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Team Internet Group PLC on Monday backed its full-year guidance as it reported steady progress in the first half of 2024. In the six months ended June 30, the London-based internet services company said pretax profit rose 8.3% to $14.4 million $13.3 million. Adjusted earnings before interest, tax, depreciation and amortisation rose 4.5% to $46.6 million from $44.6 million. Revenue rose 3.4% to $409.7 million from $396.4 million. Team Internet said it remains ‘confident’ that strategic investments have positioned the group for success. ‘Given these strong foundations, the directors are confident that the group will meet market expectations for the full year.’ In the Online Marketing segment, the number of visitor sessions increased by 16% to 6.1 billion from 5.3 billion a year prior, Team Internet said. But revenue per thousand sessions decreased by 12% from $100 to USD 88. Revenue increased 2.7% to $312.5 million from $304.4 million. Revenue in the Online Presence unit rose by 5.7% to $97.2 million from $92.0 million. Team Internet said it intends to declare an interim dividend of 1.0 pence per share. It paid no interim dividend last year but later paid a 2.0p final dividend for 2023. Despite the solid looking results, Team Internet shares were down 4.5% to 181.40p each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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