Team Internet Group Reports Robust Financial Growth in Q1 2024

Team Internet Group PLC, a global internet company known for its diversified internet services, announced significant growth in its financial results for the first quarter ending March 31, 2024. The London-based company highlighted a 44% increase in operating profit during the period, alongside substantial gains in profit before and after tax, marking a confident start to the fiscal year 2024.

The company reported an 8% growth in organic revenue over the trailing twelve months leading to March 2024, with gross revenue slightly up by 1% to USD 195.9 million. Notably, the net revenue observed a 4% rise to USD 47.6 million. This financial strength translated into a substantial 65% increase in profit before tax and a 62% growth in profit after tax.

Operational performance was particularly strong in the Online Marketing segment, where visitor sessions climbed by 19%. However, revenue per thousand sessions saw a decline of 10%. The Online Presence segment recorded a 14% growth in organic revenue, further supporting the company’s robust performance.

Team Internet has also enhanced its shareholder value proposition by doubling its final dividend compared to the previous fiscal year and expanding its market visibility through commencement of trading on the OTCQX Best Market.

The Group’s strategic focus on product innovation and international expansion was noted as central to its optimistic outlook for the remainder of the year, with expectations to meet market projections for the annual financial results.