11m: monthly active users (compared to 8m in FY 2023)
11m
active subscribers in 2024
>337k
Divisional Reports: StoryToys
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
28 everplay group plc Annual Report and Financial Statements 2024 29 everplay group plc Annual Report and Financial Statements 2024

Introduction
We continue to have distinctive, vibrant cultures within each of our
businesses, which make them special. However, this year we have
come closer together in a number of ways and in Januar y 2025 we
announced our rebranding to become everplay group plc. This
rebranding is leading to new ways to naturally share and learn from
one another and also to unlock new career possibilities for our
employees across the Group. The first initiative is a cross-Group
mentoring program called “Co-op” which launches in 2025.
Engagement and Culture
The environment we work in and our connection with what we are
tr ying to achieve together is important to attract and retain our great
people. Just as importantly, it makes each day more enjoyable and
more productive.
Team17 thrives on a foundation of strong social connection and open
communication which we actively foster through regular events such
as TeamFest, our annual summer festival, in person social Townhalls,
and internal talks and panels which look to break down barriers,
challenge stereotypes and create environments where ever yone is
valued and respected. Recent examples have covered topics such as
gender diversity in gaming, mental health, men’s health and menopause. Managers are critical in supporting this and we were
delighted that in our 2024 Annual Employee Survey 92% felt their
manager genuinely cares about their wellbeing and 90% are happy
with their current level of flexibility at work.
At Stor yToys, our company culture is the cornerstone of our success,
fostering an environment where employees feel valued, engaged, and
inspired to do their best. In 2024, we were proud to be recognized as
one of Ireland’s Best Places to Work, achieving an impressive 89%
employee happiness score in April. This accolade reflects the strength
of our workplace culture and enhances our reputation both internally
and externally.
Our commitment to engagement was further demonstrated in our
Group engagement survey in May, which revealed an 88% engagement
score – up 6% from 2023. Highlights from the survey included:
● 96% of employees take pride in working at Stor yToys and would
recommend it as a great place to work.
● 93% satisfaction with work-life balance.
● 90% confidence in leadership and 89% in management.
● 7 1% believe there are good career opportunities within StoryToys. At astragon, our commitment to creating an engaging and inclusive
workplace has always been at the heart of what we do. Feedback is
essential when fostering a culture where everyone’s voice can be
heard. Our inaugural engagement survey saw a response rate of
79%. Some of our highlights from this survey were:
● 8 4% felt they can arrange time off when needed.
● 77% understand how their work contributes to astragon’s overall
goals.
● 73% feel included in diversity and inclusion efforts.
We value the importance of continuous engagement and
suggestions, which is why we gather feedback at the end of ever y
monthly company stand-up and provide transparency on the results
with the business.
Communication
Effective communication is at the heart of our success, and we’ve
implemented several initiatives to promote open dialogue, transparency
and alignment. New groupwide practices have been introduced, for
example global town halls, newsletters and launch announcements
by each business shared across the Group. The year closed with a
fun review focusing on our games and our people.
At astragon, we believe in fostering a strong sense of community, and
our calendar of social events helps bring our team together. A
highlight of this year was our joint Summer Party with Independent
Arts, which included an exciting escape game challenge, creating fun
and teamwork. We also had a lot of fun during our rescheduled
Christmas party from 2023, which had to be postponed twice due to
rail strikes. Given the timing, we decided to turn it into a carnival-
themed celebration, and instead of Ugly Xmas Sweaters, we enjoyed
more creative and extravagant costumes. These events, along with
other activities throughout the year, ensure there’s something for
ever yone to enjoy and opportunities for us all to come together.
In Team17 we have recently created a Comms Committee, where
employees across the business come together to create new
initiatives and promote two-way communication. Our monthly
Townhall meetings allow leadership to share key updates, celebrate
wins, and discuss strategic goals whilst our Q& A sessions offer
employees a direct line to leadership for real-time feedback and
questions. Additionally, we host focus groups and encourage
peer-to-peer knowledge sharing through our Spotlight sessions
where employees can share insights, resources and knowledge
about departments, roles and projects. These initiatives have helped
to cultivate a culture of transparency, trust and shared purpose, ensuring
that ever y employee remains engaged and aligned with our vision.
To ensure ever y employee has a voice we have an employee
representative committee called TEC, (‘Teamster Engagement
Committee’) that meets monthly to discuss workplace culture,
wellbeing initiatives and opportunities for improvement. This
committee empowers employees to contribute to company decisions, enhancing engagement, morale and transparency and
makes suggestions directly to the Senior Leadership Team. This
year, they successfully implemented Summer Hours into Team17,
meaning our people were able to take Friday afternoons off during
summer. As a result, our team feels more connected, valued and
committed to our shared goals, driving greater productivity and
loyalty whilst fostering a sense of belonging that enhances our
competitive advantage.
In Stor yToys, we have a vibrant calendar of social events organized
and hosted by our team, which aims to further strengthen our sense
of community. From Scribble & Sip evenings to yoga sessions, board
game nights, Family LEGO Building Days, and festive celebrations like
our Halloween and Christmas parties, these gatherings ensure there’s
something for ever yone to enjoy and fosters connectivity.
Continuous Development
2024 saw significant strides in nurturing a learning culture at
Stor yToys through a mix of formal and informal initiatives:
● LinkedIn Learning was introduced, offering employees tailored
resources for their personal and professional development.
● Masterclasses from industr y experts provided cutting-edge
insights.
● Customized Unity workshops supported skill development among
our artists and engineers.
● We also launched an internal initiative called “Side Quest Series”, an
innovative, employee-driven initiative for peer-to-peer knowledge
sharing. Sessions have explored diverse topics, from app memor y
optimisation to the MDA Framework for game design, fostering
cross-functional collaboration and continuous learning. On average,
18-25% of employees attend these sessions, with many more
accessing the recordings afterward.
To support managers, we introduced the Manager Kitbag program,
which combines practical tools, peer pods, and core skill training to
empower leaders at all levels.
Continuous learning is a cornerstone of astragon’s strategy to
empower employees. This year, we successfully introduced:
● An internal Buddy System to support new employees in onboarding
into the business and foster collaboration amongst teams.
● As part of astragon’s commitment to continuous learning, we
successfully implemented the Career Month: Internal Internship
Program. This initiative allowed employees to explore different
departments, gain insights into colleagues’ work, and share
knowledge about their own fields. Through a flexible sign-up
system, employees offered and participated in short internships or
presentations, fostering cross-team collaboration and professional
growth. Participants reflected on their experiences, strengthening
appreciation for different roles within the Company.
ESG Report: People
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
“
Play is our thing.
It always has been.
It always will be.
Forever. And ever”
Stor yToys team members
Carnival celebration at astragon
Team17 employees feel their manager
genuinely cares about their wellbeing
92%
30 everplay group plc Annual Report and Financial Statements 2024 31 everplay group plc Annual Report and Financial Statements 2024

Team17: Wakefield Office TownhallMembers of the Stor yToys Team in the Dublin Office
There were also workshops with external coaches as well as internal
workshops, which were utilised for both strategic measures and
team-building purposes. We encourage internal mobility as part of
our commitment to employee growth and satisfaction. By providing
opportunities for team members to explore new roles, we foster a
supportive environment that promotes career development and
long-term engagement.
Team17 prioritises hiring top talent and creating a culture that
encourages experimentation, creativity and learning from failure to
deliver the best Indie games in the market. Our team is adept at
adapting to change, reflecting a resilient team culture that is highly
responsive to market needs. We have implemented cross-functional
training that empowers employees to work across departments, such
as our Hacking Neurodiversity workshop held in partnership with an
external specialist, accelerating problem solving and innovation.
Talent Attraction and Mobility
Nurturing talent is integral to our strategy within Team17. We offer
tailored development programs, from Leadership training through our
Manager KitBag to skills-based workshops, enabling employees to
continuously expand their expertise and prepare for future roles.
Through our internal mobility secondment programs and
apprenticeship scheme, we encourage employees to explore new
career paths within the company, fostering a dynamic workforce
where individual ambitions align with company needs. Over the past year, over 20% of our organisation has taken on new roles or advanced
within the company, reflecting dedication to both personal growth
and organisational agility. With our group mentorship scheme on the
horizon for 2025, our focus on talent development and mobility
enhances innovation by leveraging diverse experiences and skill sets
across our teams.

Our focus at Stor yToys remains on attracting and retaining exceptional
talent. In 2024, we increased gender representation, achieving a 46%
female-to-male ratio. Through internships, graduate programs, and
traineeships, we’re building a robust talent pipeline for the future.
Our attrition rate continues to be ver y low, reflecting our commitment
to retaining and supporting our people.
We are committed to supporting individuals impacted by global crises
and fostering an inclusive workplace. As part of this commitment,
we welcomed two talented Ukrainian professionals into our team,
providing them with opportunities to rebuild their careers and
contribute meaningfully to our mission. This initiative reflects our
dedication to social responsibility and creating a positive impact
within our community and beyond.
Enhancing our benefits – the introduction of game console loans and
expanded mental wellbeing support – ensure we remain an employer
of choice in Ireland. Diversity, Equity and Inclusion (“DEI”)
We have established a cross-group team to magnify the work done in
each business on DEI. This energetic group has practical and
aspirational aims for 2025.
With diversity at our core in Team17, we believe that a variety of
perspectives fuels innovation. Our Leadership team comprises of
50% women, and we maintain an inclusive environment that
encourages fresh, indie ideas. This commitment to DEI not only
enhances our workplace but resonates with our customer base and
our local community groups. We have several local employee-led
community groups; Green17 focuses on environmental initiatives,
She17 focuses on improving gender diversity in gaming, LGBT17
provides a welcoming space to all identities to promote better
representation within the studios.
Our commitment to DEI is also reflected in our published Gender Pay
Gap results. We are pleased to share that both our Mean and Median
Gender Pays have both reduced significantly (Mean by -7.55% and
Median by -13.28%) in 2023. We are also happy to share that this
result sees us comfortably below the Office of National Statistics;
2022 mean, 13.9%, and 2023 median of 14.3%. However, the
makeup of our workforce means we must continue to work hard to
retain and grow the number of women in the team. We are committed
to reducing the gap here at Team17: ●
Reviewing and analysing pay data to identify any gender disparities
in compensation and addressing any unexplained pay gaps.
●
Clearly defining and communicating our equal pay practices on
compensation – we’ll be publishing our new Pay and Reward Policy
s h o r t l y.
● Create a work environment that values diversity, equity and
inclusion to attract and retain a diverse workforce.
● Promote gender diversity in leadership positions to create a more
inclusive and equitable workplace culture.
● Offer family-friendly policies that support parents to balance work
and family responsibilities.
● Provide resources, training and education that addresses bias and
its impact on decision-making relating to compensation and career
advancement.
In Stor yToys, we’re proud of our progress in DEI, particularly the
increased representation of women in engineering roles, which now
sits at 20% female.
We continue to build a more diverse workforce at astragon, with
45% of leadership roles now held by women. Our overall female
representation across the company stands at 43%.
astragon Entertainment also actively participated in the panel “Beyond
Stereotypes: Why Diversity Is a Gamechanger” at gamescom.
ESG Report: People
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
leadership roles at astragon held
by women
45%
Stor yToys employees would
recommend it as a great place to work
96%
32 everplay group plc Annual Report and Financial Statements 2024 33 everplay group plc Annual Report and Financial Statements 2024

Scope 1, 2 and 3 Emissions
CO2e tonnes 2024 CO2e tonnes
2023
Scope 1 2923
Scope 2 93124
Scope 3 982927
Total 1,1041,074
Energy consumption used to calculate above emissions (kWh) 595,726679,618
UK proportion of energy usage reported 90%80%
Average number of employees 351380
Group revenues (£ million) 166.6159.1
Intensity ratios:
Emissions per FTE (CO2 e tonnes) 3.142.83
Emissions per FTE (kWh) 1,6971,788
Emissions per £ million revenues (CO2 e tonnes) 6.636.75
Emissions per £ million revenues (kWh) 3,5764,272
ESG Report: Environmental
Black Salt Games, creators of
the award-winning Dredge
win our World Environment
Day challenge
Our key UN Sustainable Development Goals
18 0trees planted in
Eden Reforestation Projects
NZ $10 0kdonated to New Zealand Whale and
Dolphin Conservation by Black Salt Games
1. www.makeitwild.co.uk
2. www.beonhand.co.uk
3. www.eden-plus.org/why-eden
As a predominantly digital entertainment company, our impact on
the environment is inherently low. However, we still recognise the
impact our Company and industr y can have on the environment.
During 2024, the Group made further important steps to reduce its
carbon footprint, improve our disclosure and engage with our
employees and stakeholders on key environmental issues. In
particular, the environmental elements we focused on during the
year have been the harmonisation of environmental activities across
our three divisions, education and raising awareness, and taking
positive actions to address climate change.
Carbon Reduction
The return of employees to our offices across the Group resulted in a
modest increase in gas-related emissions (Scope 1). However, despite
this, our electricity-related emissions (Scope 2) did fall, due to the
implementation of schemes to reduce electricity usage within our
offices. Within the Group, Team17 successfully achieved ISO 50001
Energy Management System accreditation in May. The emphasis
will continue to be reduce the energy consumption across the
Group in future years. Travel activity across the Group increased, as our business grows,
and our teams make important connections with our developer
partners and platforms. This did result in a small increase to our
Scope 3 emissions. However, measured by revenues, the intensity
of the Group’s overall CO2 emissions fell during the year.
In line with previous years, we have continued to remove carbon to
cover our Group Scope 1 emissions.
Net Zero Planning
We are pleased to communicate that the Board’s ESG Committee has
agreed on an approach to achieve net zero, through a combination
of Scope 1, 2 and 3 reduction initiatives, and carbon removal
programmes. We expect to achieve this goal comfortably ahead of
the UK government’s 2050 target.
Taking Positive Actions to Address Climate Change and
Support Environmental Good Causes
The key UN Sustainable Development Goal (“SDG”) we align with is 13,
Climate Action. The Group also continues to align with SDG 16 Peace,
Justice and Strong Institutions and SDG 17 Partnership for the Goals.
The aim of the activities outlined below that took place during 2024
was to take positive actions to address climate change through
raising awareness, planting trees and achieving energy savings. In April, 70 staff from across the Group volunteered to participate in
sustainability training to celebrate Earth Day. everplay had the highest
engagement level of all companies taking part in this challenge.
Then, in June, to celebrate World Environment Day, 50 staff from
across the Group and our developer partners submitted environmental
related photos together with a caption as to why World Environmental
Day was important. There were some amazing photographs from
around the world; the winner was Black Salt Games, creators of the
award-winning Dredge.
Periodic meetings were again held throughout the year across all
divisions, to discuss a broad range of environmental issues. These
often resulted in various opportunities for our employees to make a
positive contribution to address climate changes.
In March, astragon held a ‘Dirt Removal Day’, resulting in five bags
of waste removed from near the Dusseldorf office. Employees also
collected bottle caps to upcycle to Blockblocks. At Gamescom,
astragon’s B2C booth was 95% sustainable, which was featured in
the Playing for the Planet best practice guide. Stor yToys have introduced
biodegradable business cards which can be used to plant seeds.
Team17 gave away two free LED light bulbs to all staff to raise
awareness of the importance of energy saving. In March, 20 employees
volunteered to plant trees for a day with Make it Wild . They listened
to a talk on how to make gardens more environmentally friendly and
went on a walking tour of the Bank Woods Make it Wild
1 flagship site
learning about the importance of addressing biodiversity loss.
Team17 also continues to promote the salar y sacrifice of the electric
vehicle car scheme, at the end of the year we had 11 members of
staff who have used the scheme.
To celebrate the success of the Dredge and Team17 partnership,
Black Salt Games donated NZ$100k to purchase a boat for New
Zealand Whale and Dolphin Conservation during the year. Priorities for 2025
The focus for 2025 is one of continuous improvements in sustainability
reporting, stakeholder awareness and net zero planning.
Carbon Reduction
We will continue to remove carbon to cover the Group Scope 1
emissions. As we continue to make energy reductions in 2025
subsequent years across the whole Group this will lay the foundations
for carbon removal of our Scope 2 emissions.
Energy reduction is required by ISO 50001 for Team17, and the
focus for 2025 will be electricity reduction at the Wakefield site.
During 2025, we will start the preparation for the intended rollout
of ISO 50001 to astragon and Stor yToys in 2026.
Taking Positive Actions to Address Climate Change
The Group will continue to align with SDG 13 Climate Action, SDG
16 Peace, Justice and Strong Institutions and SDG 17 Partnership
for the Goals. We will develop further events across the Group to
raise awareness of employees, developer partners and supply chain
in sustainability matters and climate change.
Team17 will launch a corporate volunteering partnership with OnHand
to capture social and environmental activities of staff to support
good causes. To celebrate our partnership with OnHand
2 they are
planting 180 trees in Eden Reforestation Projects 3. In addition, the
second stage of our tree planting with Make it Wild will see a further
170 trees being planted.
Team17 will be working with the Nottingham Trent University
Behavioural Sciences Team, Xbox and others to investigate gamers
attitudes to adopting energy efficiency measures in game
development.
“
During 2024, everplay continued to make important
steps to reduce its carbon footprint, improve our
disclosure and engage proactively with our employees
and stakeholders on key environmental issues.”
Staff planting trees at Make it Wild’s flagship
site at Bank Woods in North Yorkshire.
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
34 everplay group plc Annual Report and Financial Statements 2024 35 everplay group plc Annual Report and Financial Statements 2024

Principal Risks & Uncertainties
Introduction
The Group operates in a competitive and dynamic market environment.
The Group has grown substantially since the IPO in 2018 through a
combination of organic growth and the addition of strategic and
complementary acquisitions. An enlarged senior leadership team
actively manages the individual risks of the Group’s divisions which
are subsequently collated into a combined Group risk register that is
reviewed by the Board.
The Board determines the Group’s risk appetite by reviewing its current
strategy against the inherited risk exposure identified by the senior
leadership team. The Group’s appetite is that of taking calculated
risks which provide a balanced commercial approach without creating
material legal exposure to any operating business or the Group itself.
The identified risks are kept up to date with the Group’s operations and
wider market environment and are appropriately scored with estimations
of potential financial impact along with appropriate mitigations.
The Group’s risk management practices are supported by the Audit
Committee and the external Auditor. The Audit Committee reviews
the disclosures in the annual report as well as conducting ongoing
reviews of the independence of the auditor in accordance with the
QCA Audit Committee Guide.
Strategic Risks
Market growth, disruption and competition – no change from
2023
Description
The Group operates in a dynamic industr y that benefitted from rapid
growth over a number of years but following the COVID pandemic
subsequent growth in the sector has not proceeded at the same
rates as during or prior to COVID. Market consolidation, higher levels
of investment and continued competition between publishers and
developers who self-publish has resulted in a highly competitive
market space.

Mitigation
The diversification of the Group through organic and acquisitive
growth has broadened the portfolio in terms of genre, platforms
and demographics, providing some mitigation from adverse market
conditions. Furthermore, in addition to the in-house development of
games and apps, the Group continues to drive a rigorous game
scouting process to secure new IP games as well as securing
incremental licensed partners driving new apps. The Group
implements a comprehensive lifecycle management process to
ensure maximum revenue generation from its broadening back
catalogue portfolio of games and apps.
The Group continually undertakes reviews of the industr y in relation
to the relevant market segments to pre-empt and account for further
market shifts, but has positioned itself well with a diverse revenue
portfolio to mitigate downward market trends.
Technological change – no change from 2023
Description
The industr y continues to see technological advancement, including
the launch of new platforms and consoles, and the development of
games engines on which key titles continue to be developed. The
Group endeavours to stay ahead of the technological advancements
in the market place in order to maintain its competitive edge.
Mitigation
The Group has a track record of being one of the first to market with
new platforms and distribution channels. It continues to adopt a
platform agnostic approach to ensure the business has no undue
reliance on any one specific platform provider.
The Group continues to invest in professional development and
recruitment to ensure its team has the right skills to be at the
forefront of technological advancements and is agile and adaptable
to any changes, viewing them not as obstacles but as opportunities
upon which to capitalise. Dependence on key games – no change from 2023
Description
The Group’s revenues are supported by its popular back catalogue
portfolio which is complimented each year by the launches of new
first-party and third-party games. Should the Group fail to competently
develop, launch and manage the balance of its portfolio of games,
this may adversely affect its financial results.
Mitigation
The Group has significantly expanded its portfolio with the three
divisions organically and through acquisitions, providing a broader
portfolio of first-party and third-party games.
The Group’s games scouting approach is also designed to enable it
to swiftly identify exciting new IP and act dynamically to continue to
grow the portfolio with the introduction of new games for development
and future release.
The Group continues to look to develop a broader and stronger back
catalogue of games as well as create successful games that can
become franchises with sequels, providing wider portfolio protection
and longer evergreen franchise revenues. The strong back catalogue
can be seen across the group with the Group’s top 10 titles including
back catalogue games from Team17, Stor yToys and astragon. This
broader more balanced portfolio approach helps give the Group
protection against individual games that may underperform within a
financial period.
Commercial launch pipeline – no change since 2023
Description
The success of our new game and app launches are important to
the underlying performance of the business and can be subject to
risk factors including delays with developers, increased levels of
investment, competition with external game releases, reduced
barriers to developers to self-publish, restricted access to the end
user or the closure of platforms and/or retailers.
Mitigation
The Group understands the importance of maintaining strong and
close partnerships with its developers. To this end, the Group plans
buffer times to allow for potential project delays. The Group also
ensures multiple products are progressing towards launch
simultaneously.
On a game-by-game basis, the Group implements a structured process
for scheduling release dates, taking into account market conditions
as well as competitor release dates. New games are also robustly
evaluated through the ‘greenlight’ process and throughout the
development process to minimise deliver y risk.
Operational Risks
The ability to recruit, develop and retain key team members
– decreased since 2023
Description
The Group’s ability to deliver against its business plan is contingent
on the availability of key skills and experience across its workforce.
Loss of key personnel could adversely affect and impact the Group’s
ability to meet its strategic ambitions, although the Group has moved
to a more outsourced model to manage the changes in dynamic
work patterns and resource requirements. This does also have risks
associated with securing and managing suitable outsource partners,
however the Group’s combined purchasing power linked with leading
outsource management expertise helps minimise these risks.
Mitigation
The Group has implemented a number of procedures to engage
dynamically with its employee base and act on constructive
feedback to improve our workplace. We undertake regular employee
engagement surveys that are now consistently applied across the
Group, working groups, and carr y out ongoing salar y benchmarking
exercises to ensure our core salaries remain competitive in addition
to our highly competitive benefits packages.
The Group strives to build a reputation of being an attractive employer
brand and to ensure our reward and recognition practices remain
competitive. The Group also continues to search more widely for
talent where skills and experience cannot be sourced within a specific
geographical location and processes are in place to facilitate this.
The market for talent remains highly competitive, and the Group
must continue to monitor its offering relative to its peers in order to
retain talent.
Financial Systems and Fraud Risk – New
Description
Management identifies that there is an inherent risk of misstatement
or fraud to the business. Management monitors the risk of both
transactional fraud and financial reporting fraud as well as the
likelihood for material misstatement in the financial reporting. Whilst
transactional fraud is deemed unlikely to have a material impact on
the financial statements there is a risk of wider legal and reputational
damage linked to transactional fraud. Misstatements due to the
financial reporting fraud or error have a possibility of materially
impacting the financial reporting.
Mitigation
The risk of fraud (both transactional and financial reporting) and
material misstatements are mitigated through the Group’s control
environment as well as the processes and procedures in place. The
Group is currently replacing its existing accounting software with a
modern cloud-based solution that is more suitable and robust. The
investment in the Group’s accounting infrastructure is expected to
improve the transparency and efficiency of the controls in place with
particular benefits expected to the Group’s procure-to-pay (‘P2P’)
process. This investment is expected to decrease the Group’s risk of
fraud and misstatement once fully implemented across the Group.
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
36 everplay group plc Annual Report and Financial Statements 2024 37 everplay group plc Annual Report and Financial Statements 2024

