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Team Internet Group PLC on Monday saw it shares slide 15% as it reported a reduction in profit amid broadly flat year-to-date revenue. In the first nine months of the year the London-based internet services company realised a 0.6% increase in revenue to $615.1 million from $611.7 million the prior year. By contrast, pretax profit for the firm fell 8.5% to $18.3 million from the restated $20.0 million the prior year. Its shares fell 15% to 101.45 pence on Monday morning in London. The firm said that its core businesses remain strong with its established operations continuing to provide a solid foundation for growth and cash generation. It added that it remains on track to produce ‘record profits in 2024 and 2025’ but at more moderate growth rates than previously anticipated. It now expects to report full-year adjusted earnings before interest, tax, depreciation and amortisation of approximately $97 million, remaining broadly flat with the prior year of $96.4 million. Year-to-date, adjusted Ebitda increased slightly by 1.9% to $70.1 million from $68.8 million the previous year. Team Internet Chief Executive Michael Riedl: ‘Team Internet has delivered a resilient performance in our core businesses within a dynamic market environment and the group is poised to maintain record levels of profitability. ‘Our focus is now more than ever on realising synergies through strategic integration, enhancing value across the sum of the parts of our established assets and accelerating shareholder returns. ‘With our ongoing commitment to innovation and operational excellence, we are well-positioned to return to higher growth in profit and cash flow.’ Copyright 2024 Alliance News Ltd. All Rights Reserved
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