Team Internet’s FY23 trading update confirmed that trading has remained robust with double-digit sales growth across Online Marketing and Online Presence. The total revenue and EBITDA margin were slightly ahead of market consensus and our forecasts, both of which were upgraded in November 2023. Estimated FY23 net debt of US$74m was lower than our US$80.9m forecast, with operating cash conversion reverting to close to 100%.
For FY23, Team Internet expects to report gross revenue of US$835m (Edison forecast: US$833.7m), net revenue of US$190m (Edison forecast: US$190.6m) and adjusted EBITDA of approximately US$96m (Edison forecast: US$94.4m).
Despite challenging conditions, Online Marketing reported 14% y-o-y gross revenue growth to US$656m, at the upper end of industry rates in FY23. This further validates Team Internet’s data privacy-focused technology, supported by rising social media and user-generated content engagement.
Team Internet plc (LON:TIG) – formerly CentralNic – is a global internet solutions group headquartered in London. Leveraging world-class technologies and industry leading teams, they have been transforming the way organisations, brands, publishers and consumers connect and thrive online.