Principal Risks & Uncertainties
continued
IT cyber security – no change from 2023
Description
The security of the system remains of vital importance to the
business and a primar y protection to customers and potential
reputation damage to the Group in the event of disruption. We
depend on the systems being secure and robust to support ongoing
business operations. A security breach or major system failure could
significantly impact the business and its ability to execute on plans.
Mitigation
The Group continues to invest in its technological infrastructure and
has cyber security processes in place including upgraded firewalls,
antivirus software, third-party security monitoring services alongside
improvements to phishing and brand protections around email and
domain names. We continue to test our systems and improve our
disaster recover y and IT cyber security procedures to ensure limited
business/operational interruptions. Socio-Economic Risks
Climate risk: Low likelihood and impact
Description
We have identified potential climate related risks such as drought,
heat stress, flooding, tornados, earthquakes, hurricanes, pollution.
In assessing whether these pose a risk to our operations, we have
considered our office locations and whether these are in climate
related risk areas. We have also reviewed our supply chain to see
whether our major suppliers are in climate related risk areas. We are
also mindful that the gaming public could question emission levels
directly relating to the production and playing of video games. This
potentially could be a material adverse risk if we cannot respond to
how the company and the industr y are addressing these emissions.
Mitigation
Our key offices are located in the UK (Wakefield, Manchester,
Nottingham), Ireland (Dubin) and Germany (Dusseldorf and Hamm),
which are not locations where climate change presents a material
risk. Some of our developer partners are in climate related risk areas.
However, we do not believe this presents a material risk, as chances
of catastrophic events are small and the digital nature of our business
means relocation is relatively simple. We recognise gaming industry
emissions are increasing, but we take many steps possible to reduce
our emissions. These steps include:
● We have a strong ESG Committee, and a dedicated ESG Group
Te a m ;
● We have already started on our route to net zero by removing
carbon each year to cover our scope 1 emissions;
● We engage in planting trees and biodiversity programmes;
● Team17 emissions were reduced following an ISO 50001 audit,
which is planned to be rolled out Group wide in 2025;
● We promote electric vehicles and the cycle to work scheme;
● We are working with Nottingham Trent University and Xbox to
understand better gamers attitudes to ‘green’.
Board Engagement with Stakeholders
Our Team People are at the core of everything at the Group and we have sought to build a business
that recognises and supports this. Since the acquisition of astragon and The L\
abel in 2022
and StoryToys in 2021, we have monitored the integration of the team members into the
broader Group structure, while maintaining a strong focus on respecting their individual
underlying business and team cultures.
We have ensured we are able to attract and retain talent through robust salary benchmark-
ing as well as supporting the team through regular events, supportive social groups, and
employee-led panels that help guide the Group as it moves into 2025. StoryToys, astragon
and the Team17 have each taken part in a consistent Group employee engagement survey,
and the results of these and local surveys are fed into reviews to share best practice and
implement change accordingly.
Across the Group, and through our work, we attract a diverse range of highly talented
people who are driven to share our mission of creating and publishing games and apps that
appeal to all ages. These individuals expect transparency and openness from the Group,
and we make sure this is provided through regular events including town hall meetings, email
communication and team level meetings. ESG Report:
People
on pages 30-33
Players/Customers Fundamentally, the success of our business depends on demand from players across a wide
age range playing our games.
We have a dedicated community management team which maintains a direct relationship
with players through public gaming notice boards, building long-term trust through
engagement and delivering the improvements that the community wants most through
gamer feedback.
This team embraces feedback and reports it to the appropriate team to ensure our products
continue to evolve dynamically to address any issues our customers may be facing and to
ultimately deliver game improvements.
At StoryToys, children benefit from the apps we create, helping their development and
learning through play. Clearly their parents are critical in the relationship with our business,
and we have developed a dedicated parent centre in our apps to help parents understand
the educational content and to suggest further activities that can be un\
dertaken as an
extension of the learning or play.
We have continued to attend industry leading events, such as Gamescom, wh\
ere members
of the teams from Team17 and astragon represented the Group and have face-to-face
interaction with our customers, suppliers, development partners, and pee\
rs. Group Strategy and

Business Model
on pages 08-11
Platform Partners Our customer reach continues to expand, encompassing a broad demographic of gamers
as well as additional games platforms for console and mobile sales, digi\
tal store fronts for
PC sales, and established retail and distribution partners for physical product sales.
We maintain constant dialogue with partners in both the commercial and technical teams to
understand business needs, and to communicate our plans with them for fu\
ture releases
and content updates. Our sales and marketing teams engage with their cou\
nterparts to
share our content line-up in order to maximise their potential and the revenue opportunity for
both partners.
The relationships and understanding of our sales team across all publishing and distribution
disciplines are critical to ensuring we can position our first-party IP, third-party products, and
distribution of games with the right partners and platforms to maximise \
awareness and
mutual commercial success.
Group Strategy and
Business Model
on pages 08-11
Stakeholder
Group Importance and Engagement
Other References
in this Report
In compliance with s172 of the Companies Act 2006, the Board recognises the importance of engagement with its stakeholders and its value to
the long-term success of the Group. We have identified our stakeholders as set out below to outline why we consider those groups important, the
key focus areas for the Group and highlighted areas in this report where these are covered:
Strategic Report Strategic Report Corporate Governance Group Financial Statements Company Financial Statements
38 everplay group plc Annual Report and Financial Statements 2024 39 everplay group plc Annual Report and Financial Statements 2024

LicensorsCertain games/apps within the Group portfolio license content from key global brands which
forms a core part of their success.
Within StoryToys and astragon, the teams have developed long-term relationships with key
brands and have launched very successful products with these partners. We recognise the
importance of building on the trust of these ongoing relationships.
We maintain regular communication with all core licensing partners spanning all aspects of
the business, and we remain responsive to their requirements ESG Report:
People
on pages 30-33
Investors/Share-
holders The Group has a quality investor base whose ongoing support is highly valued a\
nd key to
continuing our growth trajectory and realising the ambitions of the Group.
Throughout the year, the Group Chief Executive Officer and Group Chief Financial Officer
met with shareholders, both following the full year results in April and the half year results in
September, as well as proactive engaging outside of the key financial calendar events.
Assisted by the Group Investor Relations Director, the Group has increased our engagement
with potential new investors, travelling to key financial markets outs\
ide the UK as well as
attending dedicated industry broker conferences.
The Group continues to deliver on its IR plan and expand its comprehensive IR calendar to
provide further touchpoints between the Group and existing shareholders, as well as to
broaden our shareholder base.
The Group recognises the importance of engaging all investors. To that end, we held an
open forum via webcast for all investors to receive a comprehensive update directly from the
management team on the full-year and half-year results. Presentation material was also
posted on the Group website to engage with a wider shareholder base.
Our Annual General Meeting affords all shareholders the opportunity to hear from the Group
directly, to ask questions and participate in the Group’s key decisions.
The Board welcomes the opportunity to engage with all shareholders at these events.
We review all the feedback from investor interactions and share it with the Board. Group Strategy and

Business Model
on pages 08-11
Suppliers Whilst some of the game development process is supported by our in-house teams, we do
work with a number of external specialists to support parts of the games development
process to ensure high quality and cost-effective delivery of our published games and to
manage development workload requirements throughout the year.
The value that these external sources have added to the Group and its systems has been
significant. We continue to work with select outsourcing partners to maintain this high level
of quality and strengthen our relationships.
At astragon, we work very closely to maintain long standing relationships with dedicated
third-party development partners on each of the first-party IP simulation \
games.
We also engage with middleware and game engine partners to ensure our games fully utilise
available technology – this same approach also applies to platform holders through their
technology teams.
The supplier relationships are typically well-established and long-term, and we review all
agreements regularly to ensure they remain healthy and beneficial to the business and also
to ensure they are aligned to the Group’s business policies.
Group Strategy and
Business Model
on pages 08-11 Third-party
Partners These relationships form a significant part of the Group, and we have developed long-term
relationships with individuals across the world reflecting this. Our game scouting teams
maintain an exceptional network of contacts, dedicated to identifying fu\
ture development
and publishing opportunities. Existing development partners are overseen by our developer
relations team, with day-to-day interactions led by producers in our external development
team and product marketing managers in our publishing unit. This facilitates an ope\
n and
trusting relationship with a player / product-first mindset designed to bring great gaming
experiences to the players of our third-party games.
We conduct an annual developer survey to understand their experience with\
the Group and
use this to set KPIs for future years and drive continuous improvement across the business.
Our senior executives maintain regular dialogue with our third-party partners which reflects
the importance of these relationships. Third-party partners are treated in the same way as
our own people within the Group; we work together with them to develop games to excite
our global audience. Group Strategy and

Business Model
on pages 08-11
Local Community We operate across eight locations in five countries. We endeavour to continue to play an
active role in each local community our team live and work in.

We support local communities through activities and donations. Within Team17, our
employee-led Teamster Engagement Committee, “TEC”, continues to play an importan\
t role
in amplifying feedback and suggestions from colleagues to senior management and has an
established Charity Committee. This has created greater alignment across all levels on the
Group’s priorities.

Across the wider Group, we continue to donate to local and international charities, with
StoryToys supporting an Autism charity.

More details of the support to charities can be found in the ESG Report.

We are part of the global gaming community, with members of the senior team at astragon
holding positions on industry panels in Germany. Team17 is a corporate ambassador for
Women in Games, and StoryToys is represented on the immersive Skillnet Steering Committee
and also provides advice to colleagues on syllabus design. StoryToys is also represented on
the Cultural & Creative Industries Skillnet.
ESG Report: People
on pages 30-33
Board Engagement with Stakeholders
continued
Stakeholder
Group Importance and Engagement
Other References
in this Report Stakeholder
Group Importance and Engagement
Other References
in this Report
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
40 everplay group plc Annual Report and Financial Statements 2024 41 everplay group plc Annual Report and Financial Statements 2024

Board of Directors
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
Steve Bell
Group Chief Executive Officer
Steve was appointed Group Chief Executive
Officer in September 2023. Steve joined
the Group from Iris Worldwide Holdings
Limited (“Iris”), a global integrated marketing
agency specialising in brand and digital
marketing strategy. Steve amassed
extensive digital marketing expertise at Iris,
having held numerous senior leadership
roles since co-founding Iris in 1999,
including the role of Global Group Chief
Executive since 2021. Steve managed
over 1000 employees in 14 offices around
the world, and oversaw Iris’ work with
some of the biggest, most creatively
driven and technologically advanced
global brands. He was instrumental in
developing and delivering Iris’ commercial
and Global M& A strategies. Iris was
acquired by the Samsung Group in 2015
and Steve was key in the integration of Iris
into the Group.
Prior to co-founding Iris, Steve worked for
the advertising and retail agency Arc
Worldwide, spending over five years
working across a number of high-profile
integrated accounts. Debbie Bestwick MBE
Non-Executive Director
Debbie is an industr y leader and gaming
legend with almost 40 years’ experience
in the games industr y and is one of the
founding members of Team17 in December,
1990. Initially leading Team17’s sales and
marketing department, Debbie went
on to become responsible for all of the
commercial and legal aspects of the
business, working globally with top tier
games distributors, publishers, developers
and licence partners. Debbie became
joint CEO in 2009 and sole CEO in 2010,
leading the Group through its 2011
management buy out and transformational
turn around. The subsequent sale of a
minority stake to LDC in 2016, followed
by the Group’s IPO on AIM in 2018, now
listed at everplay group plc.
Debbie was awarded an MBE for services
to the video games industr y in 2016, was
joint winner of the Entrepreneur of the
Year UK Disruptor categor y in 2017, and
was awarded the inaugural Outstanding
Contribution to the UK Games Industr y at
the 2017 Golden Joystick Awards.
Previously, Debbie has been honoured
with the Hall of Fame award at the
European Women in Games Conference
2015, MCV Person of the Year award in
2015, was voted AIM Entrepreneur of the
Year in 2020 and was awarded the highly
prestigious Develop Star Award in 2021.
Debbie stepped down in 2023 as Group
Chief Executive Officer to focus on time
with her children after almost four decades
in games. She is a ver y active supporter
for Women in Business and Tech, and her
charity Active Respite that supports
under-privileged children and lower income
families in the UK. Debbie continues to
mentor up and coming talent as individuals
but also invests and mentors new start-ups
in video games.
Rashid Varachia
Group Chief Financial Officer and
Chief Operating Officer

Rashid joined the Board in October 2024,
and is an experienced Chief Financial
Officer with significant video games,
M& A and capital markets experience. He
joined everplay from Jagex, a developer
and publisher of role-playing and online
living games, including the iconic
RuneScape franchise, where he held the
role of Chief Financial Officer. During his
tenure he helped deliver considerable
organic growth and several successful
acquisitions. In May 2024, Rashid was
instrumental in the sale of Jagex to CVC
Capital Partners and Haveli Investments.
Prior to Jagex, Rashid was Chief Financial
Officer at Codemasters, the award-winning
British video game developer and publisher
specialising in high-quality racing games.
Rashid joined Codemasters in 2012 as
Vice President of Finance, before being
appointed Chief Financial Officer in 2015.
In 2018 he was an integral part of the team
that oversaw Codemasters’ £280 million
listing on the London Stock Exchange
and in 2021, in partnership with Frank
Sagnier, led the sale of the business to
Electronic Arts Inc. for $1.2 billion. Peter Whiting
Non-Executive Director
Peter was appointed Non-Executive
Director in August 2023. Peter is a highly
experienced NED, having spent over
twelve years in several non-executive
roles across a wide range of boards.
Beginning his career as an equity
research analyst at Panmure Gordon,
Peter later moved to UBS where he
specialised in the UK Technology sector,
before going on to become Chief
Operating Officer of UBS European
Equity Research. Since leaving UBS in
2011, Peter has served on a variety of
boards, and is currently Chair and Audit
Committee Chair of Kooth plc, NED and
RemCo chair at Celebrus Technologies
plc and NED and Audit Committee chair
at Aurrigo International plc.
Frank Sagnier
Non-Executive Chair
Frank is a successful entrepreneur,
commercial leader, and highly respected
executive in the video games industr y,
with nearly 30 years of experience. He
has held executive and non-executive
roles across PLCs, private equity, start-ups,
and transformational turnarounds,
contributing to major companies such as
Codemasters, Electronic Arts, Acclaim
Entertainment, Double Fusion, and
Funcom. Frank has been instrumental in
the success of leading franchises
including F1, FIFA, The Sims, Dirt Rally,
Dirt, Grid, and the acclaimed boxing
game Undisputed, helping generate
billions in revenue.
Frank is best known for transforming
Codemasters, joining in 2014 and leading
the company to a $1.2 billion acquisition
by Electronic Arts in 2020. He also chaired
NDreams, overseeing its $110 million exit
to Aonic, and Steel City, where he helped
launch a globally successful sports IP.
Passionate about developing new IP and
nurturing talent, Frank continues to shape
transformative businesses and lead
growth in the gaming industr y.
Frank was appointed Chair of everplay
group plc in August 2023. Penny Judd
Non-Executive Director
Penny joined the Board in 2018 in
advance of the successful IPO on AIM
and is Chair of the Audit Committee.
Penny has over 30 years’ experience in
Compliance, Regulation, Corporate
Finance and Audit. Penny is currently
Chair of FRP Advisor y Group PLC, and
she is also a Non-Executive Director
of TruFin plc and serves as Senior
Independent Director and Chair of the
Audit Committee. Penny was, until June
2016, a Managing Director and EMEA
Head of Compliance at Nomura
International plc, a position she held for
three years. Prior to this, Penny worked at
UBS Investment Bank for nine years and
held the position of Managing Director,
EMEA Head of Compliance. Penny also
acted as Head of Equity Markets at the
London Stock Exchange and qualified as
a Chartered Accountant.
42 everplay group plc Annual Report and Financial Statements 2024 43 everplay group plc Annual Report and Financial Statements 2024

Directors’ Report
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
The Directors present their report and the audited financial statements
of everplay group plc (the “Company”) and its subsidiaries (together
the “Group”) for the year ended 31 December 2024.
Principal Activities
The principal activity of the Company is that of a holding company.
The principal activity of the Group is the development and publishing
of independent (“Indie”) premium video games for the digital and
physical market, development and publishing of educational
entertainment apps for children and working simulation games
development and publishing.
Business Review and Future Developments
A full business review for FY 2024 is detailed in the Group Chief
Executive Officer, Group Chief Financial Officer and divisional
reporting sections on pages 04 to 17.
Trading for the period from 31 December 2024 to the date of this
document has been positive and is consistent with the Board’s
expectations for the year.
The Group has released 1 game so far this year. In addition, there are
at least 9 further new game releases planned during the course of
2025 across the wider businesses, and through its greenlight
process the Group continues to review and sign new games to
Team17, in addition to maximising the revenue opportunity provided
by its substantial and now wider back catalogue.
The Company’s track record of ongoing organic growth combined
with successful targeted M& A activity underlines its strategy to
make value enhancing acquisitions that will support the growth
ambitions alongside organic growth, and the Board expects this to
be an ongoing part of the growth strategy.
Results and Dividends
The profit for the year, after taxation, amounted to £20.2 million
(FY 2023: £3.7 million loss). The Directors have recommended the
payment of a final dividend in FY 2024 of £3.9 million (FY 2023: £Nil)
or 2.7 pence per share. Subject to shareholder approval at the AGM,
the record date for the shares is 6 June 2025 with a payment day of
4 July 2025.
Post Balance Sheet Events
There have been no material post balance sheet events since the
end of the 2024 financial year.
Change of name
The Group announced its rebranding to everplay group plc on
23 Januar y 2025. The name become effective on 31 Januar y 2025.
Further detail about the rebranding can be found in the Group Chief
Executive Officer review on page 04.
Directors
The Directors who served the Company during the year and up to
the date of signing the financial statements were:
Frank Sagnier
Debbie Bestwick MBE
Penny Judd
Peter Whiting
Steve Bell
Rashid Varachia (appointed on 30 October 2024)
Mark Crawford (resigned on 30 October 2024)
Full details of the Board members’ profiles can be found on
pages 42 to 43. Directors’ Qualifying Third Party Indemnity Insurance
The Group provides for Directors and Officers’ liability insurance in
respect of the Group and its Directors which was maintained
throughout the financial year ended 31 December 2024 and remains in
place at the date of signing the annual report and financial statements.
Disclosures
Emissions Data Details of the Group’s greenhouse gas
emissions, energy consumption and
energy efficiency action can be found on
page 34 of this report.
Charitable Donations Over the course of FY 2024, the Group
has made donations to various charities
across the Group totalling £10,140.
Political Donations The Group has not made any this year.
Fostering
Relationships with key
stakeholders &
Section172 statement Details of how the Group fosters and
manages relationships with key
stakeholders can be found in the s172
statement on pages 39 to 41 of this report.
Non-UK Branches Details of all non-UK branches of the
Group can be found in the Notes to the
Consolidated Financial Statements on
page 88.
Going Concern
Management has produced a Group forecast that has also been
sensitised to reflect a severe but plausible downside scenario, which
has been reviewed by the Directors. This demonstrates the Group is
forecast to generate profits and cash in the year ending 31 December
2025 and beyond and that the Group has sufficient cash reserves to
enable the Group to meet its obligations as they fall due for a period
of at least 12 months from the release of these results.
After reviewing forward cash flow forecasts for the period 1 Januar y
2024 to 30 June 2026, the Directors are satisfied that the Group has
adequate resources to continue to operate for the foreseeable future.
For this reason, they continue to adopt the going concern basis for
preparing these financial statements.
Directors’ Responsibilities Statement
The Directors are responsible for preparing the Annual Report and
Financial Statements in accordance with applicable laws and
regulations.
Company law requires the Directors to prepare financial statements
for each financial year. Under that law, the Directors have prepared
the Group financial statements in accordance with UK-adopted
international accounting standards and the Company financial
statements in accordance with United Kingdom Generally Accepted
Accounting Practice (United Kingdom Accounting Standards,
comprising FRS 101 “Reduced Disclosure Framework”, and
applicable law).
Under company law, directors must not approve the financial
statements unless they are satisfied that they give a true and fair
view of the state of affairs of the Group and Company and of the
profit or loss of the Group for that period. In preparing the financial
statements, the Directors are required to:
● select suitable accounting policies and then apply them consistently;
● state whether applicable UK-adopted international accounting
standards have been followed for the Group financial statements,
and United Kingdom Accounting Standards, comprising FRS 101,
have been followed for the Company financial statements, subject
to any material departures disclosed and explained in the financial
statements; ●
make judgements and accounting estimates that are reasonable
and prudent; and
● prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Group and Company
will continue in business.
The Directors are also responsible for safeguarding the assets of the
Group and Company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Group’s and
Company’s transactions and disclose with reasonable accuracy at
any time the financial position of the Group and Company and
enable them to ensure that the financial statements comply with the
Companies Act 2006.
The Directors are responsible for the maintenance and integrity of
the Company’s website. Legislation in the United Kingdom governing
the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Financial Risk Management
The Company’s financial risk management objectives and policies
can be found in the Principal Risks and Uncertainties report on
pages 36 to 39.
Directors’ Confirmations
In the case of each Director in office at the date the Directors’
Report is approved:
● so far as the Director is aware, there is no relevant audit
information of which the Group’s and Company’s auditors are
unaware; and
● they have taken all the steps that they ought to have taken as a
Director in order to make themselves aware of any relevant audit
information and to establish that the Group’s and Company’s
auditors are aware of that information.
Significant Shareholdings
At 31 December 2024, the Company had been notified, in
accordance with the Disclosure Guidance and Transparency Rules,
of the following interests holding 3% or more of the issued share
capital in everplay group plc:
Shareholder No. Ordinar y
Shares held % of issued
Ms Debbie Bestwick MBE (UK) 27,240,25018 .6 8
Liontrust Asset Mgt (London) 20,701,65114. 2 0
Octopus Investments (London) 14 , 3 91, 2 979.87
Gresham House (London) 8,956.6776 .14
Anicom Gestion (Brussels) 6,200,0004.25
Janus Henderson Investors (London) 5 ,74 3 ,19 23.94
Columbia Threadneedle Investments
(London) 4,706,048
3.23
M&G Investments (London) 4,468,6753.06
Source: Orient Capital Shareholder register 31 December 2024
everplay group plc has an Employee Benefit Trust which holds shares
in everplay. These shares are used exclusively for the benefit of the
employees within the Group.
Corporate Responsibility in Employment
The Group now operates eight locations across five countries
together with third-party development partners from around the
world, and seeks to be socially responsible and maintain a positive
impact on the communities it operates in.
As a growing business, we have invested in our teams both to
identify and recruit new talent and also to develop and retain. This
continued focus to build our teams alongside training, development
and wellbeing is at the heart of our people strategy. More detail can
be found in the ESG Report on pages 30 to 33. We have a diverse
team and do not tolerate discrimination of any kind. Our team members play a fundamental role in shaping our
corporate responsibility culture through voluntar y teams looking at
employee engagement, charitable donations and environmental/
sustainability targets and activities. More details are outlined on
pages 30 to 35.
Research and Development
The vast majority of the Group’s capital investment is to develop
first-party and third-party co-developed games that are released in
future years. As such investment in development is capitalised in the
Development Costs in the balance sheet where applicable under
IAS38. In FY 2024 the Group capitalised development costs of
£25.0 million (FY2023: £32.2 million), further details on which can be
found in Note 3 of the financial statements on page 79.
Employee Policy
The Group has a range of employment policies covering such
issues as grievance, diversity, harassment and discrimination, and
equal opportunities. The Group continues to give full and fair
consideration to applications for employment and promotion with
selection conducted based on merit against objective criteria that
avoids discrimination of any form and taking consideration for
diversity and equal opportunity as well as applications specifically
made by disabled persons. Appropriate arrangements are made for
the continued employment and training, career development and
promotion of disabled persons employed by the Group, including
making reasonable adjustments where required. In the event of any
colleague becoming disabled during their career within the Group,
ever y effort is made to ensure their continued employment and
engagement with the business.
Employee Involvement
The Group provides all team members with the relevant information
on matters that concern them, holding regular communication
updates within each division to allow this information flow and
engagement to ensure feedback can be captured to aid decision
making on matters involving team members. Details of employee
engagement are included in the ESG Report on pages 30 to 33 and
also in the Section 172 statement on pages 39 to 41. Feedback
relating to the engagement survey results are shared with the
Directors and reviewed at Board meetings, often inviting the CEOs
of the divisions to discuss the results and planned actions.
100% of the Group’s team members either participate in employee
share schemes or have share options as a result of the initiative in
March 2022, to offer ever y employed team member across the
Group free shares. The Group also looks to use its Employee
Benefit Trust (“EBT”) to reward and recognise team members across
the Group. Details of the EBT can be found on page 78 of this
repor t.
Website
The Directors are responsible for ensuring the annual report and
financial statements are made available on a website. Financial
statements are published on the Group’s website in accordance
with legislation in the United Kingdom governing the preparation
and dissemination of financial statements, which may var y from
legislation in other jurisdictions. The maintenance and integrity of the
Group’s website is the responsibility of the Directors.
The Directors’ responsibility also extends to the ongoing integrity of
the financial statements contained therein.
Signed for and on behalf of the Board by
Steve Bell
Group Chief Executive Officer
1 May 2025

44 everplay group plc Annual Report and Financial Statements 2024 45 everplay group plc Annual Report and Financial Statements 2024

