Business
Financial Year 2024 Trading Update
Financial Year 2024 Trading Update.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended) (\"UK MAR\"). Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.\n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \nFOR IMMEDIATE RELEASE \n \n24 March 2025\n Team Internet Group plc\n(\"Team Internet\" or the \"Company\" or the \"Group\")\n \nNotice of Audited 2024 Annual Report Date\nFinancial Year (\"FY\") 2024 Trading Update\n \nTeam Internet Group Plc (AIM: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, announces a revised date for the publication of its audited annual report for the financial year 2024. The audited annual report will now be published by the end of the month. This short delay will allow sufficient time for the Company's auditor PricewaterhouseCoopers LLP to complete its audit.\nThe results for the financial year 2024 are in line with the Group's Trading Update on 4 February 2025, with all material financial data provided below in advance of the publication of the audited annual report. The Group remains confident in its ability to meet recently revised market expectations.\nFinancial summary\n· Gross revenue decreased by 4.1% to USD 802.8 million (FY2023: USD 836.9 million)\n· Net revenue (gross profit) decreased by 1.9% to USD 187.5 million (FY2023: USD 191.1 million), with gross margin increasing from 22.8% to 23.4%\n· Adjusted EBITDA(i) decreased by 4.7% to USD 91.9 million (FY2023: USD 96.4 million), with adjusted EBITDA as a percentage of net revenue remaining close to 50% at 49.0% (FY2023: 50.4%)\n· Operating pro...