Team Internet’s FY23 results exceeded our forecasts and consensus on revenue and EBITDA. Online Marketing was driven by increased consumer engagement, reflecting investment in delivering more targeted ads across a wider array of channels.
The group’s latest acquisition, Shinez, strengthens Online Marketing via diversification of publishers and is earnings accretive with scope for further synergies. Online Presence returned to strong revenue growth, driven by demand for exotic domains, pricing optimisation and strategic partnerships. Robust free cash flow enabled diverse capital allocation, focused on shareholder returns.
FY23 gross revenue was up 15% y-o-y to US$836.1m, with both divisions growing by double digits. Online Presence revenue increased 17% y-o-y to US$179.8m, driven by growing demand for ‘exotic’ names, pricing optimisation and partnerships.
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.