Corporate Governance Report
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
As Chair of the Board of Directors, I am pleased to introduce this
year’s Corporate Governance Statement for everplay group plc.
Throughout the past year, the Company has placed a strong
emphasis on embedding effective governance practices across all
aspects of the Group. Aligned with this goal, the Board has
maintained a culture of open, transparent dialogue, enabling
proactive and informed decision-making.
One of my key responsibilities as Chair is to ensure that these essential
governance practices are integrated into both our strategic objectives
and the Board’s day-to-day activities. In recognition of the importance
of maintaining high governance standards, the Board has chosen to
follow the principles set out in the 2023 Corporate Governance Code
for Small and Mid-Size Quoted Companies, as issued by the QCA
(the “QCA Code”). Each Board member acknowledges the significant value that strong
governance adds to our business. We believe that following the
QCA Code positions us to better serve the interests of our key
stakeholders by creating sustainable, long-term value for the Company.
This report outlines our approach to applying the QCA Code’s
principles and promoting good governance throughout the
business, with a focus on relevant policies, initiatives, and the
operations of the Board and its Committees.
Frank Sagnier
Non-Executive Chair
1 May 2025
QCA Code
The Chair’s role is to lead the Board of Directors and to be responsible for ensuring that the Company adheres to and applies the standards of
corporate governance. The executive team oversees the day-to-day management and are accountable to the rest of the Board. The Board and
Committees, in turn, meet regularly to oversee the successful operation of the Company.
The Directors believe that the updated 2023 QCA Code provides the Company with the framework to help build a successful and sustainable
business for all of its stakeholders by guiding the Company’s culture, values and actions. A summar y of how the Group currently complies with
the QCA Code is set out below and expanded on further throughout this report.
These disclosures are updated at least annually in the manner recommended by the QCA Code and have been made in accordance with the
most recent version of the code.
Principle Disclosure
Principle 1:
Establish a purpose, strategy and
business model which promote long
term value for shareholders Business Model:
The Group develops and publishes video games and apps across multiple platforms. astragon is a
leading games publisher, developer and distributor of sophisticated working simulation games,
targeting a broad audience from young enthusiasts to technical experts and casual gamers. In
addition to revenue from base game sales, astragon combines free updates with paid DLCs to
continuously add fresh value to our content and maintain long-term revenue streams. Stor yToys
secures global leading partner license agreements for popular kids’ brands to create, develop and
publish engaging mobile apps and games appealing to children in early childhood. The apps are free
to download and access basic content, though parents and caregivers can unlock additional content
through a recurring subscription or one-time in-app purchases. Team17 is a focused Indie developer
and publisher supporting both first and third-party IP, with a portfolio of 120+ games. In addition to
first-party IP, Team17 partners with new and returning independent developers around the globe,
offering a range of publishing services from end-to-end support in the game creation process, to
marketing and revenue lifecycle management.
Purpose:
The Group’s vision is to be the best place in the world to make and play games, anytime and
anywhere, creating pioneering and captivating experiences that enrich and inspire players around the
world of all ages. The Group maximises the revenues generated by these games through its lifecycle
management skills to build a long-term portfolio of titles and renowned gaming franchises, and in
doing so maximise return on investment for its shareholders.
Strategy:
An overview of the Group’s business strategy and commentar y of progress in the last year against
this, including the key challenges faced in its execution and how these were addressed, can be found
in the Group Strategic and Business Model section on pages 08 to 11.
Principle 2:
Promote a corporate culture that is
based on ethical values and
behaviours The Board places significant importance on the promotion of ethical values and good behaviour within
the Group and takes ultimate responsibility for ensuring that these are promoted and maintained
throughout the organisation and that they guide the Group’s business objectives and strategy.
The central role that sound ethical values and behaviour plays within the Group is enshrined in the
Employee Handbook, which promotes this culture through all aspects of the business, from initial
recruitment and hiring to career advancement.
The Board believes in leading by example and has ensured that these values and behaviours
act as the foundation for the Group’s policies so that the culture can be applied to all aspects
of the Group.
Principle Disclosure
Principle 3:
Seek to understand and meet
shareholder needs and expectations The Board is committed to an open and ongoing engagement with its shareholders, which has been
the case since its AIM admission in May 2018.
In 2023, the Group hired a Group Investor Relations Director. Alongside being a key member of the
ESG Committee, he is responsible for managing all of the Group’s relationships with its external
stakeholders and acts as the main point of contact for all shareholder communications.
The Group also communicates with shareholders through the Annual Report and Financial Statements,
the interim and full-year results announcements, the Annual General Meeting and the website.
In addition, the Group Chief Executive Officer and the Group Chief Financial Officer meet regularly
with institutional investors and analysts to ensure that its objectives and any business developments
are clearly communicated and they are available to respond to any enquiries following Group
announcements, together with other Group advisers. The Non-Executive Directors are also available
to discuss any matters that shareholders wish to raise and discuss. The Group engages with an
external investor relations adviser to act as another point of contact for shareholders, details of which
are on the Group’s website.
The needs, expectations and makeup of the Group’s shareholder base are regularly discussed at Board
meetings and the Group will continue to proactively engage with shareholders throughout the year.
Further details of the Group’s engagement with its shareholders, the topics discussed, and the
actions taken in response can be found in the Section 172 Statement on pages 39 to 41.
Qualitative and quantitative reporting on the Group’s ESG matters can also be found on pages 30 to 35.
Principle 4:
Take into account wider stakeholder
interests, including social and
environmental responsibilities, and
their implications for long-term
success The Board recognises that its long-term success will necessitate the maintenance of effective working
relationships across a wide range of stakeholders as well as its shareholders; being primarily its
employees, customers and the gaming platforms and developers that it partners with as part of the
business strategy.
These key groups, their needs, expectations and how they are mapped across the Group, including
the key resources and relationships on which the Group relies are discussed and reviewed by the
Board on a regular basis.
The Group Investor Relations Director acts as the main point of contact for stakeholder engagement.
With assistance from the Executive Directors, he maintains an ongoing and collaborative dialogue with
such stakeholders and reports all feedback to the Board to assist with the decision-making process
and day-to-day running of the business.
Examples of how the Group has acted on feedback received by its various stakeholder groups
include updating the structure of its Committees to ease concerns surrounding independence,
updating the skillsets and other appointments of Directors to ensure that the Board has the correct
composition and updating the Group’s disclosures to be more informative.
A detailed report on how the Group has taken into account both immediate and wider stakeholders
can be found in the Section 172 Statement outlined on pages 39 to 41.
The Group takes its environmental, social and governance responsibilities very seriously. The Group
continually updates working practices in order to make everplay group plc as sustainable as possible.
Concurrently, the Board have established Green17 internally, an employee-led group that is
passionate about finding ways that the Group and the wider gaming community can become more
climate aware and reduce the impact on the planet. The Board recognises the growing importance of
ESG matters for all of its stakeholders and to that end, has established a Board level ESG Committee,
led by Independent Non-Executive Director, Penny Judd. Furthermore, the Group recognises the need
to give back to the communities where it does business.
Further details on the environmental and social matters affecting these groups, the associated
KPIs and the actions taken by the Board to address them can also be found on pages 30 to 35.
46 everplay group plc Annual Report and Financial Statements 2024 47 everplay group plc Annual Report and Financial Statements 2024

Corporate Governance Report
Continued
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
PrincipleDisclosure
Principle 5:
Embed effective risk management,
internal controls and assurance
activities, considering both
opportunities and threats, throughout
the organisation The Board has overall responsibility for the determination of the Group’s risk management objectives
& policies and has also established an Audit Committee to oversee risk management and the Group’s
relationship with its Auditor, further details of which are set out in the Corporate Governance report on
pages 46 to 51.
A risk register is created within each division under the leadership of the individual CEOs and then
reviewed by the Board on a six-monthly basis looking to identify changes to existing risks, emerging
risks and then looking at mitigating factors.
Specific actions are captured so that progress can be monitored against each material risk across
the Group.
The principal risks and uncertainties, including the Group’s risk appetite and its approach to
environmental and social risks, are outlined in the Principal Risks & Uncertainties section on
pages 36 to 38.
Principle 6:
Establish and maintain the board as a
well-functioning, balanced team led
by the chair The Board currently comprises six Directors: the Non-Executive Chair, three Non-Executive Directors
and two Executive Directors.
Three of the Non-Executive Directors, Frank Sagnier, Penny Judd, and Peter Whiting are considered by
the Board to be independent. The Board meets regularly and there are processes in place to ensure
that each Director is at all times provided with such information as is necessar y for him or her to
discharge their duties.
Due to the size of her shareholding, Debbie Bestwick is not considered to be independent.
The Board is also supported by the Committees, details of which can be found on page 51 of the
Annual Report.
The Non-Executive Directors were selected with the objective of increasing the breadth of skills and
experience of the Board and bringing independent judgment to the Board. All Non-Executive Directors
are expected to attend all Board meetings and the meetings of any Committee that they are a member
of. The number of Board and Committee meetings held throughout the year, and the attendance of
each Director, is outlined below.
The Group believes that the make-up of the Board as a whole represents a suitable balance of
independence and detailed knowledge of the business so as to ensure that it is able to fulfil its role and
responsibilities as effectively as possible.
All Directors are subject to re-election by shareholders at the Annual General Meeting and any
Directors appointed during a financial year must be formally elected at the Annual General Meeting
following their appointment.
Further details of each Director, including their relevant skills and experience can be found on
pages 42 to 43.
Principle Disclosure
Principle 7:
Maintain appropriate governance
structures and ensure that individually
and collectively the directors have the
necessary up-to-date experience,
skills and capabilities The Chair leads the Board and is responsible for its governance structures, performance and
effectiveness. The Chair is also responsible for ensuring that the links between the Board and the
shareholders are strong and efficient. Meanwhile, the Group Chief Executive Officer and the Group
Chief Financial Officer are responsible for the day-to-day management of the business and for
implementing the strategic goals agreed by the Board.
The Board is responsible for the good management of the Group and its principal aim is to enhance
the Group’s long-term value for the benefit of shareholders. The Board has adopted a Board Charter
and Terms of Reference which set out those matters that are reserved for the Board and which
include corporate governance, strategy and management, financial reporting and internal controls.
The Board has also established an Audit Committee, a Remuneration Committee, an ESG Committee
and a Nomination Committee, the responsibilities and matters reserved for each are outlined in their
respective terms of reference and can be found in the Group’s Annual Report and Financial
Statements. The skills and experience of each Board member is reviewed by the Nominations
Committee on an annual basis.
From time to time, separate committees may be set up by the Board in order to consider and address
specific issues, when and if the need arises. The Terms of Reference and matters reserved for these
Committees are reviewed and updated by the Board on a regular basis.
Details of all external advisors to the Board can be found on page 108 of the Annual Report
It is envisaged that the governance framework described above will be reviewed on an annual basis to
ensure that it remains effective and appropriate for the business going forwards.
Principle 8:
Evaluate board performance based
on clear and relevant objectives,
seeking continuous improvement The Board considers the evaluation of its own performance to be a key step for improvement. Since
the independent evaluation conducted in 2022, the Directors have worked to ensure that all key
learnings surrounding the Board’s ability to deliver growth, maintain a dynamic framework and build
trust have been acted on.
The Board has since worked with the Nominations Committee to factor these learnings into the
process of hiring new Directors and the succession planning for all current Directors.
Given the recent appointments to the Board, the Directors believe that another independent
per formance evaluation should be conducted once the new Directors have fully settled into their
roles. The results of which will be benchmarked against previous evaluations to ensure consistent
improvement.
Future Board evaluations will be conducted with the aim of assessing and improving the weaker areas
highlighted by previous evaluations as well as a general overview of the Board’s structures, including:
● Reporting structures;
● Succession Planning;
● Meeting effectiveness;
● Independence;
● Skills and Experience; and
● Risk Management.
Details of the Board’s succession planning processes can be found on page 51.
Principle 9:
Establish a remuneration policy
which is supportive of long-term
value creation and the company’s
purpose, strategy and culture The Group believes that effective remuneration is essential for incentivising performance and growth
across the business.
The Remuneration Committee regularly reviews the remuneration policy to ensure that it is aligned
with the purpose, strategy and culture of the business, that it incentivises growth and that it rewards
employees fairly for their work.
Details of the Group’s remuneration policy can be found on pages 54 to 58.
48 everplay group plc Annual Report and Financial Statements 2024 49 everplay group plc Annual Report and Financial Statements 2024

Corporate Governance Report
continued
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
PrincipleDisclosure
Principle 10:
Establish a purpose, strategy and
business model which promote long
term value for shareholders The Group places a strong emphasis on the standards of good corporate governance and
maintaining an effective engagement with its shareholders and key stakeholders, which it considers to
be integral to longer term growth and success.
Over the previous year the market environment has presented the Group with a number of challenges
during the financial year. These are discussed in detail during the Chair and Group Chief Executive
Officer reviews on pages 02 to 10.
The principal methods of communication with shareholders are the Annual Report and Financial
Statements, the interim and full-year results announcements, the Annual General Meeting and the
website. The website is updated regularly with information regarding the Group’s activities and
performance and users can register to be alerted of new announcements, reports and events,
including Annual General Meetings.
The Group’s reports and presentations and notices of Annual General Meetings will be made available
on the website, as will the results of voting at shareholder meetings.
The website disclosures required by the QCA Code can be found at www.everplaygroupplc.com/aim-rule-26
The Board
Matters Reserved for the Board
Matters reserved for the decision of the Board include, but are not
limited to:
● approving the Group’s strategic aims and objectives;
● reviewing performance against the Group’s strategic aims,
objectives, and business plans;
● overseeing the Group’s operations;
● approving changes to the Group’s capital, corporate,
management, or control structures;
● approving results announcements and the Annual Report and
Financial Statements;
● approving the dividend policy;
● approving any significant changes in accounting policies;
● approving the treasur y policy;
● approving the Group’s risk appetite and principal risk statements;
● reviewing the effectiveness of the Group’s risk and control
processes;
● approving major capital projects and material contracts or
arrangements;
● approving all circulars, prospectuses, and admission documents;
● ensuring a satisfactory dialogue with shareholders;
● establishing Board Committees and approving their terms of
reference;
● approving delegated levels of authority;
● approving changes to the Board and its Committees;
● determining the remuneration policy for the Directors and other
senior executives;
● providing a robust review of the Group’s corporate governance
arrangements; and
● approving all Board mandated policies. Board Composition
Full biographies of the Directors can be found on pages 42 to 43. At
the date of this report, the Board comprises two Executive Directors
and four Non-Executive Directors, three of which are independent
and one of which is the Non-Executive Chair.
● Frank Sagnier – Independent Non-Executive Chair who joined
the Board in September 2023
● Steve Bell – Group Chief Executive Officer who joined the Board
in September 2023
● Rashid Varachia – Group Chief Financial Officer and Chief
Operating Officer who joined the Board in October 2024
● Debbie Bestwick MBE – Non-Executive Director who joined the
Board in May 2018
● Penny Judd – Independent Non-Executive Director who joined
the Board in May 2018
● Peter Whiting – Independent Non-Executive Director who joined
the Board in August 2023
The Chair and the Group Chief Executive Officer have separate and
clearly defined roles. The Chair is responsible for overseeing the
Board and the Group Chief Executive Officer is responsible for
implementing the stated strategy of the Company and for its
operational performance.
In carr ying out its governance role, the Board’s main task is to drive
the performance of the Group. The Board must also ensure that the
Group complies with all its contractual, statutor y and any other
obligations, as well as the requirements of any regulator y body.
Directors are expected to attend Board and Committee meetings
and to devote enough time to the Company and its business in
order to fulfil their duties as Directors.
Board Meetings
The Board meets on a regular basis throughout the financial year
and as required on an ad hoc basis with a mandate to consider
strategy, operational and financial performance and internal controls.
In advance of each meeting, the Chair sets the agenda, with the
assistance of the Company Secretar y. Directors are provided with
appropriate and timely information, including Board papers distributed
in advance of the meetings. Those papers include reports from the
executive team and other operational heads as appropriate. Almond + Co acts as the Company Secretar y and attends all Board
meetings as well as advising on corporate governance matters. The
Company Secretary produces full minutes of each meeting, including
a log of actions to be taken. The Chair of the Board then follows up
on each action at the next meeting, or before if appropriate.
Committees
The Board has in place Audit, Nomination, Remuneration and ESG
Committees, which each comply with their own stated terms of
reference. Detailed reports on the Audit and Remuneration
Committees can be found on pages 52 and 54.
ESG Committee
Penny Judd chairs the ESG Committee. Peter Whiting, Rashid Varachia
and James Targett are the other members of the Committee.
ESG Committee meetings are held at least 3 times per year, with
additional ad hoc meetings being held as and when required. The
ESG Committee oversees and scrutinises the strategies, policies,
and performance of the Group and aims to drive the improvement of
each of these to meet the Company’s high ESG standards. Details of
the Committee’s actions over the previous year and the Company’s
disclosures surrounding ESG can be found on pages 30 to 35.
Nominations Committee
Frank Sagnier chairs the Nomination Committee. Penny Judd, and
Peter Whiting are the other members of the Committee.
Nominations Committee meetings are held as required and provide
a formal and transparent procedure to the appointments of new
Directors to the Board. The Nominations Committee evaluates the
balance of skills, experience, independence and knowledge on the
Board and, in the light of this evaluation, prepare a description of the
role and capabilities required for a particular appointment. On an
ongoing basis the Board continues to drive succession reviews at a
Group and senior management level to ensure that the appropriate
planning and development is in place.
Corporate Culture and Systems
Culture
The Board recognises the increased focus on Company culture
within modern day governance and places significant importance
on defining, promoting and maintaining an effective and collaborative
culture throughout the organisation. The Group has clearly defined
policies and codified values that help shape the Company’s culture
around the strategy of the business. Any new hires or acquired
businesses that join the Group are aligned to these policies to
ensure that culture is grown holistically. Details of these policies and values can be found at the Group’s
website www.everplaygroupplc.com
Support
Each Director has access to the advice and support of the
Company Secretar y, who ensures compliance with the Board’s
procedures and advice as to applicable rules and regulations. The
Company also provides professional training for the Directors where
necessar y (at the Company’s expense).
Election
In line with the updated recommendations of the QCA Code, all of
the Company’s Directors will now stand for election at each Annual
General Meeting.
Diversity and Inclusion
The Group has a range of employment policies covering such
issues as diversity, harassment and discrimination and equal
opportunities that are available to ever yone in the business.
Supervisory Bodies and Management
The Group’s senior management team is comprised of the Group
CEO, the Group CFO and the CEOs of each division of the Group.
The team meets on a monthly basis to discuss and review the
overall performance across the Group and share best practice and
experiences.
Internal Control
The Board is ultimately responsible for maintaining and reviewing the
Company’s risk framework system of internal control, and reviews
financial and operational risks within each division to produce a Group
risk register that is reviewed by the Board. The Board believes that
the risk register process manages risks appropriately in a way which
allows the Company to achieve its business objectives. These systems
are reviewed ever y six months. Further details on the Company’s
approach to risk management can be found on pages 36 to 38.
Annual General Meeting
The Company holds an Annual General Meeting (“AGM”) each year
to allow shareholders to vote on resolutions to proposed by the
Company’s Directors. This year’s AGM is currently planned to be held
at 11.00 am on 3 June 2025. The Notice of AGM, setting out the
resolutions proposed, is contained in a separate document and will
be available on the Company’s website at www.everplaygroupplc.com.
Richard Almond
Company Secretary
1 May 2025
Board and Committee Attendance

Board Committees
Director Position Max Possible
Attendance Meetings
Attended Nomination Audit & Risk ESGRemuneration Independence
Frank Sagnier Independent Non-Executive
Chair 7
7 1 3 1 3 Y
Steve Bell Group Chief Executive Officer 7 7 1N /A N /A N /A N
Rashid Varachia* Group Chief Financial Officer 22N /A N /A 1N /A N
Mark Crawford* Group Chief Financial Officer 5 5 N /A N /A 1 N /A N
Debbie Bestwick MBE Non-Executive Director 7 7 N /A 1N /A 1N
Penny Judd Independent Non-Executive
Director 7
7132 3 Y
Peter Whiting Independent Non-Executive
Director 7
7 1 3 13 Y
*Mark Craw ford lef t the Board in October 2024
*Rashid Varachia joined the Board in October 2024
50 everplay group plc Annual Report and Financial Statements 2024 51 everplay group plc Annual Report and Financial Statements 2024

Audit Committee Report
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
Introduction
As the Chair of the Audit Committee, I am pleased to present the
report for the year ended 31 December 2024. The Terms of
Reference for the Committee were created at Admission and are
reviewed annually. The report outlines the work undertaken by the
Committee over the past year in fulfilling our responsibilities to
provide effective governance over the Group’s financial activities.
Members of the Committee
Alongside me as Chair, the members of the Committee include
Frank Sagnier and Peter Whiting. The Committee has a wealth of
knowledge from both within the gaming sector alongside other
wider industr y sectors and its members also sit on various boards
for other public companies, details of which can be seen in the
Board profiles on pages 42 to 43.
The Committee met three times during the year with all members in
attendance and also attended by the Group Chief Executive and
Chief Financial Officer by request of the Committee to facilitate
discussions of the financial statements and internal controls to
which the auditors PricewaterhouseCoopers LLP (“PwC”) were
invited. Outside the formal audit review meetings, various other
discussions were held throughout the year to review accounting
policies, the finance system and for general updates with the Chief
Financial Officer.
Role and Responsibilities of the Committee
The Audit Committee has the primar y responsibility of monitoring
the quality of internal controls and risk management to ensure that
the financial performance of the Group is properly measured and
reported on.
In order to ensure it meets its obligations, the Committee’s key
responsibilities include:
● Monitoring and reviewing the Group’s financial statements relating
to the performance, reporting judgements and disclosures
specifically in relation to the interim and annual reports.
● Ensuring compliance with the relevant accounting standards and
reviewing the consistency of the methodology applied.
● Reviewing the internal controls and risk management approach
covering key areas including the financial systems, treasur y, risk
register and disaster recovery plans.
● Overseeing the relationship with the external auditors, reviewing
their performance and advising the Board members on the
auditors’ appointment, independence and remuneration as well as
reviewing audit and non-audit services. ●
The Audit Committee meets with the Chief Financial Officer and
key members of the finance team and formally reviews the
effectiveness of the audit process and the appointment or
reappointment of the Auditor. The Company is not bound to have
any formal process for auditor tendering although does have
regard to the requirement for larger listed companies to put their
audit out to tender ever y ten years. As outlined in the Audit
Committee report published in 2022, a formal market review was
undertaken for the audit services for the Group and PwC were
retained with a new lead partner following their normal rotation
policy. The Audit Committee intends to continue to review the
requirement to tender the audit services in the future. There are
no current contractual restrictions that affect the Company’s
choice of auditor.
● Reviewing and discussing the findings of the audit with the
external Auditors.
● Ensuring that the Group’s approach to whistleblowing and fraud
protection are monitored and fit for purpose.
Activities During the Year
The Audit Committee continually assesses whether suitable accounting
policies have been adopted and whether appropriate estimates and
judgements have been made by management. As part of the audit
process, the Committee also reviews accounting papers prepared
by management, and reviews reports by the external auditors.
Areas of focus for FY 2024 were:
● License revenue recognition. This is a key audit matter given the
level of complexity and judgement involved in recognising revenue
and how key terms and conditions in the Group’s revenue contracts
may impact the timing of revenue recognition.
● Impairment of development costs. While the Group’s capitalised
development costs fell in FY 2024, costs over the past few years
have been on a rising trend, partly attributed to increased
investment in larger titles. Heavy competition in the market and
variability in the success of new titles launched has resulted in
impairment triggers across a number of games, where the
recoverable amount is less than the capitalised costs.
● Impairment of Goodwill arising on the acquisition of The Label. The
performance of The Label post-acquisition has not met the
expectations set at the time of the Acquisition. As a result of the
revised forecasts, the recoverable amount of The Label CGU is
less than the carr ying value of the CGU, which has resulted in an
impairment.
Internal Controls and Risk Assessment
Alongside the audit activities, the Committee oversees the risk
processes and reporting within the Group, reviewing that the risk
register is compiled with inputs from each division across the Group
to understand the key areas of risk, and reviews that the outputs
from the risk register are appropriately captured and monitored. A
summar y of the output is shown in the Principal Risk and
Uncertainties report on pages 36 to 38.

The Committee’s other responsibilities also include the oversight of
a delegated authority system for approving Company spending and
contracts. The appropriateness of the authority levels was reviewed
and approved by the Audit Committee in the period. The ongoing
review of the delegation of authority system helps to ensure the
levels of delegation are adequate and costs are appropriately
controlled across the Group.

