Team Internet Group PLC Releases FY 2024 Trading Update

Team Internet Group PLC has announced its Financial Year 2024 results, revealing a 4.1% decrease in gross revenue, falling to USD 802.8 million. Despite the decline, the company's gross margin saw a slight increase from 22.8% to 23.4%. Operating profit experienced a significant drop of 82.1%, impacted by a USD 36.0 million impairment charge related to the subsidiary Shinez I.O. Ltd, which resulted in a loss after tax of USD 17.7 million.

The company recorded an adjusted EBITDA of USD 91.9 million, down 4.7% from the previous year, maintaining an adjusted EBITDA margin close to 50%. Notably, adjusted operating cash flow increased by 7% to USD 99.1 million, showcasing strong cash generation despite challenges.

CEO Michael Riedl highlights strategic transformation with a focus on AI-driven monetization and cost efficiency. Looking forward, Team Internet targets a return to double-digit EBITDA growth by 2026, emphasizing innovation and optimization across its segments.