Business
Unaudited Interim Results to 30 June 2024
Unaudited Interim Results to 30 June 2024.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n\n12 August 2024\nTEAM INTERNET GROUP PLC\n(\"Team Internet\" or the \"Company\" or the \"Group\")\nUNAUDITED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2024\n \nYear-on-year growth in all key financial metrics including a 7% increase in net revenue,\n13% increase in operating profit and an 8% increase in profit before tax\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, is pleased to announce its unaudited financial results for the six months ended 30 June 2024 (\"H1 2024\").\nFinancial summary:\n● Organic gross revenue growth(i) of approximately 9%, for the trailing twelve months ended 30 June 2024 (\"TTM 2024\")\n● Gross revenue increased by 3% to USD 409.7m (versus six months ended 30 June 2023 (\"H1 2023\"): USD 396.4m)\n● Net revenue (gross profit) increased by 7% to USD 97.7m (H1 2023: USD 91.2m), with gross margin increasing from 23.0% to 23.8%, a relative 3.5% uplift\n● Adjusted EBITDA(ii) increased by 4% to USD 46.6m (H1 2023: USD 44.6m), with EBITDA margin increasing from 11.3% to 11.4%, a relative 0.9% uplift\n● Operating profit increased by 13% to USD 22.9m (H1 2023 restated(iii): USD 20.2m)\n● Profit before tax increased by 8% to USD 14.4m (H1 2023: USD 13.3m)\n● Profit after tax increased by 4% to USD 9.8m (H1 2023: USD 9.4m)\n● Adjusted EPS (diluted) increased by 12% to USD 10.74 cents (H1 2023 restated(iii): USD 9.63 cents)\n● Net debt(iv) of USD 109.9m (31 December 2023: USD 74.1m) and leverage(v) of 1.2x pro forma TTM 2024 EBITDA, following non-operating cash outflows related to the initial cash outflow (net of cash acquired) for acquisition of the Shinez for USD 31.8m, repurchase of own shares of USD 12.6m and dividend payment of USD 7.2m\n● Adjusted operating cash conversion of 87% (FY 2023: 96%), we expect cash conversion to normalise nearer to 100% over the remainder of the year\n \nH1 highlights: \n● In the Online Marketing segment, the numbe...