Given the Group’s current size and scale there is currently no
internal audit function, however this remains under review as the
Group continues to grow. Finance System Upgrade
This year marked a significant milestone in our digital transformation
journey with the successful implementation of an up-to-date
cloud-based finance solution across our financial operations. This
has significantly enhanced processing and reporting efficiencies,
reducing manual data entr y, improving accuracy, and enabling
real-time financial visibility across the group. Additionally, we
successfully launched an improved end-to-end Purchase-to-Pay
(“P2P”) process, streamlining procurement, strengthening supplier
management, and improving financial control and visibility. These
efficiencies are helping us not only optimise day-to-day operations
but also position us for scalable, data-driven financial management,
supporting faster decision-making and continued growth.
Looking ahead to 2025, we will continue expanding our system
rollout across the Group. This next phase will further standardise
financial processes, enhance operational visibility, and drive greater
consistency across the Group. In parallel, we will continue to deliver
additional modules, strengthen financial controls, and implement
further efficiencies, ensuring we maximize the full potential of the
new system to support our long-term strategic objectives.
Going Concern
The Audit Committee recognises the ongoing challenging external
market combined with recent internal strategic planning sessions
and improved costs controls within the UK and wider business
divisions which impact the Group’s financial forecasts. The Audit
Committee has reviewed and is satisfied with the detailed going
concern analysis made by management including reviews of the
reasonable downside scenarios to the Group’s cash flow
projections.
The Audit Committee is satisfied that no non-audit work was
undertaken by the external auditors.
Penny Judd
Chair of the Audit Committee
1 May 2025
52 everplay group plc Annual Report and Financial Statements 2024 53 everplay group plc Annual Report and Financial Statements 2024

Remuneration Committee Report
Unaudited
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
Annual Statement from the Chair of the Remuneration
Committee
I am pleased to present the report of the Remuneration Committee
for the year ended 31 December 2024. This report is divided into
four sections: 1. the Directors’ Remuneration Policy section which
provides the framework for Executive Remuneration; 2. the Annual
Report on Remuneration which summarises the work of the
Committee and our approach to Directors’ remuneration; 3. the
Annual Statement which outlines the remuneration outcomes in the
year to 31 December 2024; and 4. the proposed implementation of
the policy for the upcoming year.
This report will be submitted to an advisor y shareholder vote at our
2025 AGM.
1. Director’s Remuneration Policy
The Committee is focused on setting a remuneration policy that
takes into account the importance of talent to the success of the
Company in an industr y where talented and resourceful individuals
are in high demand and are relatively mobile.
everplay group plc promotes a culture based on sound ethical
values, and rewards behaviours that support such values.
Non-Executive Director Remuneration
To attract and retain a high-calibre Chair and Non-Executive Directors,
fee levels are set as appropriate for the role and responsibility of each
Non-Executive Director position with reference to market levels in
comparably sized public companies. Our Chair and Non-Executive
Directors are paid a base fee plus an additional fee for other Board
responsibilities. All such fees are paid in cash. The Chair fee is
decided by the Remuneration Committee – the Non-Executive
Directors’ fees are decided by the Board.
During 2024 the Board decided to introduce a new Non-Executive
Director Share Option Plan. This decision was made by the Board
members not participating in the Plan.
The Plan will ensure that the Company can attract and retain a strong
calibre of Board members, including from overseas and with relevant
experience in the technology and wider gaming space. The balance
between a cash fee and regular share option grants will incentivise
NEDs in a manner that aligns with the long-term interests of the
Group’s stakeholders by providing an element of remuneration if
there has been a sustained increase in the Company’s value.
Under the Plan and the policy all NEDs will receive annual grants of
share options (the “Options”) over the Group’s ordinar y shares with
an aggregate value equal to their annual base fee, with grants made
in two tranches, each equal to 50% of their base fee. The Options
will have an exercise price equal to the market price of an everplay
share at the time of grant. There are no performance conditions and
the Options will vest on the third anniversar y of grant. The Plan will
be administered by those members of the Board who do not
participate in the Plan.
The Board has taken advice on the structure of the policy and
following careful consideration, is satisfied that the relatively modest
grant levels (in relation to the base fee), regular grant pattern and
long term vesting will ensure that the NEDs remain independent from
the Executive Directors and will continue to have strong alignment
with the long term interests of all shareholders. Consultations with
several of the Group’s larger shareholders have already taken place,
and further discussions are planned ahead of the AGM. Should the
advisor y resolution to approve the Directors’ Remuneration Report
not be supported by a majority of shareholders at the 2025 AGM,
the relevant Board members who administer the Plan may determine
that all Options granted under the Plan prior to the 2025 AGM will
lapse and that the Plan will not be operated going forwards. The Plan includes Malus and Clawback provisions in the following
circumstances:
• action or conduct of an Option Holder at any time which, in the
reasonable opinion of the Board, amounts to fraud or gross
misconduct, or the commission by the Option Holder at any time of
any other act (or the omission to take any act) which would entitle
(or, where the Option Holder’s appointment has terminated prior to
the date on which the Board becomes aware of such act or omission,
would have entitled) the Company to terminate the Option Holder’s
appointment summarily under the terms of their appointment;
• discover y of a material misstatement resulting in an adjustment in
the audited consolidated financial statements of the Company or
the audited financial statements of any Group Member for a period
that was wholly or partly before the latest Vesting Date applicable
to the Option;
• corporate failure of the Company;
• such other similar circumstances as the Board reasonably
considers it appropriate that malus or clawback should be
operated in respect of an Option.
Executive Director Remuneration
A straightforward Executive remuneration structure is maintained by
balancing base salar y, pension and benefits (which include car
allowance and private medical insurance) with a performance-
related bonus and Long Term Incentive Plan (“LTIP”) share awards.
Base Salary:
The Committee reviews salaries annually, with reference to market
levels in comparably-sized public companies. Any increases are
normally effective from 1st April each year. In last year’s Remuneration
Report it was outlined that Steve Bell’s (CEO) salar y would be
reviewed in October 2024. A review has been completed and there
is an increase in salar y for Steve from 1 Januar y 2025 as referred to
in 4. below. Steve joined in September 2023, so this is a review after
sixteen months. His next review will be 1 April 2026.
Pension & Benefits:
Executive Directors receive a pension contribution of up to 8% of
salar y matching individual contributions, in line with other UK
employees. Other benefits are in line with the policy.
Performance-related Bonus:
Annual bonus payments are based on performance against challenging
targets which are aligned to the Group’s strategic objectives and are
designed to deliver shareholder value. The majority of the outcome
is based on the Group’s adjusted EBITDA performance with the
balance determined by one or more individual strategic objectives.
The maximum earning opportunity remains at 120% and 100% of
salar y for the CEO and CFO/COO respectively, with 70% of the
maximum awarded for on-target performance, and a further 30% of
the maximum if the Company achieves its stretch performance
targets (and typically a straight-line outcome between these two
points). In addition, the payment for threshold performance is now
50% of the maximum bonus, having previously been set at 30%.
These percentages have changed from 2024 following a review of
senior management remuneration across the Group given the end
of acquisition related incentive arrangements (not relating to the
Executive Directors) at the end of 2024, and the desire to ensure
consistency of approach between the Executive Directors and other
members of the senior management team. The Committee is
satisfied that all bonus targets remain challenging in the context of
the budget and anticipated levels of Group performance. Provisions
exist to defer 30% and 20% of the awarded bonus for the CEO and
CFO/COO respectively into shares with a two-year holding period
and malus and clawback provisions for that period. Long Term Incentive Plan (“LTIP”)
The Company makes annual awards to Executive participants under
the LTIP. Awards are released subject to continued employment and
the satisfaction of challenging performance conditions measured
over three years.
Grant levels will be determined by the Committee each year. There
is flexibility for the Committee to use discretion to override a
formula-driven outcome and adjust the LTIP outturn. In line with the
policy, malus and clawback provisions apply for up to two years,
and a recover y and withholding mechanism applies in the event of a
material misstatement of the Group’s financial statements and also
for other defined reasons. From 2024 a two-year holding period
following the vesting date has been introduced.
Remuneration Scenarios for Executive Directors
The remuneration opportunity provided to the CEO and CFO/COO
under the Remuneration Policy at different levels of performance for
the financial year is illustrated below:
Minimum
Performance: Comprising the minimum remuneration receivable
(i.e. fixed pay only made up of base salar y,
pension allowances and an estimate of benefits
for the 2025 financial year).
On Target
Performance: Comprising fixed pay, with the annual bonus
achieving 70% of the maximum opportunity and
LTIP achieving 50% of the maximum opportunity.
Maximum
Performance:
(excluding and
including share
price growth) Comprising fixed pay, an annual bonus of 100% of
the maximum opportunity (120% and 100% of
salary respectively for the CEO and CFO/COO)
and 100% vesting of LTIP awards (135% of salary
for the CFO/COO). The maximum performance
scenario also illustrates the potential pay-out under
the LTIP assuming a 50% share price appreciation
over the three-year performance period.
Consideration of Employment Conditions Elsewhere
in the Group
The Committee considers pay and employment conditions across
the Company when reviewing the remuneration of the Executive
Directors and other senior employees. The Remuneration Policy for
the Executive Directors is designed with regard to the policy for the
workforce as a whole. The Committee is kept updated throughout
the year on general employment conditions and it monitors the
overall approach to reward including the budget for annual salary
increases and bonuses.
Consideration of Shareholder Views
The Company is committed to engagement with shareholders and
will seek major shareholders’ views in advance of making significant
changes to its Remuneration Policy and how it is implemented. The
Chair of the Committee will attend the Annual General Meeting to
hear the views of shareholders on the Remuneration Policy and to
answer any questions in relation to remuneration. As noted above the
Board has consulted with major shareholders in relation to the new
Non-Executive Director Share Option Plan. Recruitment
The Company aims to attract and retain a talented and diverse
workforce. When setting remuneration packages for new Executive
Directors, pay will be set in line with the remuneration policy. Several
factors will be considered, including: the geography in which the role
competes or from which it is recruited; the candidate’s experience
and skills; and the remuneration levels of other Executives and
colleagues in the business.
In exceptional circumstances there may be a need to buy out
unvested awards from a previous employer and this may be done on
a like-for-like basis. The Remuneration Committee is mindful that the
Company should avoid paying more than is necessary to recruit the
desired candidate.
Service Agreements and Payments for Loss of Office
Non-Executive Directors:
The Non-Executive Directors enter into letters of appointment with
the Company for an initial term of three years, rolling thereafter unless
terminated earlier by either party providing three months’ prior written
notice. The term is subject to annual reappointment by shareholders
at the AGM.
Executive Directors:
The Executive Directors have a service contract requiring six months’
notice of termination from either party. In the event of termination for
cause (e.g. gross misconduct) neither notice nor payment in lieu of
notice will be given, and the Executive Director will cease to perform
their services immediately.
Treatment of other elements of the policy (including short and
long-term incentives), will vary depending on whether a Director is
defined as a “good” or “bad” leaver. The Remuneration Committee
has the discretion to determine whether an Executive is a good
leaver. Reasons for good leaver treatment include, but are not limited
to, death, ill-health, injury or disability and retirement.
2. Annual Report on Remuneration
This section describes the operation of the Remuneration Policy and
activities of the Remuneration Committee, how Executives were paid
during the year and the operation of the Remuneration Policy for the
upcoming year.
Committee Membership and Role of the Committee
The Terms of Reference for the Committee were created at
Admission and are reviewed annually.
The current members of the Committee are as follows:
1. Peter Whiting (Chair)
2. Frank Sagnier
3. Penny Judd
Other members who served during the year were:
● Debbie Bestwick (from 1 January 2024 to 10 June 2024)
The committee met 3 times over the year as outlined on page 51. The
primary role of the Committee is to review and set the remuneration
of the Executive Directors and Chair, to govern the share schemes
operated by the Group and to review the divisional and Group senior
management remuneration.
Key responsibilities include:
1. Setting and monitoring the remuneration of the Executive Directors
and Chair;
2. Monitoring the remuneration of the divisional and group Senior
Management Team which includes salary, annual performance-
related bonus and any LTIP arrangements;
3. Monitoring of the Group’s overall annual performance-related
bonus payments and annual salary review; and
4. Approval of all share award plans and subsequent issue of share
awards to team members.
£2,50 0k
£2,000K £1, 5 0 0 k
£1,000k £500k £0k
£505k
Minimum Chief Executive Officer Chief Financial Officer &
Chief Operating Officer
£ 1,19 8 k
O n Ta r g e t £1, 9 81k
Maximum Minimum
£845k
O n Ta r g e t
£1,4 07 k
Maximum
£378k
Fixed Pay
Annual Bonus
LT I P
LTIP with 50% Share Price Grow th
54 everplay group plc Annual Report and Financial Statements 2024 55 everplay group plc Annual Report and Financial Statements 2024

Remuneration Committee Report
Unaudited continued
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
Key Activities During the Year
In addition to the business-as-usual activities the Committee undertook \
the following activities:
● Reviewed the remuneration policy ahead of FY24 implementation and approved the changes as described in last year’s report
● Determined the leaving arrangements for our previous CFO, Mark Crawford and the arrangements for our new CFO and COO, Rashid Varachia
External Advisers:
The Remuneration Committee has received independent advice from Korn Ferry.
3. Annual Statement
Directors’ Remuneration for the Year Ended 31 December 2024
The following table sets out the total remuneration for Executive and Non-Executive Directors for 2024, showing 2023 remuneration for comparison:
All figures shown in £’000 Salary
and
fees Consultancy 4 Benefits 1 Pension Annual
Bonus LTIP 2
Compensation
for loss
of office
3 Total
Remuneration Total
Fixed Pay Total
Variable Pay
Executive Directors
Steve Bell 2024440 –11 40 207 ––698 491 207
2023 144 –310 –––157 157 –
Rashid Varachia 202459 –2 425 ––90 6525
2023 ––––––––––
Mark Crawford 2024273 –20 2106 56186 643481162
2023 309 –11 25 –––345 345 –
Debbie Bestwick MBE 2024––––––––––
2023 437 –69 22 –––528 528 –
Non-Executive Directors
Frank Sagnier 2024116 ––––––116 116 –
2023 36––––––36 36 –
Debbie Bestwick 202452209 –––––261 261 –
2023 ––––––––––
Penny Judd 202464––––––64 64 –
2023 62––––––62 62 –
Peter Whiting 202464 ––––––64 64 –
2023 26––––––26 26 –
Christopher Bell 2024––––––––––
2023 112 ––––––112 112 –
Jennifer Lawrence 2024––––––––––
2023 31––––––31 31 –
Martin Hellawell 2024––––––––––
2023 37––––––37 37 –
1. Benefits represents the taxable value of benefits paid. Taxable benefits provided to Executive Directors include: private health cover; car allowance; accrued holiday not\
taken but paid in lieu in 2023
for Debbie Bestwick and in 2024 for Mark Crawford.
2. The LTIP figure represents the value of the partial vesting of the award made in 2024 based on the share price on the date of vesting (31 October 2024).
3. The Compensation for Loss of Office figure for Mark Crawford includes 6 months’ notice pay.
4. As part of the transition arrangements to a new CEO, Debbie Bestwick provided consulting services on specific topics, including product related advice, as decided by the Chair and CEO during
2024. These services ended on 31 December 2024.
Basis for Annual Bonus Payments
Targets for the year were based on the Company’s adjusted EBITDA performance (80% of the total opportunity) and perso\
nal strategic
objectives (20% of the total opportunity). The maximum annual bonus op\
portunity was 120% of salary for the CEO, 100% of salary for the CFO
and CFO/COO (pro-rated), with 50% of the maximum awarded for on-target performance.

Steve Bell is to receive a bonus of £206,844 representing a payment of 39.81% of salary for financial performance and 7\
.2% of salary for
strategic personal objectives. 30% of this bonus (£62,053) is defer\
red into shares that are to be held for a two-year period, with the remaining
70% (£144,791) paid in cash.
Rashid Varachia is to receive a bonus of £24,932 which is the equivalent of 33.17% of his pr\
orated salary for financial performance and 10%
of his prorated salary for strategic personal objectives. This bonus will be paid\
in cash. Mark Crawford received a bonus of £106,080 as he stepped down from the role. This followed the parameters of the annual bonus plan with
performance assessed by the Committee in October 2024. The adjusted EBIT\
DA element was paid out at 30% of the maximum payment for
the threshold level of performance, recognising the full year outcome was naturally uncertain at that time. T\
he strategic personal objectives
element was paid out at 50% of the maximum payment.
Directors’ Participation in the LTIP
Details of the numbers of shares held by the Executive Directors under the LTIP are set out in the table below:
Date of Grant Awards
held on
1 January 2024 Awards
made during year Awards
lapsed /
forfeited during year Exercised
during year Awards
held on
31 December 2024 Awards
vested during year End of
performance period Exercise
Period
Director
Debbie Bestwick MBE 2 8 July 2021 150,943
–150,943 –––31–Dec–23 10 years
from grant
Debbie Bestwick MBE
3 30 June 2022 159,000
–––159,000 –31–Dec–24 10 years
from grant
Debbie Bestwick MBE 18 July
2023 200,133
–––200,133 –31–Dec–25 10 years
from grant
Mark Crawford 10 Sept
2020 20,057
––20,057 ––31–Dec–22 10 years
from grant
Mark Crawford 8 July
2021 25,157
–25,157 –––31–Dec–23 10 years
from grant
Mark Crawford 30 June
2022 75,000
–75,000 –––31–Dec–24 10 years
from grant
Mark Crawford 18 July
2023 94,402
–94,402 –––31–Dec–25 10 years
from grant
Mark Crawford
1 9 July 2024 –
109,432 84,43225,000 –25,000 31–Dec–26 10 years
from grant
Steve Bell 9 July
2024 –
208,342 ––208,342 –31-Dec-26 10 years
from grant
Total – 724,692 317,774 429,934 45,057567,475 25,000
1. As Mark Crawford stepped down from the role of CFO the Committee reviewed the outstanding share awards made to him (2022, 2023 and 2024). They considered the performance to date against
the respective performance conditions and the length of time Mark was employe\
d during the respective performance periods. As a result, and including consideration of the performance for FY24,
25,000 awards vested on 31 October 2024. He exercised these together with 20,057 awards which were granted on 10 September 2020 and had already vested. The remaining 253,834 awards
have lapsed.
2. As disclosed in 2023 the 2021 awards lapsed on 8 July 2024.
3. The performance conditions for the 2022 award have not been achieved and so the award will lapse on 30 June 2025.
Directors’ Interests and Executive Directors’ Shareholding Requirements
During employment, Executive Directors are encouraged to build and maintain a shareholding equivalent to 200% of base salary for the CEO,
and 150% of base salary for the CFO and CFO/COO, accumulated over a peri\
od of 3-5 years through personal investment and retained
vested annual bonus and LTIP shares.
The table below summarises the Directors’ current shareholdings, LTIP and option grants, including shares subject to a deferral or holding
period and performance conditions, and the shareholding expressed as a percentage of salary.
Beneficially
owned at
31 December 2023 Beneficially
owned at
31 December 2024 Interest in LTIP
awards (subject to performance conditions)
1
Interest in
NED Option Plan
awards (not subject to
performance conditions) Shareholding at
31 December 2024 as a %
of base salary
Executive directors
Steve Bell 54,05054,050208,342 –27%
Mark Crawford 34,565–––N/A
Rachid Varachia N/A–––0%
Non–Executive Directors
Frank Sagnier 108,000108,000 –26,218
Penny Judd 77,71777,717 –11,810
Peter Whiting 20,90020,900 –11,810
Debbie Bestwick MBE 30,266,94527,240,250 359,13311,810
1. The interest in LTIP awards (subject to performance conditions) for Debbie Bestwick results from her period as an Executive Director.
56 everplay group plc Annual Report and Financial Statements 2024 57 everplay group plc Annual Report and Financial Statements 2024

Remuneration Committee Report
Unaudited continued
Independent Auditors’ Report to the Members
of everplay group plc (formerly Team17 Group plc)
Report on the Audit of the Financial Statements
Strategic Report Corporate Governance Corporate Governance Group Financial Statements Company Financial Statements
4. Implementation of Policy in 2025
There are changes to the Directors’ Remuneration Policy in 2025 following the introduction of the Non-Executive Share Option Plan as
explained in section 1 above.
On 31 October 2024 Mark Crawford stepped down as CFO and left the Group. Rashid Varachia was appointed as Group CFO & COO on
30 October 2024.
Steve Bell’s basic salary was reviewed and will increase by 4% from 1 January 2025 from £440,000 to £457,600 and will next be reviewed in
April 2026. This review covered the sixteen-month period since joining in September 2023 and represents an annualised increase of 3%.
Rashid Varachia’s base salary of £340,000 was established based on market data while \
recognising that the role of CFO & COO is broader
than that of CFO alone.
Annual bonus
As noted above the maximum earning opportunity is 120% and 100% of salary for the CEO and CFO/COO respectively, with 70% of the
maximum awarded for on-target performance, and a further 30% of the maximum if the C\
ompany achieves its stretch performance targets
(and typically a straight-line outcome between these two points).
Performance measures will be based 80% on a sliding scale range of adjusted EBITDA targets\
and 20% on individual objectives.
30% and 20% of the awarded bonus will be deferred for the CEO and CFO/COO respectively into shares with a two-year holding period.
LT I P
The award level for 2025 will be equivalent to 135% of base salary for both the \
Group CEO and CFO/COO (based on the share price at the
date of grant). The grant for the CFO/COO includes an increase in the year of joining to reflect a gap between the date of joining in October
2024 and the expected first grant following publication of the 2024 An\
nual Results. The usual award level is 110% of base salary.
Awards are subject to continued employment and based on two performance measures.
● 50% on a stretching range of adjusted EPS growth measured over the three years to 31 December 2027. 25% of the award vests for a
threshold level of performance with 100% of the award vesting at the top end of the performance range. This performance rang\
e reflects
the continued strategy of driving profit growth at levels ahead of the wider market.
● 50% on relative Total Shareholder Return compared to the constituents of the AIM100 index measured over the three years to 31
December 2027. 25% of the award vests for performance at the median level of the index constituents, w\
ith 100% of the award vesting at
upper quartile performance and a straight-line interpolation between the\
se two points.
Non-Executive Director Remuneration
Following a review by the Board and as detailed above, it was decided to introduce a Non-Executive Director Share Option Plan.
The first grant was made on 14 November 2024. Grants are anticipated to be made following the release of the 2024 Annual Results and the
2025 Interim Results respectively. Each grant will equal 50 per cent. of the annual base fee.
In addition, the annual base fees payable to the Non-Executive Directors have been increased by 2.5% effective 1 April 2025.
Fee at
31 December 2024 Fee at
31 December 2025 % increase
Non-Executive Director
Chair 116,760119,679 2.5%
Non-Executive Director base fee 52,59553,910 2.5%
Senior Independent Director 11,67611,968 2.5%
Committee Chair fee 11,67611,968 2.5%
Signed for and on behalf of the Board by
Peter Whiting
Chair of the Remuneration Committee
1 May 2025
Opinion
In our opinion:
• everplay group plc (formerly Team17 Group plc)’s group financial statements and company financial statements (the “\
financial statements”)
give a true and fair view of the state of the group’s and of the company’s affairs as at 31 December 2024 and of the group’s profit and the
group’s cash flows for the year then ended;
• the group financial statements have been properly prepared in accordance with UK-adopted international accounting standards as applied
in accordance with the provisions of the Companies Act 2006;
• the company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice (United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework”, and applicable law); and
• the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Re\
port and Financial Statements 2024 (the “Annual Report”), which
comprise: the Consolidated and Company Statements of Financial Position \
as at 31 December 2024; the Consolidated Statement of Profit or
Loss, the Consolidated Statement of Comprehensive Income, the Consolidated and Company Statements of Changes in E\
quity and the
Consolidated Statement of Cash Flows for the year then ended; and the no\
tes to the financial statements, comprising material accounting
policy information and other explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities
under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of o\
ur report. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in
the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Our audit approach
Overview
Audit scope
• We identified Team 17 Digital Limited and astragon Entertainment GmbH as requiring a full scope audit based on their significance due to
size relative to the group as a whole. We also performed a full scope audit of Team17 Group plc (the company).
• The audits of Team 17 Digital Limited and everplay group plc were undertaken by the group audit team. The group audit team also
performed the audit over the consolidation and financial statement dis\
closures.
• The audit of astragon Entertainment GmbH was performed by a local compon\
ent auditor, PwC Germany, based in Düsseldorf, Germany.
The group audit team issued formal instructions, held a number of meetings and\
performed a review of their working papers.
• One non-significant component was also subject to audit procedures performed by the group engagement team. StoryToys Limited
required procedures over revenue, prepayments, trade receivables, accruals and deferred income, due to their contribution to the overall
financial statement line items in the consolidated financial stateme\
nts.
• As a result of this scoping, we obtained coverage over 99% of group revenue, 74% of group profit before tax (adjusted for impairment) and
94% of group net assets (being total assets less total liabilities).
Key audit matters
• Licence revenue recognition (group)
• Impairment of capitalised development costs (group)
• Impairment of investments (parent)
Materiality
• Overall group materiality: £1,703,000 (2023: £1,500,000) based on 5% of pr\
ofit before tax adjusted for the impact of impairments.
• Overall company materiality: £1,532,000 (2023: £1,350,000) \
based on 1% of total assets.
• Performance materiality: £1,277,250 (2023: £1,125,000) (gr\
oup) and £1,149,000 (2023: £1,012,500) (company).
58 everplay group plc Annual Report and Financial Statements 2024 59 everplay group plc Annual Report and Financial Statements 2024

