Team Plc · LSE:TEAM
Team — H1 2024 Earnings Presentation
21 slides from Team's earnings presentation, June 2024
Slide 1: Interim results for the six months ending 31 March 2024
Interim results for the six months ending 31 March 2024 June 2024
Slide 2: Contents
Contents 3 Summary 7 Segmental results 11 Financial results 15 Outlook and guidance 17 Investment thesis 2
Slide 3: Further progress in delivering strategic goals
Further progress in delivering strategic goals Key developments in the period 1. Strong investment performance, continuing impressive track record 2. Approaching the key £1 billion mark in AuA/M, currently £916 million (+87% YoY), with £97 million in model portfolios 3. Management team in place for
Slide 4: Operations highlights H1 v. H1
Highlights H1 24 v. H1 23 Revenue Investment Total Advisory TEAM Intl. £4.1m £1.0m management £0.6m £2.5m revenue revenue revenue revenue +116% +3%1 +23% n.a. Earnings Loss before Gross profit £2.6m Loss per share (3.5p) £(1.0)m Dividends nil tax +57% -52% -100% +53% AUM/A Net inflows £73m Total AUM
Slide 5: Continued growth in clients and AuA/M
Continued growth in clients and AuA/M 1 Group total AUA/M H1 FY 23 H1 FY 24 change • Significant inflows in International following (£m) recruitment of advisers, transfers of client to Opening AUA/M 475 732 54% International, and acquisition of Neba (£84 million of AuA) Net flows 6 73 1522% Other 13
Slide 6: MPS investment performance
MPS investment performance Period to 31 March 2024 3 month 1 year 3 year 5 year Multi Asset Growth 6.2% 12.4% 19.3% 41.8% High risk MPI High Risk 4.4% 11.4% 13.1% 32.3% Outperformance 1.8% 1.0% 6.3% 9.6% Multi Asset Balanced 6.0% 10.7% 17.5% 27.7% Medium risk MPI Medium Risk 2.5% 8.0% 7.9% 21.5% Out
Slide 7: Segmental results
Segmental results TEAMplc,
Slide 8: Segmental results
Segmental results Investment and Fund Management (“IFM”) Advice and consultancy (“A&C”) £000’s % change £000’s % change H1’23 H1’24 H1’23 H1’24 (unless otherwise stated) vs H1’23 (unless otherwise stated) vs H1’23 AUM (£m) 244 321 31% AUA1 (£m) 248 271 9% Revenue 511 630 23% Revenue 1,548 998 -36% D
Slide 9: Segmental results
Segmental results International (“International”) Group and Consolidation (“Group”) % change £000’s H1’23 H1’24 £000’s % change vs H1’23 H1’23 H1’24 (unless otherwise stated) vs H1’23 (unless otherwise stated) AUM (£m) - 324 nm AUM (£m) - - nm Revenue - 1 nm Revenue - 2,477 nm Direct costs 0 -15 nm
Slide 10: Segmental reporting
Segmental reporting H1 FY24 (figures in £’000) 6 months to March 24 Investment management Advice TEAM International Central costs Total Group Revenue 630 998 2,477 1 4,106 Cost of sales -209 -6 -1,261 -15 -1,490 Operating expenses -649 -1025 -1,522 -390 -3,585 Underlying PBT -228 -33 -305 -404 -970
Slide 11: Financial results
Financtal results TEAMp\c
Slide 12: P&L
P&L Commentary 6 months ended 6 months ended 12 months ended 31 Mar 2024 31 Mar 2023 30 Sept 2023 • Revenue increased from £1.9m to £4.1m (unaudited) (unaudited) (audited (+116%) driven by: £'000 £'000 £'000 o Inclusion of £1.9m of revenue acquired in Revenues 4,106 1,898 5,323 TEAM International Co
Slide 13: Balance sheet
Balance sheet 31 Mar 2024 31 Mar 2023 30 Sept 2023 (unaudited) (unaudited) (audited Commentary £'000 £'000 £'000 Non-current assets Intangible assets 5,888 6,883 6,386 Goodwill 7,092 1,896 6,012 • Additional Intangibles from Neba and Property, plant & equipment 65 79 80 Right of use asset 503 615 57
Slide 14: Cash flows
- Private & confidential - Cash flows 6 months ended 6 months ended 12 months ended Commentary 31 Mar 2024 31 Mar 2023 30 Sept 2023 (unaudited) (unaudited) (audited £'000 £'000 £'000 Cash flows from operating activities • Cash losses of £(1.0)m from operating Loss for the year before tax (1,013) (50
Slide 15: Outlook and guidance
Outlook and guidance TEAMplc
Slide 16: H2'24 outlook and guidance
H2’24 outlook and guidance P&L • Core business stable, asset prices positive for AUM and revenues • Flow of investments into TEAM AM models key to revenue growth and expected to step up in H1’25 on launch of unitised models (Oct 2024) ; high cash conversion on incremental revenues. • Significant sel
Slide 17: Investment thesis
- Private & confidential - Investment thesis 17
Slide 18: Investment highlights | the opportunity
Investment highlights | the opportunity There’s a large and growing international Attractive market economics expat population • Many smaller IFAs and DFMs are often founder-owned and managed, and therefore suffer from being subscale. Most of them are looking for the next step in their development (
Slide 19: Investment highlights | TEAM plc strategy
Investment highlights | TEAM plc strategy Investment model of “capital preservation” mitigates market The Crown Dependencies are recognized for superior drawdown impact in AUM and retains clients long-term security of assets and offer attractive corporate tax rates Robust Attractive ranging from
Slide 20: Investment highlights
- Private & confidential - Investment highlights Exposure to blend of stable and high growth markets Jersey long term savings is very stable, while International markets offer high growth and are rich in opportunities Platform now in place, focus turns to organic growth We have built a stable invest
Slide 21: Disclaimer
Disclaimer Important notice This presentation is issued by TEAM PLC. It should not be construed as advice for investment in any product or security mentioned, an offer to buy or sell units/shares of Funds mentioned, or a solicitation to purchase securities in any company or investment product. Examp