Independent Auditors’ Report to the Members
of everplay group plc (formerly Team17 Group plc)
Report on the Audit of the Financial Statements continued
The scope of our audit
As part of designing our audit, we determined materiality and assessed t\
he risks of material misstatement in the financial statements.
Key audit matters
Key audit matters are those matters that, in the auditors’ professional judgement, were of most significance in the audit of the financial
statements of the current period and include the most significant assessed risks of material\
misstatement (whether or not due to fraud)
identified by the auditors, including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit;
and directing the efforts of the engagement team. These matters, and any comments we make on\
the results of our procedures thereon,
were addressed in the context of our audit of the financial statements as a who\
le, and in forming our opinion thereon, and we do not provide
a separate opinion on these matters.
This is not a complete list of all risks identified by our audit.
Impairment of goodwill relating to the acquisition of The Label Inc., which was a key audit matt\
er last year, is no longer included because of
the full impairment recognised in the year. Otherwise, the key audit matters below are consistent with last year.
Key audit matter How our audit addressed the key audit matter
Licence revenue recognition (group)
The group’s accounting policy on licence revenue recognition is
shown in note 2 of the Notes to the Consolidated Financial
Statements and the significant accounting judgements in respect
of revenue are shown in note 3. We considered licence revenue
recognition as a key audit matter given the level of complexity and
judgement involved in recognising revenue and how key terms and
conditions in the group’s revenue contracts may impact the timing
of revenue recognition. Under IFRS 15, Revenue from Contracts with
Customers, judgement is required in determining whether revenue is
recognised when, or as, the entity satisfies a performance obligation, \
and in allocating the consideration where multiple performance
obligations exist. Management assesses each licence contract at
inception to determine the appropriate basis to recognise revenue
under IFRS 15. Contracts are also assessed to determine revenue
recognition, including to identify whether contracts provide the
customer with a ‘right to use’ or ‘right to access’ intellec\
tual property,
and whether they contain multiple performance obligations. These
determinations can involve management exercising significant
judgement, which can have a material impact on revenue. Revenues
are recognised as the performance obligations are satisfied. We obtained and reviewed licence contracts on a sample basis,
targeting the larger balances and sampling to high assurance over
the remaining contracts. For sampled items, we reviewed the
contractual obligations to ensure that revenue has been recognised
appropriately under IFRS 15. We challenged management on
estimates impacting the cut-off assertion, considering the specific
licence terms to verify the timing of revenue recognition. This included
determination of: whether contracts provide a licence ‘to use’,
or a licence ‘to access’ the IP; and the appropriateness of the
allocation of consideration between performance obligations,
focusing particularly on contracts where performance obligations
span multiple financial years. Based on the procedures performed,
we concluded that licence revenue recognition is free from material
misstatement.
Impairment of capitalised development costs (group)
The group’s accounting policy on development costs is shown in
note 2 of the Notes to the Consolidated Financial Statements and the
key sources of estimation uncertainty related to impairment of
intangible assets are shown in note 3. The related disclosures for
capitalised development costs are included in note 11. There has
been an increase in the value of capitalised development costs
attributed to increased investment in larger titles. Heavy competition
in the market and variability in the success of new titles launched has \
resulted in impairment triggers across a number of games. In order
to estimate the recoverable amount, management are required to
make estimates over future revenues of the titles; this is particularly
judgemental where titles are not yet released and do not relate to
a legacy title, as this means that there is less observable information
to support the assessment. We considered the estimates over future
revenues for titles as a key audit matter given the estimation and
uncertainty involved in these forecasts. We obtained a detailed understanding of management’s forecasting
and due diligence process and understood the relevant controls in
place over cash flow forecasting by title. We obtained management’s
impairment analysis on all games which we assessed to identify which
games were at a higher risk of impairment due to lower headroom
between their recoverable amount and carrying value. For such titles,
we obtained and reviewed management’s impairment assessment
supporting the recoverable amount. We reviewed and challenged
management forecasts, as well as performing a sensitivity analysis
on the forecast revenue. Where impairment was identified, we
evaluated management’s assessment that the recoverable amount
based on the value in use exceeded the fair value less cost to sell,
concluding that the value in use method derived a higher recoverable
amount. Based on the procedures performed, we concluded that
the post-impairment value of the development costs balance is free
from material misstatement.
Key audit matter How our audit addressed the key audit matter
Impairment of investments (parent)
The company’s accounting policy on investments is shown in note 2
of the Notes to the Company Financial Statements and the key
sources of estimation uncertainty related to the recoverability of
investments are shown in note 3. The company’s investments balance
is disclosed in note 6. Investments are assessed for impairment if
impairment indicators exist. If such indicators exist, the recoverable
amounts of the investments are estimated in order to determine the
extent of the impairment loss, if any. Given the magnitude of the
investments balance, we have considered the risk of impairment of
these assets as a key audit matter, specifically management’s
determination of whether or not there are triggers which would
require a full impairment assessment to be performed, and where
applicable, the key estimates included in management’s recoverability
assessment. We considered whether managements process to identify
impairment indicators was appropriate, including assessing year
on year movements in market capitalisation and comparing
performance versus budget. Based on the procedures performed,
we concluded that there were no impairment indicators identified
and the valuation of the company’s investment balance is free from
material misstatement.
How we tailored the audit scope
We tailored the scope of our audit to ensure that we performed enough work to be able to give an opinion on the fi\
nancial statements as a
whole, taking into account the structure of the group and the company, the accounting processes and controls, and the industry in which
they operate.
The group’s accounting process is structured around a central group finance function located across Wakefield and Nottingham, which
maintains accounting records and controls for the majority of the group. The group also has a local finance function in Dusseldorf, Germany
responsible for the accounting records for astragon Entertainment GmbH and Independent Arts Software GmbH and a local finance function
in Dublin, Ireland responsible for the accounting records for StoryToys Limited. Both of the local finance functions report into the central group
finance function.
In establishing the overall group audit strategy and plan we determined whether, for each component within the group, we required an audit
of its complete financial information (‘full scope audit’), or\
whether specific audit procedures to address a certain risk characteristic or financial
statement line item would be sufficient. This was determined by consid\
ering the significance of each component’s contribution to profit before
tax adjusted for the impact of impairments, as well as considering the l\
evel of coverage obtained for each individual financial statement line item.
We identified three components being everplay group plc (formerly Team17 Group Plc) (the company), Team 17 Digital Limited and astragon
Entertainment GmbH, which were subject to a full scope audit. Of these, everplay group plc and Team 17 Digital Limited were audited by the
group audit team. astragon Entertainment GmbH was audited by PwC Germany.
The group audit team directed and supervised the execution of the audit procedures performed by the PwC component auditor. We issued
formal written instructions to the local component audit team setting ou\
t the work to be performed by them and maintained regular
communication throughout the audit cycle. These interactions included participating in pl\
anning and clearance meetings, holding regular
video and conference calls, as well as reviewing work papers and assessing matters reported.
In addition, audit procedures were performed by the group engagement team over a non-significant component. StoryToys Limited required
procedures over revenue, prepayments, trade receivables and accruals and deferred income, due to their contribution to the overall financial
statement line items in the consolidated financial statements. In addi\
tion work was performed by the group audit team over the consolidation,
including consolidation entries relating to elimination of intercompany balances and investments, equity, goodwill and procedures over the
financial statement disclosures.
In total, the audit work performed provided coverage over 100% of group revenue, 81% of group loss before tax (adjusted for impairment)
and 88% of group net assets. At the group level, we also carried out other risk assessment procedures on the components not covered by
the procedures described above.
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60 everplay group plc Annual Report and Financial Statements 2024 61 everplay group plc Annual Report and Financial Statements 2024

Independent Auditors’ Report to the Members
of everplay group plc (formerly Team17 Group plc)
Report on the Audit of the Financial Statements continued
The impact of climate risk on our audit
As part of our audit we made enquiries of management to understand the e\
xtent of the potential impact of climate risk on the group’s and
company’s financial statements, and we remained alert when performing our audit procedures for any indicators of the impact of climate risk.
Our procedures did not identify any material impact as a result of climate risk on the group’s and company’s financial statements.
Materiality
The scope of our audit was influenced by our application of materialit\
y. We set certain quantitative thresholds for materiality. These, together
with qualitative considerations, helped us to determine the scope of our\
audit and the nature, timing and extent of our audit procedures on
the individual financial statement line items and disclosures and in evaluating the effect of misstatements, both individually and in aggregate
on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial stat\
ements as a whole as follows:
Financial Statements – Group Financial Statements – Company
Overall materiality£1,703,000 (2023: £1,500,000).£1,532,000 (2023: £1,350,000).
How we determined it 5% of profit before tax adjusted for the
impact of impairments. 1% of total assets.
Rationale for benchmark applied The key objective of the group is to deliver
underlying profitable growth to increase
long-term shareholder value. As such, we
consider profit or loss before tax to be the
appropriate benchmark. Profitability in the
current year has been impacted by
impairments recognised. We believe that
profit before tax adjusted for the impact of
impairments is an appropriate benchmark to
use in assessing materiality. The company is a non-trading holding
company. The entity’s assets primarily relate
to the investments in the subsidiary trading
companies and thus reflect the company’s
purpose. Materiality has been capped at an
allocation of group materiality.
For each component in the scope of our group audit, we allocated a materiality that is less than our overall group materiality. The range of
materiality allocated across components was between £100,000 and £1,617,000. Certain compon\
ents were audited to a local statutory audit
materiality that was also less than our overall group materiality.
We use performance materiality to reduce to an appropriately low level the probability that the aggregate of uncorrected and undetected
misstatements exceeds overall materiality. Specifically, we use performance materiality in determining the scope of our audit a\
nd the nature
and extent of our testing of account balances, classes of transactions a\
nd disclosures, for example in determining sample sizes. Our
performance materiality was 75% (2023: 75%) of overall materiality, amounting to £1,277,250 (2023: £1,125,000) for the group financial
statements and £1,149,000 (2023: £1,012,500) for the company fi\
nancial statements.
In determining the performance materiality, we considered a number of factors – the history of misstatements, risk assessment a\
nd
aggregation risk and the effectiveness of controls – and concluded that an amount at the upper end of our normal range \
was appropriate.
We agreed with those charged with governance that we would report to them misstatements identified during our audit above £85,1\
50
(group audit) (2023: £75,000) and £85,150 (company audit) (2023\
: £75,000) as well as misstatements below those amounts that, in our view,
warranted reporting for qualitative reasons.
Conclusions relating to going concern
Our evaluation of the directors’ assessment of the group’s and the company’s ability to continue to adopt the going concern basis of
accounting included:
• Obtaining management forecasts for the period to June 2026 and evaluating management’s severe but plausible downside scenario. We
have tested the mathematical accuracy of the forecasts and challenged the underlying assumptions in the forecasts, including comparing
performance against budget, in particular relating to revenue and expenses.
• Assessing the composition of revenue and costs within the forecasts to evidence that they were prepared on an appropriate basis.
• Evaluating the level of forecast liquidity and management’s assessment that there would be a sufficient level of working capital over the
forecast period. Based on the work we have performed, we have not identified any materi\
al uncertainties relating to events or conditions that, individually or
collectively, may cast significant doubt on the group’s and the company’s ability to continue as a going concern for a period of at least twelve
months from when the financial statements are authorised for issue.
In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of
the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the group’s and the
company’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Rep\
ort other than the financial statements and our auditors’ report thereon.
The directors are responsible for the other information. Our opinion on the financial sta\
tements does not cover the other information and,
accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statem\
ents or our knowledge obtained in the audit, or otherwise appears to be
materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to
conclude whether there is a material misstatement of the financial statements or a material\
misstatement of the other information. If, based on
the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We
have nothing to report based on these responsibilities.
With respect to the Strategic report and Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006
have been included.
Based on our work undertaken in the course of the audit, the Companies A\
ct 2006 requires us also to report certain opinions and matters as
described below.
Strategic report and Directors’ Report
In our opinion, based on the work undertaken in the course of the audit,\
the information given in the Strategic report and Directors’ Report for
the year ended 31 December 2024 is consistent with the financial state\
ments and has been prepared in accordance with applicable legal
requirements.
In light of the knowledge and understanding of the group and company and their environment obtained in the course of the audit, we did not
identify any material misstatements in the Strategic report and Directors’ Report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial
statements in accordance with the applicable framework and for being satisfied that they \
give a true and fair view. The directors are also
responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the group’s and the company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors
either intend to liquidate the group or the company or to cease operations, or have no realistic alternative but to do so.
Auditors’ responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole \
are free from material misstatement,
whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of\
assurance,
but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when i\
t exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of the\
se financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our
procedures are capable of detecting irregularities, including fraud, is detailed below.
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62 everplay group plc Annual Report and Financial Statements 2024 63 everplay group plc Annual Report and Financial Statements 2024

Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws a\
nd regulations
related to tax legislation and the Companies Act 2006, and we considered the extent to which non-compliance might have a material effect
on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the fina\
ncial statements
(including the risk of override of controls), and determined that the principal risks were related to overstatement of revenue and profits through
posting of inappropriate journal entries and bias in significant accounting estimates and judgement\
s. The group engagement team shared this
risk assessment with the component auditors so that they could include a\
ppropriate audit procedures in response to such risks in their work.
Audit procedures performed by the group engagement team and/or component auditors included:
• Discussions with management, including consideration of known or suspect\
ed instances of non-compliance with laws and regulation and fraud;
• Understanding and evaluating management’s processes and controls designed to prevent and detect irregularities and non-compliance
with laws and regulation and fraud;
• Reviewing minutes of meetings of those charged with governance;
• Challenging assumptions made by management in the selection and applicat\
ion of significant accounting judgements and estimates;
• Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations which impact fina\
ncial
performance; and
• Reviewing financial statement disclosures and testing to supporting documentation, where appropriate, to assess compliance with
applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance
with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not
detecting a material misstatement due to fraud is higher than the risk o\
f not detecting one resulting from error, as fraud may involve deliberate
concealment by, for example, forgery or intentional misrepresentations, or through collusion.
Our audit testing might include testing complete populations of certain \
transactions and balances, possibly using data auditing techniques.
However, it typically involves selecting a limited number of items for testing,\
rather than testing complete populations. We will often seek to
target particular items for testing based on their size or risk characte\
ristics. In other cases, we will use audit sampling to enable us to draw a
conclusion about the population from which the sample is selected.
A further description of our responsibilities for the audit of the financial statements is located o\
n the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of
Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any
other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• we have not obtained all the information and explanations we require for our audit; or
• adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches
not visited by us; or
• certain disclosures of directors’ remuneration specified by law are not made; or
• the company financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Rebecca Gissing (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
Leeds
1 May 2025
Note Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Revenue 5166,624 15 9 ,12 5
Cost of sales ( 9 7, 2 5 0 )(101, 6 2 0 )
Gross profit 6 9 , 3 745 7, 5 0 5
Other income 14 0176
Administrative expenses (45,567)( 5 7, 6 3 9 )
Operating profit 623,947 42
Finance income 81,6 9 5 344
Finance costs 8(507) (1, 2 61)
Share of net profit/(loss) of associates accounted for using the equity method 1318 8 (205)
Profit/(Loss) before tax 25,323(1,080)
Taxation 9( 5 ,13 3 ) (2,665)
Profit/(Loss) for the year 2 0 ,19 0( 3 , 74 5 )
Earnings per share
– Basic (pence) 1014 .0 (2.6)
– Diluted (pence) 1014 .0 (2.6)
All amounts relate to continuing operations.
The notes on pages 70 to 99 are an integral part of these consolidated financial statements.
Independent Auditors’ Report to the Members
of everplay group plc (formerly Team17 Group plc)
Report on the Audit of the Financial Statements continued
Consolidated Statement of Profit or Loss
For the Year Ended 31 December 2024
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
64 everplay group plc Annual Report and Financial Statements 2024 65 everplay group plc Annual Report and Financial Statements 2024

Consolidated Statement of Comprehensive Income
For the Year Ended 31 December 2024 Consolidated Statement of Financial Position
As at 31 December 2024
Company Registration Number: 11205116
Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Profit/(Loss) for the year 2 0 ,19 0( 3 , 74 5 )
Other comprehensive (expense):
Items that may be reclassified to profit or loss:
Exchange (loss) on translation of foreign operations ( 5 ,14 9 )(3,209)
Total other comprehensive income ( 5 ,14 9 )(3,209)
Total comprehensive income/(expense) for the year 15 ,0 41(6,954)
Note As at
31 December 2024
£’000 As at
31 December 2023
£’000
Assets
Non-current assets
Goodwill 1182,314 8 6,24 4
Other intangible assets 11114 , 6 6 8 12 3 , 74 8
Investments accounted for using the equity method 13969 867
Property, plant and equipment 141,080 1, 4 4 0
Right-of-use assets 152,499 3 ,17 2
Deferred tax assets 22624 –
Total non-current assets 2 0 2 ,15 4215,471
Current assets
Inventories 161,0 82 960
Trade and other receivables 1744,534 38,408
Cash and cash equivalents 1862,877 42,824
Total current assets 108,4938 2 ,19 2
To t a l a s s e t s 310,6472 9 7, 6 6 3
Equity and liabilities
Equity attributable to owners of the parent
Share capital 191,4 5 8 1, 4 5 8
Share premium 1 3 7, 5 7 21 3 7, 5 7 2
Retained earnings 118 , 4 5 09 7, 5 1 4
Other reserves 195,086 10, 23 5
To t a l e q u i t y 262,566246,779
Non-current liabilities
Lease liabilities 202,227 2,889
Provisions 127113
Deferred tax liabilities 226,281 8,386
Total non-current liabilities 8,63511, 3 8 8
Current liabilities
Trade and other payables 233 7, 0 4 0 35,422
Current tax liabilities 1,7143,391
Lease liabilities 20692 683
Total current liabilities 39,44639,496
Total liabilities 48,08150,884
Total equity and liabilities 310,6472 9 7, 6 6 3
The financial statements on pages 65 to 99 were approved by the board of directors and authorised for issue on 1 May 2025 and were
signed on its behalf by:
Rashid Varachia
Group Chief Financial Officer and Chief Operating Officer
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66 everplay group plc Annual Report and Financial Statements 2024 67 everplay group plc Annual Report and Financial Statements 2024

Consolidated Statement of Changes in Equity
For the Year Ended 31 December 2024 Consolidated Statement of Cash Flows
For the Year Ended 31 December 2024
Equity attributable to shareholders of the Group
Note Share
capital £’000 Share
premium account £’000 Retained
earnings £’000 Other
reserves £’000 To t a l
Equit y £’000
At 1 Januar y 2023 1, 4 5 613 6,7 75 10 0,78 5 13,444252,460
Comprehensive expense
Loss for the year ––( 3 , 74 5 ) –( 3 ,74 5 )
Other comprehensive expense for the year –––(3,209) (3,209)
Total comprehensive loss ––( 3 , 74 5 ) (3,209)(6,954)
Transactions with owners
Issue of shares 192797 ––799
Share based compensation 24––4 74 –474
Total transactions with owners 2797 4 74 –1, 273
At 31 December 2023 1, 4 5 81 3 7, 5 7 2 9 7, 5 1 410, 23 5246,779
Comprehensive income/(expense)
Profit for the year ––2 0 ,19 0 –2 0 ,19 0
Other comprehensive expense for the year –––( 5 ,14 9 ) ( 5 ,14 9 )
Total comprehensive income ––2 0 ,19 0 ( 5 ,14 9 )15 ,0 41
Transactions with owners
Share based compensation 24––1, 0 0 8 –1,0 0 8
Purchase of own shares ––(262) –(262)
Total transactions with owners ––74 6 –74 6
At 31 December 2024 1, 4 5 81 3 7, 5 7 2 118 , 4 5 0 5,086262,566
NoteYear ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Cash generated from operations 2558,511 5 0,721
Payments for contingent consideration on business acquisitions –( 4 ,18 9 )
Income taxes paid ( 7, 2 3 8 )( 5 ,14 8 )
Net cash inflow from operating activities 51, 27341, 3 8 4
Cash flows from investing activities
Payment for acquisition of Independent Arts Software GmbH, net of cash acquired –(1,7 9 2 )
Payments for contingent consideration on business acquisitions –(6,886)
Payments for IP (7,000)( 7, 5 0 0 )
Payments for other intangibles –(900)
Payments for property, plant and equipment 14 ,15(323)(477 )
Payment for capitalised development costs 11(24,962) ( 3 2 ,18 4 )
Proceeds from sale of property, plant and equipment –35
Proceeds from sale of intangible assets 400–
Dividends from associates 13213 –
Interest received 81, 528 299
Net cash outflow from investing activities ( 3 0 ,14 4 )(49,405)
Cash flows from financing activities
Interest paid 8(18 8) (89)
Principal elements of lease payments (583)(546)
Net cash outflow from financing activities ( 771)(635)
Net increase/(decrease) in cash and cash equivalents 20,358(8,656)
Cash and cash equivalents at beginning of year 42,82450,828
Effect of exchange rates on cash and cash equivalents (305)652
Cash and cash equivalents at end of year 1862,877 42,824
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
68 everplay group plc Annual Report and Financial Statements 2024 69 everplay group plc Annual Report and Financial Statements 2024

Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
1. General information
The principal activity of everplay group plc (formally Team17 Group plc) (the “Company”) is that of a holding company and the principal
activity of the Company and its subsidiaries (together, the “Group”) is the development and publishing of independent (“Indie”) premium
video games and development of educational entertainment apps for children and a leading working simulation games developer and
publisher. The Company is a public company limited by shares and incorporated and domiciled in England (United Kingdom). The address
of its registered office is 3 Red Hall Avenue, Paragon Business Park, Wakefield, WF1 2UL. The registered number of the Company is
112 0 5116 .
2. Material accounting policy information
Basis of preparation
These consolidated financial statements have been prepared and approved by the Directors in accordance with UK adopted international
accounting standards (UK IFRS) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those
standards. Accounting policies have been applied consistently, other than where new policies have been adopted.
The consolidated financial information has been prepared on a going concern basis, under the historical cost convention, as modified by
the revaluation of financial assets and financial liabilities measured at fair value through profit or loss, presented in sterling and has been
rounded to the nearest thousand (£’000). The principal accounting policies adopted are set out below.
New and amended standards adopted by the Group
The following accounting standards or IFRIC interpretations are effective for the year ended 31 December 2024:
• Classification of Liabilities as Current or Non-current – Amendments to IAS 1 (effective 1 Januar y 2024)
• Non-current Liabilities with Covenants – Amendments to IAS 1 (effective 1 Januar y 2024)
• Lease Liability in a Sale and Leaseback – Amendments to IFRS 16 (effective 1 Januar y 2024)
• Supplier finance arrangements – Amendments to IAS 7 and IFRS 7 (effective 1 Januar y 2024)
None of these are expected to have a material impact on the Group’s financial statements or the accounting policies are already consistent
with the new requirements.
Going concern
Management has produced a Group forecast covering the period 1 Januar y 2024 to 30 June 2026 that has also been sensitised to reflect
a severe but plausible downside scenario, which has been reviewed by the Directors. This demonstrates the Group is forecast to generate
profits and cash for a period of at least 12 months from the signing of these consolidated financial statements and that the Group expects
to have sufficient cash reserves to enable the Group to meet its obligations as they fall due over this period.
As such, the Directors are satisfied that the Group has adequate resources to continue to operate for the foreseeable future. For this
reason, they continue to adopt the going concern basis for preparing these consolidated financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its
subsidiaries). Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to use its power to affect its return. The financial statements of the subsidiaries are
prepared for the same reporting period as the parent company, using consistent accounting policies.
All transactions and balances between Group companies are eliminated on consolidation, including unrealised gains and losses on
transactions between Group companies. Amounts reported in the financial statements of subsidiaries have been adjusted where
necessar y to ensure consistency with the accounting policies adopted by the Group. Profit or loss and other comprehensive income of
subsidiaries acquired or disposed of during the year are recognised from the effective date of acquisition, or up to the effective date of loss
of control, as applicable.
Where the Company does not have control but has significant influence over the entity, the entity is considered to be an associate.
Investments in associates are accounted for by the equity method of accounting and are initially recognised at cost, and the carr ying
amount is increased or decreased to recognise the Group’s share of the profit or loss after the date of acquisition. Significant influence is
defined as the power to participate in decision making without the power to control.
The Group’s share of the associate’s post-acquisition profits or losses are recognised in the Consolidated Statement of Profit or Loss, and
its share of post-acquisition movements in reserves is recognised in the Consolidated Statement of Comprehensive Income. Where the
Group’s interest has been reduced to £Nil, additional losses are provided for, and a liability is recognised, only to the extent that the Group
has incurred legal or constructive obligations or made payments on behalf of the associate. Unrealised gains on transactions between the
Group and its associates are eliminated to the extent of the Group’s interest in associates.
For any investments that the Company does not have control or significant influence of then the value of the investments are initially
recognised at initial cost. Subsequently these are recognised at cost less impairment. everplay group plc (formally Team17 Group plc) has provided a guarantee under section 479C of the Companies Act 2006 to the Company
listed below for the year ending 31 December 2024. This company is exempt from the requirements of this Act relating to the audit of
financial statements under section 479A of the Companies Act 2006:
● Yippee Entertainment Limited (registration number: 07522716)
Business combinations and goodwill
The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain
control of a subsidiar y is calculated as the sum of the acquisition date fair values of assets transferred, liabilities incurred and the equity
interests issued by the Group, which includes the fair value of any asset or liability arising from a contingent consideration arrangement.
Acquisition costs are expensed as incurred. Assets acquired and liabilities assumed are measured at their acquisition-date fair values.
Goodwill represents the future economic benefits arising from a business combination that are not individually identified and separately
recognised. Goodwill is initially measured at cost, being the excess of the consideration transferred over the fair value of the Group’s share
of the identifiable net assets acquired. If this is less than the fair value of the net assets of the subsidiar y acquired in the case of a bargain
purchase, the difference is recognised directly in the Consolidated Statement of Comprehensive Income.
After initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is reviewed for impairment annually
using a discounted cash flow method applied to business forecasts. If this review demonstrates that impairment has occurred, this is
expensed to the Consolidated Statement of Profit or Loss. Goodwill is allocated to cash-generating units (“CGUs”) for the purpose of
impairment testing, with the allocation being made to those cash-generating units that are expected to benefit from the business
combination in which the goodwill arose.
Intangible assets acquired in a business combination
The cost of such intangible assets is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at
cost less accumulated amortisation and accumulated impairment losses, if any. An asset is only recognised if the following conditions are met:
● it meets the definition of an intangible asset under IAS 38 “Intangible Assets’;
● the asset is separable or arises from contractual or legal rights;
The following types of intangibles have been recognised:
● Brands
● Acquired games and apps
● Customer and developer relationships
Brands
Where an acquisition of IP does not fall under the scope of IFRS 3 “Business Combinations’, it is accounted for under IAS 38 “Intangible Assets’.
The cost of such intangible assets is the purchase price plus any directly attributable cost of preparing the asset for its intended use. Following
initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. An asset
is only recognised if the following conditions are met:
● it meets the definition of an intangible asset under IAS 38 ‘Intangible Assets’;
● the asset is separable or arises from contractual or legal rights;
● sufficient information exists to measure reliably the fair value of the asset.
Development costs
All internally generated intangible assets are measured on initial recognition at cost. Development costs are the only identified categor y of
internally generated intangible assets that meet criteria for capitalisation under IAS 38 Intangible Assets. Costs that do not meet the criteria
are recognised as an expense in the period when they are incurred.
These are internally generated intangible assets arising from the Group’s development activities and are recognised only if all of the
following conditions are met:
● it meets the definition of an intangible asset under IAS 38 ‘Intangible Assets’;
● completion of the intangible asset is technically feasible so that it will be available to generate economic benefits;
● the Group intends to complete the intangible asset and has the ability to generate probable future economic benefits that will flow to the
Group;
● the expenditure attributable to the intangible asset during its development can be measured reliably; and
● the Group has adequate technical, financial and other resources to complete the development and to use or sell the intangible asset.
Costs consist of internal salar y costs, advances payable to external developers under development agreements and other external
payments. Costs are recognised as an intangible asset throughout the development up until its release. Where development costs incurred
do not meet the recognition criteria set out above, expenditure is recognised as an expense in the period in which it is incurred.
Development costs are disposed of at the date that the Group’s rights to distribute the games are sold or forfeited.
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
70 everplay group plc Annual Report and Financial Statements 2024 71 everplay group plc Annual Report and Financial Statements 2024

Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
2. Material accounting policy information continued
Publishing rights
Publishing rights represent payments to secure the rights to publish a game title for a fixed term. A publishing right intangible asset will be
recognised only on titles that meet the following criteria:
● the asset meets the definition of an intangible asset under IAS 38 ‘Intangible Assets’;
● the asset is separable or arises from contractual or legal rights;
● sufficient information exists to measure reliably the fair value of the asset.
● the title is already released in the market with a demonstrable revenue stream.
● additional development work is not expected on the title.
The cost of such intangible assets is the purchase price of the publishing rights. Following initial recognition, intangible assets are carried at
cost less accumulated amortisation and accumulated impairment losses, if any.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite and at the year end date no intangible assets are accorded an
indefinite life other than goodwill.
Intangible assets with finite lives are amortised over their useful economic lives and assessed for impairment whenever there is an
indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a
finite useful life are reviewed at least at the end of each reporting period.
Amortisation is calculated over the estimated useful lives of the assets as follows:
● Brands – 10 to 15 years straight line
● Development costs – over the period of expected benefit (as discussed below)
● Acquired apps – 7 to 10 years straight line
● Customer and developer relationships – 10 years straight line
● Publishing rights – over the period of expected benefit (as discussed below)
● Other intangibles – 2 years straight line
Amortisation on development costs
Amortisation of development costs commences upon launch of the asset. Changes in the expected useful life or the expected pattern of
consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as
appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is
recognised in the Consolidated Statement of Profit or Loss in cost of sales for development costs. There are 3 different categories of
development costs which have a different amortisation profile to reflect the future economic benefits of the games. These are as follows:
Indie Games are video games launched across PC and other major consoles with the main benefit driven by the initial purchase of the
game by the consumer and a relatively short economic life due to the volume of new game releases available to consumers. These games
have an amortisation period of 2 years split as follows:
● Month 1 – 30% of original cost
● Months 2 to 12 – 40% of original cost over period (Cumulative 70% at end of Month 12)
● Months 13 to 24 – 30% of original cost over period (Cumulative 100% at end of Month 24)
Edutainment apps are developed for younger audiences based on ver y successful IP’s. Due to the subscription-based nature of the IP’s
the benefits are received over a longer period as the consumers utilise the apps over several years. The amortisation method is as follows
recognising that content later on in the base app’s lifecycle will have a shorter life:
● Base App/Platform – 3 to 5 years straight line
● Edutainment content – 1 to 3 years straight line
Simulation games are video games such as Bus Simulator that emulate performing ever yday jobs. These titles tend to have sequels and
the amortisation profile of the assets are spread over 3 years in line with the expected release of a sequel. The policy is:
● Year 1 – 50% straight line
● Year 2 – 25% straight line
● Year 3 – 25% straight line Amortisation on brands
The useful economic life of a brand asset is assessed at the point of acquisition based on forecasted benefits and then reassessed each
year for any changes to this life. Amortisation commences at the point of acquisition and is recognised in the Consolidated Statement of
Profit or Loss in administrative expenses for brand assets. Amortisation is calculated over the estimated useful life of the brands which
ranges from 10 to 15 years straight-line.
Amortisation on acquired games and apps
The useful economic life for these assets are assessed at the point of acquisition based on forecasted benefits and then reassessed each
year for any changes to this life. Amortisation commences at the point of acquisition and is recognised in the Consolidated Statement of
Profit or Loss in administrative expenses for brand assets as it is not considered to directly drive revenues. Amortisation is calculated over
the estimated useful life of the games and apps which ranges from 7 to 10 years straight-line.
Amortisation on acquired customer and developer relationships
Customer relationships are acquired as part of business combinations and represent the relationships that the acquired business has built
up over time. The useful economic life of the asset is assessed at the point of acquisition based on forecasted benefits and then reassessed
each year for any changes to this life. Amortisation commences at the point of acquisition and is recognised in the Consolidated Statement
of Profit or Loss in administrative expenses for acquired customer and developer relationships as these are not considered to directly drive
revenues. Amortisation is calculated over the estimated useful life of the asset which is estimated to be 10 years straight-line.
Amortisation on publishing rights
The useful economic life of publishing rights is assessed at the point of acquisition based on the contractual length of the acquisition and
forecasted benefits. This is then reassessed each year for any changes to this life. Amortisation commences at the point of acquisition and
is recognised in the Consolidated Statement of Profit or Loss in cost of sales. Amortisation is calculated over the estimated useful life of the
publishing rights and amortisation is calculated using the sum of digits method.
Impairment of non-financial assets
The Group assesses at least ever y year whether there is an indication that an asset may be impaired. If any indication exists, or when
impairment testing for an asset is required, the Group estimates the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. It is determined for
an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of
assets. Where the carr ying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written
down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal,
recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used.
The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group’s
CGUs to which the individual assets are allocated.
Impairment losses of continuing operations are recognised in the Consolidated Statement of Profit or Loss in those expense categories
consistent with the function of the impaired asset.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously
recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset’s or
CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used
to determine the asset’s recoverable amount since the last impairment loss was recognised.
The reversal is limited so that the carr ying amount of the asset does not exceed its recoverable amount, nor exceed the carr ying amount
that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised for the asset in prior years.
Such reversal is recognised in the Consolidated Statement of Profit or Loss unless the asset is carried at a revalued amount, in which case
the reversal is treated as a revaluation increase.
Trade and other receivables
Trade receivables are initially recognised at their transaction price. The Group does not expect to have any contracts where the period
between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a
consequence, the Group does not adjust any of the transaction prices for the time value of money. Trade and other receivables are
measured at amortised cost less provision for expected credit losses.
To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the
days past due. Trade receivables and contract assets are written off where there is no reasonable expectation of recover y. Indicators that
there is no reasonable expectation of recover y include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a period of greater than 90 days past due.
Revenue recognition
Revenue includes income from the release of full games, downloadable content (“DLC”) and early access versions of games. The Group
designs, produces and sells video games based on its first and third-party intellectual property to both end consumers and digital and
physical distributors.
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Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
2. Material accounting policy information continued
Digital Revenue
The majority of the Group’s revenue is in the form of royalties received from third party digital distributors who have a license to sell the
Group’s own and third-party games to consumers or sales to physical distributors at a fixed price. Revenue is recognised at the point at
which the content is sold to the distributor or to the consumer and the performance obligation is satisfied. For sales through the Apple and
Google app stores, the Group considers these platforms to be acting as an agent and therefore recognises revenue gross with platform
fees being included separately in cost of sales. For all other customers the Group considers the distribution platforms to be the end
consumer and therefore revenue is recognised net of platform fees. Revenue is received from customers net of returns from end-users and
is recognised as such.
Subscription Revenue
The Group receives subscription revenue for annual or monthly access subscriptions. The Group has a performance obligation with the
subscriber to provide access to the game or application available over the period of subscription and the customer reasonably expects that
updates that significantly affect the IP will be issued. As such the performance obligation is met over the course of the contract and the
revenue is recognised as a right of access contract in line with the length of the subscription. The customer is considered the platform who
supplies the game to the end consumer and a platform for the game to run on and therefore revenue is recognised net of platform fees.
Licence Revenue
The Group receives revenue where the Group agrees to make a game available to a third-party platform for their customers to download
for an agreed period of time for a fixed fee and with minimal future performance obligations required by the Group. The third-party platform
is considered to be the Group’s customer as they control the distribution of the game to the consumer during the agreed period. These
contracts are determined as right to use contracts in accordance with IFRS 15 and the fixed fee is recognised on the date the content is
delivered to and accepted by the third party. Any additional revenue earned based on volume of sales in these contracts are recognised as
usage-based royalties when usage occurs. If any contract includes a break clause, then the revenue recognised excludes the amount that
would be foregone if the break clause was exercised. The remaining revenue is recognised at the later of, the initial contract term has
completed, termination clause has expired, and all performance obligations have been met.
Physical Revenue
Physical revenue is generated from the sale of physical products. Revenue is recognised when the performance of the obligation is
satisfied, which is normally when control of the goods is transferred to the customer at an amount that reflects the consideration to which
the Group expected to be entitled in exchange for those goods. Revenue is based on the invoiced sale price of goods.
Certain contracts provide a customer with a right to return the goods within a specified period. The Group uses the expected value method
to estimate the goods that will not be returned because this method best predicts the amount of variable consideration to which the Group
will be entitled. For goods that are expected to be returned, instead of revenue, the Group recognises a refund liability at the point of
revenue recognition.
A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer.
The Group provides retrospective volume rebates to certain customers once the value of products purchased during the period exceeds a
threshold specified in the contract. Rebates are offset against amounts receivable from the customer. To estimate the variable
consideration for the expected future rebates, the Group applies the most likely amount method for contracts with a single-volume
threshold and the expected value method for contracts with more than one value threshold.
Revenue is recognised net of rebates and early settlement discounts. Rebates and early settlement discounts are estimated based upon
experience over an appropriate period and the relevant agreements with customers.
Principal / Agent considerations
We offer certain software products via third-party digital providers. For sales of our software products via third-party digital storefronts, we
determine whether or not we are acting as the principal in the sale to the end user, which we consider in determining if revenue should be
reported based on the gross transaction price to the end user or based on the transaction price net of fees retained by the third-party
digital storefront. An entity is the principal if it controls a good or service before it is transferred to the customer. Key indicators that we use
in evaluating these sales transactions include, but are not limited to, the following:
● the underlying contract terms and conditions between the various parties to the transaction;
● which party is primarily responsible for fulfilling the promise to provide the specified good or service; and
● which party has discretion in establishing the price for the specified good or service.
For sales arrangements via Apple and Google app stores, we have determined that we are the principal to the end user and thus report
revenue on a gross basis and mobile platform fees charges from these digital storefronts are expensed as incurred and reported within
cost of sales.
Royalties
Revenue from the distribution of third-party games generate an onward royalty to licensors of intellectual property rights included within the
Group’s products, these royalties are recognised as a cost of sale in line with the timing of associated revenues. IFRS 16 ‘Leases’
A lease liability reflecting future lease payments and a right-of-use asset for lease contracts are recognised at the lease commencement
date. The value of the assets and liabilities recognised is calculated from the total of the future lease payments discounted for the incremental
borrowing rate at the date of application. The incremental borrowing rate is used as the interest rate implicit in the lease is not readily
available. The incremental borrowing rate is decided on through discussion with our bankers and comparison to other businesses in the
industr y. Interest on the lease liability is calculated on a monthly basis and recognised in the Consolidated Statement of Profit or Loss.
The right-of-use assets created are depreciated over the length of the lease and the depreciation is included in the Consolidated Statement
of Profit or Loss. Lease incentives affect the total of the future lease payments and therefore are included within the right-of-use assets and
lease liabilities recognised at the commencement date.
Right-of-use assets
Right-of-use assets are recognised where the Group is a lessee. The amount recognised as an addition is the total of the future lease
payments discounted for the incremental borrowing rate at the date of application. Depreciation is calculated on a straight-line basis over
the length of the contract taking into consideration any break clauses included within the lease.
Ta x a t i o n
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated
Statement of Profit or Loss because it excludes items of income or expense that are taxable or deductible in other years and it further
excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates and laws that have
been enacted or substantively enacted by the period end date.
Video Games Tax Relief (“VGTR”)
VGTR tax credits are included within current tax. They are only recognised where the Directors believe that a tax credit will be recoverable.
This is based upon the Group’s experience of obtaining the required certification to facilitate its games in development to qualify for VGTR
and success of previous submitted claims. An estimate is made throughout the year, and a tax receivable recognised, based on qualifying
expenditure during the year.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carr ying amounts of assets and liabilities in the
consolidated financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using
the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporar y differences and
deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporar y
differences can be utilised. Such assets and liabilities are not recognised if the temporar y difference arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects
neither the taxable profit nor the accounting profit.
The carr ying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates and laws
that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
Consolidated Statement of Profit or Loss, except when it relates to items charged or credited directly to equity, in which case the deferred
tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax
liabilities when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and
liabilities on a net basis.
Share based compensation
The Company has awarded share options to various employees and Directors. The fair value of these awards are calculated based on the
conditions attached to the awards as shown below:
Exercise Price
Nil Cost Fixed Price
Ta r g e t sNo performance measuresAward price at grant dateBlack scholes valuation
Profit based targets Award price at grant dateN /a
Share price based target Monte carlo simulationN /a
For share based compensation containing an ongoing service requirement the fair value of these options are recognised as an expense in
the Consolidated Statement of Profit or Loss over the vesting period of the options with a corresponding credit included within retained
earnings. For share based compensation with no ongoing service requirement the fair value of these options are recognised as an expense
at the point of issue. Employers’ national insurance due on the share options are included over time within the Consolidated Statement of
Profit or Loss based on the estimated number of shares expected to vest multiplied by the balance sheet date share price whilst the credit is
included within trade and other payables. The accumulated share option value is adjusted for any lapsed share options on a monthly basis.
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Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
2. Material accounting policy information continued
Pensions
The Group operates a defined contribution pension scheme. The assets of the scheme are held and administered separately from those of
the Group. Contributions payable for the year are charged in the Consolidated Statement of Profit or Loss. Differences between contributions
payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet. The Group has no
further payment obligations once contributions have been paid.
Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value. The cost includes the original
price of the asset and the cost attributable to bringing the asset to its current working condition for its intended use. Depreciation, down to
residual value, is calculated on a straight-line basis over the estimated useful life of the asset which is reviewed on an annual basis.
Depreciation is calculated over the estimated useful lives of the assets as follows:
Leasehold improvements – straight-line over the life of the lease
Plant and equipment – 3 years straight-line
Fixtures and fittings – 6 years straight-line
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from
the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carr ying amount of the item) is included in the Consolidated Statement of Profit or Loss in the year the item is derecognised.
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is based on the first-in first-out principle and includes expenditure
incurred in acquiring the inventories, production or conversion costs and other costs in bringing them to their existing location and condition.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
Initial recognition and measurement
In accordance with IFRS 9 ‘Financial Instruments’, the Group has classified its financial assets as ‘Financial assets at amortised cost’. The
Group determines the classification of its financial assets at initial recognition.
All financial assets are recognised initially at fair value plus, in the case of assets not at fair value through the Consolidated Statement of
Profit or Loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
The subsequent measurement of financial assets depends on their classification as described below:
Financial assets carried at amortised cost
This categor y applies to trade and other receivables due from customers in the normal course of business and cash and cash equivalents.
All amounts which are not interest bearing are stated at their recoverable amount, being invoice value less provision for any expected credit
losses. These assets are held at amortised cost.
The Group classifies its financial assets as at amortised cost only if both of the following criteria are met:
i. the asset is held within a business model with the objective of collecting the contractual cash flows; and
ii. the contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
outstanding.
The Group does not hold any material financial assets at fair value through other comprehensive income or at fair value through the
Consolidated Statement of Profit or Loss. The Group does not hold any derivatives and does not undertake any hedging activities.
Other financial assets are recognised initially at fair value plus transaction costs that are directly attributable to the acquisition of the
financial asset.
Cash and cash equivalents
Cash and short-term deposits in the Consolidated Statement of Financial Position comprise cash at banks and on hand and short-term
deposits held with banks with a maturity of three months or less from inception. Included within cash and cash equivalents is cash owned
by the EBT. The EBT cash is not readily available for use by the Group to meet its ever yday operating costs but can be spent for the benefit
of the employees and as such is considered restricted cash.
For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and short-term deposits as
defined above.
Interest is recognised upon receipt from the appropriate bank or financial institution. Subsequent measurement
Impairment of financial assets
The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets measured at amortised
cost. The Group applies the simplified approach to providing for expected credit losses prescribed by IFRS 9, which permits the use of the
lifetime expected loss provision for all trade receivables. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and the days past due. For other financial assets at amortised cost, the Group determines
whether there has been a significant increase in credit risk since initial recognition. The Group recognises 12-month expected credit losses
if there has not been a significant increase in credit risk and lifetime expected credit losses if there has been a significant increase in credit risk.
Expected credit losses incorporate forward-looking information, take into account the time value of money when there is a significant
financing component and are based on historic loss rates, the external credit ratings of its customers, and significant changes in the
expected performance and behaviour of the borrower.
Financial assets are written off when there is no reasonable expectation of recover y. Where receivables have been written off, the Group
continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in
the Consolidated Statement of Profit or Loss.
Financial Liabilities
Initial Recognition and Measurement
All financial liabilities are recognised initially at fair value net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, tax payables, contingent consideration, lease liabilities and previously
included loans and other borrowings.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest
rate (“EIR”) method. Gains and losses are recognised in the Consolidated Statement of Profit or Loss when the liabilities are derecognised
as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of
the EIR. The EIR amortisation is included in finance costs in the Consolidated Statement of Profit or Loss.
After initial recognition, contingent consideration is subsequently measured at fair value through profit and loss. Liabilities are remeasured
to fair value at each balance sheet date and any movement in the value is recorded in the Consolidated Statement of Profit or Loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised when:
● The rights to receive cash flows from the asset have expired; or
● The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in
full without material delay to a third party under a ‘pass-through’ arrangement, and either (a) the Group has transferred substantially all
the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the
asset, but has transferred control of the assets.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial
liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability. The
difference in the respective carr ying amounts is recognised in the Consolidated Statement of Profit or Loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset with the net amount reported in the Consolidated Statement of Financial Position only if
there is a current enforceable legal right to offset the recognised amounts and intent to settle on a net basis, or to realise the assets and
settle the liabilities simultaneously.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of the obligation. Provisions are measured using the Directors’ best estimate of the expenditure required to settle the obligation at
the period end date.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate,
the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a
finance cost.
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Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
2. Material accounting policy information continued
Operating segments
Operating segments are identified in a manner consistent with the internal reporting provided to the chief operating decision maker. The
chief operating decision maker, who is responsible for allocating resources and assessing performance of the operating segments, has
been identified as the Group CEO and CFO. For reporting purposes, operating segments are aggregated into reporting segments where
operating segments:
● have similar economic conditions and characteristics;
● the nature of products, services, production processes, type and class of customer, distribution methods and regulator y environments
are the same;
● where the aggregation of operating segments provides information that enables users to evaluate the nature and financial effects of the
business activities in which the Group engages and the economic environments in which it operates.
Foreign currency
Foreign currency transactions are translated into the functional currency of the respective Group entity, using the exchange rates prevailing
at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from trading activities such as the
settlement of trading transactions and from the remeasurement of trading monetar y items denominated in foreign currency at year-end
exchange rates are recognised in administrative expenses in the Consolidated Statement of Profit or Loss. All other foreign exchange gains
and losses are presented in the Consolidated Statement of Profit or Loss in finance costs.
The results and financial position of foreign operations that have a functional currency different from the presentation currency are
translated into the presentation currency as follows:
● assets and liabilities for each balance sheet presented are translated at the closing rate at the date of that balance sheet;
● income and expenses for each Statement of Profit or Loss and Statement of Comprehensive Income are translated at average exchange
rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case
income and expenses are translated at the dates of the transactions); and
● all resulting exchange differences are recognised in other comprehensive income.
On consolidation, exchange differences arising from the translation of any net investment in foreign entities, and of borrowings and other
financial instruments designated as hedges of such investments, are recognised in other comprehensive income. When a foreign operation
is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or
loss, as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign
operation and translated at the closing rate.
Employee Benefit Trust
As the Company is deemed to have control of its Employee Benefit Trust (“EBT”), it is treated as a subsidiar y and consolidated for the
purposes of the combined and consolidated financial statements. The EBT’s assets (other than investments in the Company’s shares),
liabilities, income and expenses are included on a line-by-line basis in the consolidated financial statements. The EBT’s investment in the
Company’s shares is deducted from equity in the Consolidated Statement of Financial Position as if they were treasur y shares. The gain or
loss on transfer of the shares from the EBT to employees is recognised within equity.
New standards and interpretations not yet adopted
Certain new accounting standards and interpretations have been published that are not mandator y for 31 December 2024 reporting
periods and have not been early adopted by the Group. These standards are not expected to have a material impact on the entity in the
current or future reporting periods and on foreseeable future transactions.
Adoption of new and revised standards
There are a number of standards and interpretations issued by the International Accounting Standards Board that are effective for financial
statements after this reporting period. The following have not been adopted by the Group in preparing the consolidated financial
statements for the year ended 31 December 2024:
● Amendments to IAS 21 to clarify the accounting when there is a lack of exchangeability (effective 1 Januar y 2025)
● Sale or contribution of assets between an investor and its associate or joint venture – Amendments to IFRS 10 and IAS 28
● Amendments to IAS 21 – Lack of Exchangeability (effective for annual periods beginning on or after 1 Januar y 2025)
● Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9 and IFRS 7 (effective for annual
periods beginning on or after 1 Januar y 2026)
● IFRS 18 Presentation and Disclosure in Financial Statements (effective for annual periods beginning on or after 1 Januar y 2027)
The application of the standards and interpretations not yet applied is not expected to have a material impact on the Group’s financial
performance or position or give rise to additional disclosures in the consolidated financial statements.
3. Key sources of estimation, uncertainty and significant accounting judgements
The preparation of the Group’s consolidated financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of
contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the
carr ying amount of assets or liabilities affected in future periods.
In the process of applying the Group’s accounting policies, management has made the following key judgements and estimates, which
have the most significant effect on the amounts recognised in the consolidated financial statements:
Development Costs Capitalisation (Judgement)
The Group invests heavily in research and development. The identification of development costs that meet the criteria for capitalisation is
dependent on management’s judgement and knowledge of the work done together with any agreements made with the rights holders of a
specific game. Judgements are based on the information available at each period end. Economic success of any development is assessed
and a review for indicators of impairment is completed by product at each period-end date. The net book values of the development cost
intangible assets at 31 December 2024 are £40,637,000 (FY 2023: £35,072,000).
Revenue Recognition (Judgement)
In applying IFRS 15, the Group is required to make a judgement on whether certain revenue contracts provide either a right to use or right
to access the IP. The Group considers that its revenue contracts to date provide a mix of right to use and right to access the asset and all
new contracts are reviewed against the criteria to ensure the correct treatment is applied. Where contracts are determined to provide a
right to use, revenue is recognised at the point where the performance obligation is satisfied. Where a contract provides a right to access
revenue is recognised over the contract term.
In determining the revenue recognition treatment, the Group also needs to assess whether the Company is acting as an agent or a
principal in each contract when providing goods or services to a customer. Each contract has been reviewed against the indicators set out
in the “Principal / Agent consideration” section included in the accounting policies. Where the Group acts as an agent, revenue is
recognised net of selling costs and when the Group is a principal it recognises revenue gross of selling costs. The Group is considered the
agent for all digital sales, except those through the Apple and Google app stores where the Group is considered the principal.
In licence revenue contracts there is judgement required in determining the value and allocation of consideration across the elements of the
contract.
Impairment of intangible assets (Estimate)
Ever y year impairment tests are undertaken for all assets with an indefinite life and any assets with a finite life where indicators of
impairment have been identified. As part of the impairment assessment, a value in use calculation is used in determining the level of
impairment. These value in use calculations are estimated based on cashflow forecasts. These cashflow models are most sensitive to a
change in the estimated of cash inflows and details of these and other sensitivities can be found in note 11.
4. Segmental analysis
The Group has three different operating segments within the business which are as follows:
● Games Label – Developing and publishing video games for the digital and physical market
● Simulation – Developing and publishing simulation games for the digital and physical market
● Edutainment – Developing educational entertainment apps for children
The chief operating decision maker (“CODM”) of the Group is considered to be the Group CEO and CFO, the group executive directors.
The CODM reviews the Group’s internal reporting in order to assess performance and allocate resources. The CODM determines the
operating segments based on these reports and on the internal reporting structure.
The CODM considered the aggregation criteria set out within IFRS 8 “Operating Segments” where two or more operating segments can be
combined for reporting purposes so long as aggregation provides financial statement users with information to evaluate the business and
the environment in which it operates.
After assessing this criteria, the CODM deems it appropriate for all three operating segments to be aggregated and reported as a single
segment. Each segment develops and publishes games and apps using own and third-party IP through similar distribution methods with
similar margins in the same regulator y environments. Therefore all figures reported in the annual report are reported as a single aggregated
reporting segment.
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
78 everplay group plc Annual Report and Financial Statements 2024 79 everplay group plc Annual Report and Financial Statements 2024

Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
4. Segmental analysis continued
Non-current assets are located in the following locations:
Year ended
31 December 2024
£’000 Year ended
31 December 2023 ’000
UK 95,755101, 6 9 0
EU 10 6,39910 8,792
Rest of World –4,989
2 0 2 ,15 4 215,471
5. Revenue
All revenue was generated by the sale of goods. Whilst the CODM considers there to be only one reportable segment, the Company’s
portfolio of games is split between internal IP (those based on IP owned by the Group) and third-party IP incurring royalties. Therefore, to
aid the readers understanding of our results, the split of revenue from these two categories is shown below:
Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
First-Party IP 61,4 8755,854
Third-Party IP 10 5 ,13 710 3, 271
166,624 15 9 ,12 5
The Group does not provide any information on the geographical location of sales as the majority of revenue is through third-party
distribution platforms which are responsible for the sales data of consumers.
All committed revenue contracts in progress at the 31 December 2024 are expected to be completed and recognised in revenue within one
year or less. As permitted under IFRS 15, the transaction price allocated to these unsatisfied contracts is not disclosed. All brought forward
accrued income and deferred income has been recognised or released during the year. The timing of revenue recognition is shown below:

Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Over time 5,8637, 4 8 8
At a point in time 16 0,761151, 6 37
166,624 15 9 ,12 5

The following customers each contributed over 10% of the total revenue in 2024 and 2023:
Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Steam 4 4 ,74 645,066
Microsoft 17,03517, 6 7 9
Sony 31,9 0 428,952
Nintendo 18,49617, 3 4 4
Apple 18 , 81219,9 8 0
Customers contributing 100%*45%22.9% N/A+>100%* 36%14.4% 143%
StoryToys (Edutainment) 47%22%10.2% 47.8% 24%23%4.6%10.4%
astragon (Simulation) 12%39%2.9% 5.0% 9%32% 1.9% 3.3%
Team17 (USA) See impairment section on page 87
*In the case of a 100% reduction in new release revenue the recoverable amount of the CGU would still exceed its carrying value.
+ The recoverable amount of the CGU is supported by the 5-year plan period. As \
such no change in terminal growth rate assumption will cause impairment.
Impairment of Team17 (USA)
The impairment review of Team17 (USA) identified impairment of £991,000 to Goodwill (2023:\
£20,879,000) and a further impairment of
£3,572,000 to Customer and Developer Relationship intangible assets (\
2023: £nil). Team17 (USA) is focussed on developing games for the
mobile subscription market. Due to an increasingly competitive landscape and key employees leaving the CGU and the\
current pipeline the
remaining carrying value of Goodwill and Intangible assets associated wit\
h the purchase were impaired to nil value. As no further impairment
of these assets is possible no associated sensitivity analysis has been \
performed.
Other intangibles
These are made up of capitalised software and are amortised under the following policies:

Capitalised software 2 years straight-line
12. Business combinations
Acquisition of Independent Arts Software GmbH (FY 2023)
In the prior year on 27 April 2023 astragon Entertainment GmbH acquired 100% of the share capital of Independent Arts Software GmbH for
a maximum payment of £3.1 million (€3.5m) subject to the seller \
and Company meeting certain requirements. The initial payment for the
acquisition was £1.8 million (€2.0m) in cash. A further payment \
of up to £1.3 million (€1.5 million) is payable in cash based on the seller
meeting certain requirements following completion of the acquisition. There was no minimum due on the contingent payment. The results of
the business have been included in the Consolidated Statement of Profit or Loss from the date of acquisition. In the period from 1 January
2023 to the date of acquisition, the results of the business were wholly immaterial and therefore not disclosed.
Independent Arts Software GmbH is a talented video game developer based in Germany. The acquisition increases astragon’s development
capabilities in the simulation space. The total consideration was made u\
p of £1,792,000 of initial consideration and £964,000 of contingent
consideration. Details of the movement in contingent consideration can b\
e found in note 21.
Contingent consideration consists of the payments to the sellers include\
d at fair value and payable based on them and the Company meeting
certain requirements.
Contingent consideration requirements – Management have assessed the likelihood of these requirements being met. At acquisition,
management assessed the fair value of the contingent consideration using\
a risk weighted model. This will be reassessed at each reporting
date and the movement in the fair value of the consideration amount recognised in the Consolidated Statement of Profit or Loss.
The assets and liabilities recognised as a result of the acquisition are as follows:

Book value
£’000 Fair value
adjustment £’000 Fair value
acquired £’000
Property, plant and equipment 29–29
Right of use asset –135 135
Trade and other receivables 783–783
Trade and other payables (207)40(167)
Lease liabilities –(127) (127)
Net identifiable assets acquired 60548653
Add: Goodwill 2,103
Total Consideration 2,756
The goodwill is attributable to Independent Arts Software’s talented development team. It has been allocated to the Simulation seg\
ment of
the business led by astragon Entertainment GmbH which is the development\
and publishing of simulation games for the digital and physical
market. None of the goodwill is expected to be deductible for tax purpos\
es.
86 everplay group plc Annual Report and Financial Statements 2024 87 everplay group plc Annual Report and Financial Statements 2024

13. Investments
Details of the subsidiaries in which the Group holds 100% of the share capital are as follows and there has been no movement during the
current or previous year in the proportion of rights held except as disclosed below:
Name of company Registered addressPrincipal
place of
business Proportion of
voting rights and
shares held Activity
Team 17 Digital Limited 3 Red Hall Avenue,
Wakefield, WF1 2UL UK
100% Development and
publishing of video games
Mouldy Toof Studios Limited* 3 Red Hall Avenue,
Wakefield, WF1 2UL UK
100% Dormant
Yippee Entertainment Limited 3 Red Hall Avenue,
Wakefield, WF1 2UL UK
100% Dormant
Touch Press Inc. 1013 Centre Road,
Suite 403-B, Wilmington,
Delaware, 19805, USA USA
100% Intermediate holding
company
StoryToys Limited Exchequer Chambers,
23 Exchequer Street,
Dublin 2, Ireland Ireland
100% Development of
edutainment apps
Team17 (USA) Inc 1013 Centre Road,
Suite 403S, Wilmington,
Delaware 19805, USA USA
100% Development and
publishing of video games
for the mobile market
The Label Inc PO Box 309, Ugland House,
South Church Street,
George Town, Grand Cayman
KY1-1104, Cayman Islands USA
100% Development and
publishing of video games
for the mobile market
astragon Entertainment GmbH Am Wehrhahn 33, 40211,
Duesseldorf, Germany Germany
100% Development and
publishing of simulation
video games
Independent Arts Software GmbH Münsterstraße 5, 59065 Hamm,
Germany Germany
100% Development of simulation
video games
StoryToys Canada Limited
(incorporated 15 June 2023) Brookfield Place,
181 Bay Street, Suite 1800,
Toronto, Canada Canada
100% Provider of development
and commercial support for
edutainment apps
*On 20 January 2025 Mouldy Toof Limited was renamed everplay group limited. On 31 January 2025 the company was renamed back to Mouldy Toof Limited.
The Group has the following investments in associates and there has been no movement in the current or prior year. The investments are
held through astragon Entertainment GmbH. All investments in associates are measured using the equity method holding the investment at
cost plus share of profits/(losses).
Name of company Registered addressPrincipal
place of
business Proportion of
voting rights and
shares held Activity
Weltenbauer Software
Entwicklung GmbH Frankfurter Str 5, 65189
Wiesbaden Germany
25.2% ordinary
shares Development of simulation
video games
Rincon Design GmbH Gilbachstrasse 29a, 50672
Cologne Germany
20% ordinary
shares Digital design work
GQA Games Quality GmbH1 Dr.-Hans-Lebach-Str. 2, 15537
Erkner Germany
50% ordinary
shares Quality assurance services
for video games
GQA Games Quality Ukraine
1 Sichovikh Striltsiv Street, 21,
office 501 04053, Kiev city Ukraine
50% ordinary
shares Quality assurance services
for video games
1. GQA Games Quality GmbH owns 100% of the share capital of GQA Games Quality Ukraine. Both companies are not considered under control of everplay group plc
(formally Team17 Group Plc) as the remaining 50% of the share options are owned by the CEO of the business and the Group has no additional voting rights.
The value of investments in associates held under the equity method are as follows:
Total
£’000
At 1 January 2023 1,045
Translation on foreign operations 27
Share of loss from associates (205)
At 31 December 2023 867
Translation on foreign operations 13
Dividends paid (213)
Share of profit from associates 188
Movement in provision for unrealised profits 114
At 31 December 2024 969

14. Property, plant and equipment
Leasehold
improvements £’000 Plant and
equipment £’000 Fixtures and
fittings £’000 Total
£’000
Cost
At 1 January 2023 9281,956 2973,181
On acquisition –29 –29
Additions 3468 6477
Disposals –(610) (20)(630)
Currency translation –(13) –(13)
At 31 December 2023 9311,830 2833,044
Additions –257 2259
Disposals (62)(10)(29)(101)
Currency translation –(38) (1)(39)
At 31 December 2024 8692,039 2553,163
Accumulated depreciation
At 1 January 2023 2721,050 1671,489
Charge for the year 73577 42692
Disposals –(25) 9(16)
Currency translation –(541) (20)(561)
At 31 December 2023 3451,061 1981,604
Charge for the year 64494 38596
Disposals (62)(4)(28) (94)
Currency translation –(21) (2)(23)
At 31 December 2024 3471,530 2062,083
Net book value
At 31 December 2024 522509 491,080
At 31 December 2023 586769 851,440
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
88 everplay group plc Annual Report and Financial Statements 2024 89 everplay group plc Annual Report and Financial Statements 2024

15. Right-of-use assets
Buildings £’000 Plant and
machinery £’000 Total
£’000
Cost
At 1 January 2023 3,769–3,769
On acquisition 135–135
Additions 446413859
Disposals (103)–(103)
Currency translation (101)–(101)
At 31 December 2023 4,1464134,559
Additions 64–64
Currency translation (105)–(105)
At 31 December 2024 4,1054134,518
Accumulated depreciation
At 1 January 2023 984–984
Charge for the year 47687563
Disposals (103)–(103)
Currency translation (57)–(57)
At 31 December 2023 1,300871,387
Charge for the year 550126676
Currency translation (44)–(44)
At 31 December 2024 1,8062132,019
Net carrying amount
At 31 December 2024 2,2992002,499
At 31 December 2023 2,8463263,172
16. Inventories
31 December
2024
£’000 31 December
2023
£’000
Finished goods 1,082960
1,082 960
The balance represents the value of physically produced video games controlled by the company. During the year £11,268,000 (FY 2023:
£7,135,000) was recognised through cost of sales. Inventories are stated after provision for impairment of £104,000 (FY 2023: £128,000).
17. Trade and other receivables
Amounts falling due within one year: 31 December
2024
£’000 31 December
2023
£’000
Trade receivables 20,95411,915
Accrued income 14,36716,612
Corporation tax receivable –1,660
Other taxes receivable 4752,185
Other receivables 1,4141,697
Prepayments 4,9054,141
Costs of fulfilling contracts 2,419198
44,534 38,408
Since most of its customers are considered to have low default risk and the historical default rate and frequency of loss are low, the expected
credit loss allowance for trade receivables is £nil as at 31 December 2023 and 31 December 2024.
Costs of fulfilling contracts are costs that relate to partially satisfied performance obligations on revenue contracts recognised in time. Costs
of fulfilling contracts are recognised in line with the criteria set out in the revenue recognition (judgement) section of note 3 – Key sources of
estimation, uncertainty and significant accounting judgements.
18. Cash and cash equivalents
31 December
2024
£’000 31 December
2023
£’000
Cash at bank and in hand 60,17839,923
Restricted cash 2,6992,901
62,877 42,824
Included within the restricted cash balance above is £2,699,000 (FY 2023: £2,901,000)\
held by the Team17 Employment Benefit Trust. This
cash is not readily available for use by the Group to meet its everyday operating costs but can be spent for the benefi\
t of the employees and
as such is considered restricted cash.
19. Equity attributable to owners of the parent
31 December
2024
£’000 31 December
2023
£’000
Authorised, allotted, called up and fully paid
145,848,677 (2023: 145,803,620) ordinary shares of 1p each 1,4581,458
1,458 1,458
The ordinary shares have voting, dividend and capital distribution rights. They are not redeemable.
On 15 November 2024 the Company issued 45,057 shares to satisfy the exercising of share options held by Mark Crawford upon the
resignation from the role of Group Chief Financial Officer.
In the prior year on 13 April 2023 the Company issued 210,349 to the sel\
lers of the Label Inc for a total value of £799,000. Of this balance
£487,000 related to contingent consideration on the acquisition of the business an\
d the remaining £312,000 was deemed remuneration
under IFRS 3 “Business Combinations”.
Shares held by subsidiaries
At 31 December 2024, and included in these consolidated financial stat\
ements, the Team17 Employment Benefit Trust holds 1,766,043
(2023: 1,850,658) shares in everplay group plc with a nominal value of £17,660 (FY 2023: £18,507).
Share premium
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the
share premium, net of any related income tax benefits. During the year premiums of £nil (FY 2023: £797,000) have been recognised as part
of share issues to the sellers of The Label inc. An adjustment was made during \
the prior year to reclass £4,649,000 from the merger reserve
to Share premium to reflect the substance of the transaction from the issue of shares to satisfy acquisition consideration of The Label Inc.
Retained earnings
Includes all current and previous retained profits and losses.
31 December
2024
£’000 31 December
2023
£’000
Other reserves
Merger reserve (153,822)(153,822)
Capital contribution reserve 3,6163,616
Merger relief reserve 154,245154,245
Currency translation reserve (388)4,761
Other 1,4351,435
5,086 10,235
Merger reserve
On 23 May 2018 the Company became the ultimate parent company of the Group. The merger reserve was created as a result of the share
for share exchange under which everplay group plc (at the time Team17 Group plc) became the parent undertaking prior to the IPO. Under
merger accounting principles, the assets and liabilities of the subsidia\
ries were consolidated at book value in the consolidated financial
statements and the consolidated reserves of the Group were adjusted to reflect the statutory share capital, share premium and other reserves
of the Company as if it had always existed, with the difference presented as the merger reserve. A reclassification was made during the prior
year transferring £4,649,000 from the merger reserve to Share premium to better reflect the substance of the transaction.
Capital contribution reserve
Includes the value of shares gifted to the Team17 Employment Benefit Trust on 23 May 2018 as part of the IPO.
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
90 everplay group plc Annual Report and Financial Statements 2024 91 everplay group plc Annual Report and Financial Statements 2024

19. Equity attributable to owners of the parent continued
Merger relief reserve
The premiums on the shares issued as part of historic share for share exchanges have been included in the merger relief reserve.
Currency translation reserve
Currency movements arising on the revaluation of foreign subsidiaries into the presentation currency of the consolidated financial statements,
GBP, are included in other comprehensive income or expenses and held in the currency translation reserve.
Other
This includes the gain on the sale of shares in the Company from sales of shares held in treasury.
20. Lease liabilities
31 December
2024
£’000 31 December
2023
£’000
Amounts falling due within one year 692683
Amounts falling due in over one year 2,2272,889
2,919 3,572
The following reconciles the lease liability movements:
31 December 2024
£’000 31 December
2023
£’000
At 1 January 3,5722,989
Acquisitions –127
Additions –938
Interest 188187
Payments (771)(635)
Movements in foreign exchange (70)(34)
At 31 December 2,9193,572
21. Contingent consideration
31 December
2024
£’000 31 December
2023
£’000
Amounts falling due in under one year –4,944
Included within trade and other payables is £nil (FY 2023: £4,944\
,000) of contingent consideration as disclosed in note 23. Contingent
consideration is broken down as follows:
Business
acquisitions £’000 IP Purchase
£’000 Total
£’000
At 1 January 2023 13,02614,30827,334
On acquisition 964–964
Fair value adjustment (2,614)(2,472)(5,086)
Interest 5186081,126
Foreign exchange (332)–(332)
Payment – Cash (classified as investing activities in the statemen\
t of cash flows) (6,886)(7,500)(14,386)
Payment – Cash (classified as operating activities in the statemen\
t of cash flows) (4,189)–(4,189)
Payment – Shares (487)–(487)
At 31 December 2023 –4,944 4,944
Interest –56 56
Payment – Cash (classified as investing activities in the statemen\
t of cash flows) –(5,000) (5,000)
At 31 December 2024 –––
The maximum value of outstanding contingent consideration at the year en\
d was £nil (FY 2023: £16,700,000). The value of the earnout was
determined based on the performance criteria included in the underlying \
contract.
22. Deferred taxation
Recognised deferred tax asset:

Tax losses
£’000 Other
short-term timing
differences £’000 Total
£’000
At 1 January 2023 2971,498 1,795
Foreign exchange 150–150
Deferred tax recognised in profit or loss (447)2,530 2,083
At 31 December 2023 –4,028 4,028
Deferred tax recognised in profit or loss –(718) (718)
At 31 December 2024 –3,310 3,310
Recognised deferred tax liabilities:
Accelerated
depreciation for tax
purposes £’000 Arising on
intangible assets £’000 Other
short term timing
differences £’000 Total
£’000
At 1 January 2023 39910,320 24510,964
On acquisition –2,708 –2,708
Foreign exchange –50 –50
Deferred tax recognised in profit or loss 292(1,364) (236)(1,308)
At 31 December 2023 69111,714 912,414
Foreign exchange 21(323) (9)(311)
Deferred tax recognised in profit or loss (329)(2,807) –(3,136)
At 31 December 2024 3838,584 –8,967
The overall deferred tax position is a liability of £5,657,000 (FY 2023: liability of \
£8,386,000).
During the prior year the valuation of brands related to the acquisition of astragon Entertainment GmbH was reassessed. This adjustment
increased the valuation of the acquired games and apps asset by £8,269,000 as discussed in note 11. The im\
pact on deferred tax liabilities
was an increase of £2,708,000.
23. Trade and other payables
Amounts falling due within one year:
31 December
2024
£’000 31 December
2023 £’000
Trade payables 5,1246,530
Other payables 4041,387
Contingent consideration –4,944
Taxation and social security 796787
Accruals and deferred income 30,71621,774
37,040 35,422
The carrying amount of trade and other payables is considered to be the same as the fair value due to the short term nature.
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
92 everplay group plc Annual Report and Financial Statements 2024 93 everplay group plc Annual Report and Financial Statements 2024

24. Share based compensation
The following share schemes have been awarded but not yet vested at 31 December 2024:
Share scheme nameAward dateVesting date Maximum number
of share options
outstanding Exercise price
per share option
Executive LTIPs See noteSee note 1,097,014£Nil
Non-Executive LTIPs 14 November 202414 November 2027 61,648£2.23
Free shares (Multiple awards) See noteSee note 54,657£Nil
Share Incentive Plan (See note below) Monthly award3 years from award date 40,252£Nil
Nil cost options (Multiple awards) See noteSee note 169,267£Nil
Other LTIPs See noteSee note 12,535£Nil
Senior management LTIPs 29 June 202228 June 2025 24,489£Nil
The maximum number of outstanding share options at 31 December 2024 was 1,459,862 (2023: 1,357,620). Of thes\
e share options
276,711 (2023: 433,021) will be settled from shares already held by the Team17 Employment Benefit Trust. All share options have both an
award and exercise price of £Nil with the exception of Non-Executive LTIPS. There are no dividends expected to be paid during the option
vesting period.
Share based payment charges are included within either cost of sales or administrative expenses (depe\
nding on which employees the shares
were issued to) in the Consolidated Statement of Profit or Loss and included within retained earnings in the Consolidated Statement of
Financial Position. In addition, social security costs are being accrued in the balance sheet at the rate applicable to the recipient multiplied by
the balance sheet share price multiplied by the number of shares expected to vest. This is recognised over the vesting period within either
cost of sales or administrative expenses and accruals in the Consolidate\
d Statement of Financial Position.
Included within the consolidated financial statements is the following\
:
31 December 2024
£’000 31 December
2023
£’000
Consolidated Statement of Comprehensive Income
Share options charge 1,008474
Employers national insurance (1)(57)
1,007 417
Consolidated Statement of Financial Position
Accruals (cumulative employers national insurance balance) 112113
Retained Earnings (cumulative balance) 4,4113,671

At the date of award, in order to calculate the fair value of share options the likelihood of the options vesting is estimated. This percentage
based estimate is made up of:
● Assessment of meeting results based performance targets (where applicable)
● Assessment of the likelihood for remaining employed throughout the vesting period
The combination of these make up the estimate of options vesting percentage as shown in the following tables. Executive LTIPs
The fair value of services received in return for share options awarded is calculated based on the Monte Carlo method for valuing share
options. The expense is apportioned over the vesting period and is based\
on the number of financial instruments which are expected to vest
and the fair value of those financial instruments at the date of the a\
ward. The fair value of options is reassessed at each reporting date to
reflect the Group’s position against the targets.
2021 2022202320232024
Award date 8 July 202129 June 202218 July 202318 July 20239 July 2024
Vesting date 7 July 202428 June 202517 July 202617 July 20268 July 2027
Underlying share price (£) 7.953.953.2253.2252.85
Estimate of options vesting 0%0%100%100%100%
Risk free rate 0.83%0.83%4%4%4%
Fair value at vesting
date (£’000) 1,4001,2381,7032301,852
Performance targets Group’s EPS
Compound annual
growth targets Group’s adjusted
EPS compound
annual growth
targets Group’s adjusted
EPS compound
annual growth
targets Team 17 Digital’s
adjusted EBITDA
compound annual
growth targets Group’s adjusted
EPS compound
annual growth
targets and total
shareholder return
against the
AIM 100 index
Performance period FY21 to FY23FY22 to FY24FY23 to FY25FY23 to FY25FY24 to FY26
Maximum number of
options outstanding –159,000333,65663,896540,462
Non-Executive LTIP shares
During the year there was a single issue of options to the non-executive directors of everplay group plc. These share options are subject to an
exercise price equal to average share price for the 3 days prior to award. There are no criteria for these share options to vest and the share
options will vest even if employment ceases. Due to this the full charge\
for the share options are recognised at the date of issue.
The fair value of these share options is calculated using the black scholes method multiplied by the\
number of share options issued. The
expense is apportioned over the vesting period. These share options will be settled through a new issue of shares.
Award date 14 November 2024
Vesting date 14 November 2027
Underlying share price (£) 2.23
Exercise price (£) 2.23
Fair Value price (£) 1.05
Estimate of options vesting 100%
Fair value at vesting date (£’000) 65
Maximum number of options outstanding 61,648
Free shares
There have been two separate issues of free share options to all staff employed by Team 17 Digital Limited. The only criteria for these share
options to vest is for the employees to remain in employment over the vesting period.
The fair value of these share options is calculated as the fair value multiplied by the number of sh\
are options issued. The expense is
apportioned over the vesting period. These share options will be settled from shares already held by the Team17 Employment Benefit Trust.
Award date 4 April 201929 April 2022
Vesting date 3 April 202228 April 2025
Underlying share price (£) 2.8254.35
Estimate of options vesting 52%69%
Fair value at vesting date (£’000) 186157
Maximum number of options outstanding 29,90424,753
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
94 everplay group plc Annual Report and Financial Statements 2024 95 everplay group plc Annual Report and Financial Statements 2024

24. Share based compensation continued
Share incentive Plan (SIP)
The Group operates a SIP for all employees. Under the SIP, the Group has made awards of matching shares which are conditional on
remaining employed with the Group for three years from the award date.
The fair value of these matching shares is calculated as the fair value at the award date multiplied by the number of share options multiplied
by the estimate of options vesting. All SIP option schemes use an estima\
te of 69% for the estimate of options vesting. The expense is
apportioned over the vesting period. These share options will be settled from shares already held by the Team17 Employment Benefit Trust.
Nil cost options
During the current and previous years there have been multiple awards provided to employees of the Group. These have been issued at
different points over the years as shown in the table below. As with the free shares, the only criteria for these share options to vest is for the
employees to remain in employment over the vesting period. All of these options have b\
oth an award and exercise price of £Nil.
The fair value of these share options is calculated as the fair value at the award date multiplied by the number of share options. The expense
is apportioned over the vesting period. These share options will be settled from shares already held by the Team17 Employment Benefit Trust.
Award date Vesting dateUnderlying
share price
(£) Estimate
of options
vesting Fair value
at vesting date
(£’000) Maximum number
of share options
outstanding
8 April 2019 8 April 20222.66580%762,835
18 December 2019 18 December 20223.425100%6017,392
22 April 2020 21 April 20235.5280%223,208
6 May 2020 5 May 20235.2080%773,701
1 May 2021 30 April 20247.0580%27721,943
27 April 2022 26 April 20254.6080%554,282
29 July 2022 28 July 20254.4069%164,176
31 October 2022 30 October 20254.12569%215,182
30 August 2022 29 August 20254.0578%4712,939
27 January 2023 26 January 20264.8069%225,275
28 April 2023 27 April 20263.6269%176,062
18 July 2023 17 July 20263.22569%2712,133
31 July 2023 30 July 20263.1679%101,939
31 October 2023 30 October 20262.6572%5323,751
31 January 2024 30 January 20271.8584%31,620
30 April 2024 30 April 20272.3569%74,260
31 July 2024 30 July 20272.7470%1364
31 October 2024 30 October 20272.7068%115,936
9 July 2024 8 July 20272.8568%6332,269
Total 169,267
Senior management LTIPs
A further LTIP scheme was awarded during the year with no results based performance criteria. One third of the options vest on each
anniversary of the award date so long as the recipient remains employed however these options may not be exercised until 3 years from the
date of award.
Award date 29 June 2022
Earliest exercise date 28 June 2025
Underlying share price (£) 3.95
Estimate of options vesting 80%
Fair value at vesting date (£’000) 157
Maximum number of options outstanding 24,489O t h e r LT I P s
During the year, options were issued under the LTIP scheme. Unlike the LTIPs discussed above these had no performance related targets to
satisfy and instead vest over the length of the award so long as the recipient remains employed. The options also have a vesting period of
less than 3 years.
Award date 23 November 202123 November 2021
Vesting date 22 November 202217 November 2023
Underlying share price (£) 6.406.40
Estimate of options vesting 52%69%
Fair value at vesting date (£’000) 5921
Maximum number of options outstanding 9,2653,270
During the year both schemes were modi ed to remove the requirement to remain employed. The vesting period of the options remains the
same. All outstanding shares on Other LTIP schemes have vested but have not yet been exercised.
25. Cash generated from operations
Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Cash flow from operating activities
Profit/(Loss) before tax 25,323(1,080)
Adjustments for:
Amortisation of intangible assets 25,35626,433
Impairment of intangible fixed assets 9,30532,000
Depreciation of property, plant and equipment 596692
Depreciation of right-of-use assets 676563
Gain on disposal of intangible assets (43)–
Loss on disposal of tangible assets (7)34
Fair value movement in contingent consideration –(5,086)
Share based compensation 741(474)
Share of (profit)/loss of associates (307)205
Finance income (1,696)(344)
Financial expenses 2431,261
Operating cash flow before changes in working capital 60,18754,204
(Increase) in trade and other receivables (9,116)(394)
Increase/(decrease) in provisions 14(27)
Increase/(decrease) in trade and other payables 7,597(3,301)
(Increase)/decrease in inventory (171)239
Cash generated from operations 58,51150,721
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
96 everplay group plc Annual Report and Financial Statements 2024 97 everplay group plc Annual Report and Financial Statements 2024

26. Commitments and contingencies
The Group had no contracted capital commitments or contingencies at 31 Decembe\
r 2024 (31 December 2023: £Nil).
27. Financial instruments
At 31 December 2024NoteFinancial
assets at
amortised cost
£’000 Financial
liabilities at amortised cost
£’000 Financial
liabilities at fair value through
profit and loss £’000 Carrying
value £’000 Fair value
£’000
Financial assets
Trade and other receivables 1744,534 ––44,534 44,534
Cash and cash equivalents 1862,877 ––62,877 62,877
Financial liabilities
Trade and other payables 23–(37,040) –(37,040) (37,040)
Lease liabilities in under one year 20–(692) –(692) (692)
Lease liabilities in two to five years 20–(2,076) –(2,076) (2,076)
Lease liabilities in over five years 20–(151) –(151) (151)
107,411 (39,959) –67,452 67,452
At 31 December 2023 NoteFinancial
assets at
amortised cost
£’000 Financial
liabilities at amortised cost
£’000 Financial
liabilities at fair value through
profit and loss £’000 Carrying
value
£’000 Fair value
£’000
Financial assets
Trade and other receivables 1732,172 ––32,172 32,172
Cash and cash equivalents 1842,824 ––42,824 42,824
Financial liabilities
Trade and other payables 19–(20,993) (4,944)(25,937) (25,937)
Lease liabilities in under one year 21–(683) –(683) (683)
Lease liabilities in two to five years 21–(2,159) –(2,159) (2,159)
Lease liabilities in over five years 21–(730) –(730) (730)
74,996 (24,565) (4,944)45,487 45,487
Trade and other receivables shown above comprises trade receivables, accrued income and other receivables as disclosed in note 17 and
are all current in nature. Trade and other payables comprises trade payables, other payables and acc\
ruals as disclosed in note 23 and are all
current in nature.
Management have assessed that for cash and cash equivalents, trade and o\
ther receivables and trade and other payables their fair values
approximate to their carrying amounts largely due to the short-term maturiti\
es of these instruments. They are included in the table above for
completeness.
The fair value of contingent consideration has been calculated using dis\
counted cash flows. These are considered as level 3 financial
instruments (inputs for the assets or liabilities are not based on observable market data). There are no reasonable changes that could lead to
a change in the valuation.
Financial risks
The Group monitors and manages the financial risks relating to the financial instruments held. The principal risks include\
credit risk on
financial assets.. The key risks are analysed below.
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to
stakeholders through the optimisation of the debt and equity balance. The capital struct\
ure of the Group consists of debt, which includes
lease liabilities, cash and cash equivalents and equity attributable to \
the equity holders of the parent, comprising issued capital, reserves and
retained earnings. Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual ob\
ligations resulting in financial loss to the Group. In order to
minimise this risk the Group endeavours only to deal with companies which are demonstrably creditworthy and this, together with the
aggregate financial exposure, is continuously monitored. The maximum exposure to credit risk is the value of the outstanding amount. The
Group’s customers are considered to have low default risk, and the historical default rate and frequency of loss are both low. Therefore, the
lifetime expected credit loss allowance for trade and other receivables is nominal at 31 December 2024. However, certain customers
comprise in excess of 10% of the revenue earned by the Group (see note 5). Credit risk on cash and cash equivalents is considered to be
small as the counterparties are all substantial banks with high credit ratings. The maximum exposure is the amount of the deposit.
Currency risk
The Group receives and remits payments in Euros and US Dollars and manages this foreign currency risk by offsetting payments and receipts
along with transferring excess foreign currency balances into GBP at the earliest possible opportunity.
Financial assets
The Group is not exposed to significant interest rate risk on the financial assets, other than cash and cash equiva\
lents.
Cash and cash equivalents are exposed to interest rate risk as they are held at floating rates, although the risk is not significant as th\
e interest
receivable is not significant.
Liquidity risk
Cash and cash equivalents
The majority of bank balances are held on short term / no notice terms to minimise liquidity risk. Inclu\
ded within trade and other payables
within one year is £nil (FY 2023: £4,944,000) of contingent cons\
ideration due within one year.
Trade and other payables
All other trade and other payables are non-interest bearing and are normally settled on 30-day terms.
Lease liabilities
Included within lease liabilities is £692,000 (FY 2023: £881,000)\
of lease liabilities due within one year, £2,076,000 (FY 2023: £2,583,000)
within two to five years and £151,000 (FY 2023: £822,000) due \
in over five years.
28. Pensions
The Group operates a defined contribution scheme for its Directors and employees. The assets of the scheme are held separately from those
of the Group in an independently administered fund.
The outstanding pension contributions at 31 December 2024 were £92,000 (31 December 2023: £87,000).
29. Related parties
Ultimate controlling party
At 31 December 2024 there was not considered to be a single ultimate controlling party of everplay group plc (formally Team17 Group Plc).
Transactions with related parties
There were no transactions with related parties during the year ended 31 December 2024 and there are no loan notes outstanding with
related parties at the 31 December 2024.
Transactions with key management personnel:
The key management personnel of the Group are deemed to be the board of directors and details of their aggregate remuneration can be
found in note 7.
30. Dividends not recognised at the end of the reporting period
Since the year end the directors have recommended the payment of a final dividend of 2.7 pence per fully paid\
ordinary share (2024: Nil). The
aggregate amount of the proposed dividend expected to be paid on 4 July 2025. The dividend not recognised as a liability at year end, is
£3,893,000 (2023: Nil).
Strategic Report Corporate Governance Group Financial Statements Group Financial Statements Company Financial Statements
Notes to the Consolidated Financial Statements
For the Year Ended 31 December 2024
continued
98 everplay group plc Annual Report and Financial Statements 2024 99 everplay group plc Annual Report and Financial Statements 2024

NoteAs at
31 December 2024
£’000 As at
31 December 2023
£’000
Fixed assets
Investments 6252,162 251,585
Deferred tax asset 376276
252,538 251,861
Current assets
Trade and other receivables 715,106 36,821
Cash at bank and in hand 24,9635,797
40,069 42,618
Creditors: amounts falling due within one year
Trade and other payables 84,004 3,663
Net current assets 36,06538,955
Net assets 288,603290,816
Capital and reserves
Called up share capital 91,458 1,458
Share premium account 9137,572 137,572
Merger relief reserve 9154,245 154,245
Profit and loss account 9(4,672) (2,459)
Total equity 288,603290,816
The Company has taken advantage of the exemption permitted by section 40\
8 of the Companies Act 2006 not to produce its own profit and
loss account in these separate financial statements. The loss (FY 202\
3: profit) for the year dealt with in the financial statements of the Co\
mpany
was £3,218,000 (FY 2023: £2,188,000).
The financial statements on pages 100 to 107 were approved by the board of directors and authorised for issue on 1 May 2025 and were
signed on its behalf by:
Rashid Varachia
Group Chief Financial Officer and Chief Operating Officer Equity attributable to shareholders of the company Note
Called up
share
capital £’000 Share
premium account £’000 Merger
relief
reserve £’000 Profit
and loss account £’000 Total
Equity £’000
At 1 January 2023 1,456136,775 154,245 (5,121)287,355
Comprehensive income
Profit and total comprehensive income for the financial year –
––2,188 2,188
Transactions with owners
Issue of shares 92797 ––799
Share based compensation 10–––474 474
Total transactions with owners 2797 –474 1,273
At 31 December 2023 1,458137,572 154,245 (2,459)290,816
Comprehensive loss
Loss and total comprehensive loss for the financial year –
––(3,218) (3,218)
Transactions with owners
Share based compensation –––1,005 –
Total transactions with owners –––1,005 1,005
At 31 December 2024 1,458137,572 154,245 (4,672)288,603
Strategic Report Corporate Governance Group Financial Statements Company Financial Statements Company Financial Statements
Company Statement of Financial Position
As at 31 December 2024
Company Registration Number: 11205116
Company Statement of Changes in Equity
For the year ended 31 December 2024
100 everplay group plc Annual Report and Financial Statements 2024 101 everplay group plc Annual Report and Financial Statements 2024

1. General information
everplay group plc (formally Team17 Group Plc) (the “Company”) is a public limited company, limited by shares and incorporated and domiciled
in England (United Kingdom). The principal activity of the Company is \
that of a holding company. The address of its registered office is 3 Red
Hall Avenue, Paragon Business Park, Wakefield, WF1 2UL. The registered number of the Company is 11205116.
2. Material accounting policies
Basis of preparation
The financial statements have been prepared under the historical cost convention unless otherwise specified wit\
hin these accounting policies
and in accordance with Financial Reporting Standard 101 “Reduced Disclosure Framework” (“FRS 101”) and the Companies Act 2006.
The Company has taken advantage of Section 408 of the Companies Act 2006\
and has not included its individual Statement of Comprehensive
Income in these financial statements. The Company’s overall result for the year is given in the Statement of Changes in Equity.
The Company has taken advantage of the following disclosure exemptions under FRS 101:
● The requirements of IFRS 7 “Financial Instruments: Disclosure”
● The requirements of paragraphs 91-99 of IFRS 13 “Fair Value Measurement”
● The requirement in paragraph 38 of IAS 1 “Presentation of Financial Statements” to present comparative information in respect of:
– Paragraph 79(a)(iv) of IAS 1;
– Paragraph 73(e) of IAS 16 “Property, Plant and Equipment”; and
– Paragraph 118(e) of IAS 38 “Intangible Assets”
● The requirements of paragraphs 10(d), 10(f), 16, 38A, 38C, 38D, 40A, 40B, 40C,\
40D, 111 and 134-136 of IAS 1 “Presentation of Financial
Statements”
● The requirements of IAS 7 “Statements of Cash Flows”
● The requirements of paragraphs 30 and 31 of IAS 8 “Accounting Policies, Changes\
in Accounting Estimates and Errors”
● The requirements of paragraph 17 and 18A of IAS 24 “Related Party Disclosures”
● The requirements in IAS 24 “Related Party Disclosures” to disclose related party transactions entered into between two or more members
of a group, provided that any subsidiary which is a party to the transaction is wholly\
owned by such a member
● The requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 “\
Impairment of Assets”
● The requirements of B64(d), (e), (g), (h), (j)-(m), (n)(ii), (o)\
(ii), (p), (q)(ii), B66 and B67 of IFRS 3 “Business Combinati\
ons”
● The requirements of 45(b) and 46-52 of IFRS 2 “Share-based payments”
The financial information has been prepared on a going concern basis and under the historical cost convention. The principal accounti\
ng
policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The financial information is presented in sterling and has been rounded to the nearest thousand (£’000).
Going concern
Management has produced a Company forecast covering the period 1 January 2024 to 30 June 2026 that has also b\
een sensitised to reflect
a severe but plausible downside scenario, which has been reviewed by the Directors. This demonstrates the Company is forecast to generate
profits and cash for a period of at least 12 months from the signing of these financial statements and that the Company expe\
cts to have
sufficient cash reserves to enable the Company to meet its obligations as they fall due o\
ver this period.
As such, the Directors are satisfied that the Company has adequate resources to continue to operate for the foreseeable future. For this
reason they continue to adopt the going concern basis for preparing these financial statements. Share based compensation
The Company has awarded share options to various employees and Directors. The fair value of these awards are calculated based on the
conditions attached to the awards as shown below:
Exercise Price
Nil Cost Fixed Price
TargetsNo performance measuresAward price at grant dateBlack scholes valuation
Profit based targets Award price at grant dateN/a
Share price based target Monte carlo simulationN/a
For share based compensation containing an ongoing service requirement the fair value of these options are recognised as an expense in the
Consolidated Statement of Profit or Loss over the vesting period of the options with a corresponding credit included within retained earnings.
For share based compensation with no ongoing service requirement the fair value of these options are recognised as an expense at the point
of issue. Employers’ national insurance due on the share options are included over time within the Consolidated Statement of Profit or Loss
based on the estimated number of shares expected to vest multiplied by the balance sheet date share price whilst the credit is included
within trade and other payables. The accumulated share option value is adjusted for any lapsed share options on a monthly basis.
Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. The Company assesses at least ev\
ery year whether there is
an indication that an asset may be impaired. If any indication exists, or when impairment testing for an asset is\
required, the Company
estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal
and its value in use.
Trade and other receivables
Short-term debtors are measured at transaction price, less any impairment.
Cash and cash equivalents
Cash and short-term deposits in the Statement of Financial Position comp\
rise cash at banks and on hand and short-term deposits held with
banks with a maturity of three months or less from inception.
Financial instruments
The Company only enters into basic financial instruments transactions \
that result in the recognition of financial assets and liabilities like trade and
other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of
impairment. If objective evidence of impairment is found, an impairment \
loss is recognised in the Statement of Comprehensive Income.
For financial assets measured at cost less impairment, the impairment loss is measured at the difference between an assets carrying amount
and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it
were to be sold at the reporting date.
Trade and other payables
Short-term creditors are measured at the transaction price. Other financial liabilities, including ba\
nk loans, are measured initially at fair value,
net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Other income
Other income represents income from group management charges recognised at the point the performance obligation is satisfied.
Pensions
The Company operates a defined contribution plan for its employees. A \
defined contribution plan is a pension plan under which the Company
pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payme\
nt obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown
in other creditors as a liability in the Statement of Financial Position. The asset\
s of the plan are held separately from the Company in independently
administered funds.
Notes to the Company Financial Statements
For the Year Ended 31 December 2024
Strategic Report Corporate Governance Group Financial Statements Company Financial Statements Company Financial Statements
102 everplay group plc Annual Report and Financial Statements 2024 103 everplay group plc Annual Report and Financial Statements 2024

2. Material accounting policies continued
Ta x a t i o n
Current tax
The tax currently payable is based on taxable profit for the period. Taxable profit differs from net profit as reported in the Statement of
Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or\

substantively enacted by the period end date.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the Statement of
Financial Position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets
are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be
utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial
recognition (other than in a business combination) of other assets and \
liabilities in a transaction that affects neither the taxable profit nor the
accounting profit.
The carrying amount of deferred tax assets is reviewed at each period end date and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates and laws that are expected to apply in the period when the liability is settled or the a\
sset is realised.
Deferred tax is charged or credited in the Statement of Comprehensive Income, except when it relates to items charged or credited directly to
equity, in which case the deferred tax is also dealt with in equity.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities
when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on
a net basis.
Share capital
Share capital represents the nominal value of the shares that have been issued.
Share premium
Share premium includes any premiums received on the issue of share capital. Any transaction costs associated with the issuing of shares are
deducted from share premium, net of any related income tax benefits.
Merger relief reserve
Merger relief reserve includes any premiums received on the issue of share capital in a share for share exchange.
Retained earnings
Includes all current and previous retained profits and losses.
Foreign currency
Foreign currency transactions are translated into the functional currency of the Company, using the exchange rates prevailing at the dates of
the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the
remeasurement of monetary items denominated in foreign currency at year-end exchange rates are recognised in profit or loss.
3. Key sources of estimation, uncertainty and significant accounting judgements
The preparation of the Company’s financial statements requires management to make judgements, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosu\
res, and the disclosure of contingent liabilities.
Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of
assets or liabilities affected in future periods.
Measurement of acquisition consideration (Estimate)
Contingent consideration is due on several acquisitions of subsidiaries \
and IP based on certain financial targets being met. In order to assess
the fair value of this consideration, management have assessed the likel\
ihood of targets being met. For any earnouts based on future
accounting periods, management have reviewed a risk weighted forecast for the periods. This will be reassessed at each reporting date and
any movements in the fair value of the consideration amount will be recognised in the income statement. This was not considered to be a
significant estimate in the year ending 31 December 2024 due to the de\
crease in the value of business acquisitions during the year.
Recoverability of investment (Estimate)
Investments in Group undertakings are stated at cost, unless their value has been impaired, in which case they are valued at the lower of their
realisable value or value in use.
This calculation of value in use requires estimates to be made relating to the timing and amount of future cash flows expected and other key
assumptions such as the discount rate and long term growth rate.
Further details of the key estimates are discussed in note 6 to the company financial statements.
4. Operating Profit
Remuneration paid to our auditors is stated in note 6 of the consolidate\
d financial statements and has not been included within the individual
entity financial statements.
5. Staff numbers and costs
The average number of persons employed by the Company during the year wa\
s as follows:
Year ended 31
December 2024 No.Year ended 31
December 2023 No.
Support 75
Executive directors 22
Non-executive directors 44
13 11
The aggregate payroll costs of these persons were as follows:
Year ended
31 December 2024
£’000 Year ended
31 December 2023
£’000
Wages and salaries 2,6721,717
Social security costs 337145
Other pension costs 86101
Share based compensation 429(320)
3,524 1,643
The details on directors remuneration can be found in note 7 to the consolidated financial state\
ments.
6. Investments
Cost £’000
At 1 January 2023250,803
Additions 782
At 31 December 2023 251,585
Additions 577
At 31 December 2024 252,162
Net book value
At 31 December 2024 252,162
At 31 December 2023 251,585
Included in the additions balance is £577,000 (FY 2023: £782,000)\
representing the value of share options issued to employees of
everplay group plc’s subsidiaries.
Notes to the Company Financial Statements
For the Year Ended 31 December 2024
continued
Strategic Report Corporate Governance Group Financial Statements Company Financial Statements Company Financial Statements
104 everplay group plc Annual Report and Financial Statements 2024 105 everplay group plc Annual Report and Financial Statements 2024

6. Investments continued
Impact of possible changes in key assumptions
In assessing the carrying value of Goodwill management performed sensiti\
vity analysis on each of the key assumptions. There were no
reasonable changes to key assumptions that led to an impairment in any of\
the investment values.
Details of the subsidiaries in which the Company directly holds 100% of the share capital are as follows and there has been no movement
during the current or previous year in the proportion of rights held except as disclosed below:
Name of company Registered addressPrincipal
place of
business Proportion of
voting rights and
shares held Activity
astragon Entertainment GmbH Am Wehrhahn 33, 40211,
Duesseldorf, Germany Germany
100% Development and publishing
of simulation video games
Touch Press Inc. 1013 Centre Road, Suite 403-B,
Wilmington, Delaware, 19805, USA USA
100% Intermediate holding
company
Team 17 Digital Limited 3 Red Hall Avenue,
Wakefield, WF1 2UL UK
100% Development and
publishing of video games
The list of indirect subsidiaries and associates held by the Company is included in note \
13 to the consolidated financial statements.
7. Trade and other receivables
Amounts falling due within one year 31 December
2024
£’000 31 December
2023
£’000
Amounts owed by group undertakings 13,98236,112
Other receivables 667168
Prepayments 457541
15,106 36,821
Amounts owed by group undertakings are interest free and repayable on demand.
8. Trade and other payables
Amounts falling due within one year 31 December
2024
£’000 31 December
2023
£’000
Trade payables 253191
Amounts owed to group undertakings 2,4242,383
Other payables 181188
Taxation and social security 8189
Accruals and deferred income 1,065812
4,004 3,663
Amounts owed to group undertakings are interest free and repayable on demand.
9. Capital and reserves
31 December 2024
£’000 31 December
2023
£’000
Authorised, allotted, called up and fully paid
145,848,67 (2023: 145,803,620) ordinary shares of 1p each 1,4581,458
1,458 1,458
The ordinary shares have voting, dividend and capital distribution rights. They are not redeemable.
In the prior year on 13 April 2023 the Company issued 210,349 to the sel\
lers of the Label Inc. These shares were valued at £4.01 per share.
Share premium account
Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from
share premium.
Profit and loss account
Includes all current and previous retained profits and losses.
Merger relief reserve
Merger relief reserve, which has been included in other reserves, includes any premiums received on the issue of share capital in a share for
share exchange.
10. Share based compensation
See note 24 in the consolidated everplay group plc consolidated financial statements for further information on t\
he share based
compensation charge in the year.
11. Pensions
The Company operates a defined contribution scheme for its Directors and employees. The assets of the scheme are held separately from
those of the Company in an independently administered fund.
The outstanding pension contributions at 31 December 2024 were £17,000 (2023: £13,000).
12. Dividends not recognised at the end of the reporting period
Since the year end the directors have recommended the payment of a final dividend of 2.7 pence per fully paid\
ordinary share (2024: Nil). The
aggregate amount of the proposed dividend expected to be paid on 4 July 2025. The dividend not recognised as a liability at year end, is
£3,893,000 (2023: Nil).
Notes to the Company Financial Statements
For the Year Ended 31 December 2024
continued
Strategic Report Corporate Governance Group Financial Statements Company Financial Statements Company Financial Statements
106 everplay group plc Annual Report and Financial Statements 2024 107 everplay group plc Annual Report and Financial Statements 2024

Registered Office
everplay group plc
(formerly Team17 Group plc)
3 Red Hall Avenue
Paragon Business Park
Wakefield
West Yorkshire
WF1 2UL
Nominated Advisor and Joint Broker
Peel Hunt
100 Liverpool Street
London, EC2M 2AT
Joint Broker
Jefferies International Limited
100 Bishopsgate
London, EC2N 4JL
Financial Public Relations
Vigo Consulting
78-79 New Bond Street
London, W1S 1RZ
Registrar
MUFG Corporate Markets
51 Lime Street
London, EC3M 7DQ
Auditors & Reporting Accountants
PricewaterhouseCoopers LLP
Central Square
29 Wellington Street
Leeds, LS1 4DL
Legal Advisors
Addleshaw Goddard
3 Sovereign Square
Sovereign Street
Leeds, LS1 4ER
Advisors
108 everplay group plc Annual Report and Financial Statements 2024 This Report has been printed in the UK.
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everplay group plc
3 Red Hall Avenue,
Paragon Business Park,
Wakefield, WF1 2UL
www.everplaygroupplc.com