Team Internet Group announced its unaudited financial results for the first quarter of 2024, ending on March 31. The results underscore the company’s strong performance, marked by significant growth in key financial metrics and strategic milestones.
For the trailing twelve months (TTM) ended March 31, 2024, Team Internet achieved an organic revenue growth of approximately 8%. The company’s gross revenue for Q1 2024 increased by 1% to USD 195.9 million compared to USD 194.9 million in the same period last year. Net revenue, or gross profit, saw a 4% rise to USD 47.6 million, with the gross margin improving from 23.5% to 24.3%. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) also increased by 4%, reaching USD 22.2 million, while the EBITDA margin saw a relative uplift to 11.3% from 10.9% in Q1 2023. Operating profit experienced a remarkable 44% surge to USD 11.1 million, and profit before tax grew by 65% to USD 7.1 million. After accounting for taxes, the profit stood at USD 4.7 million, a 62% increase from the previous year. Adjusted earnings per share (EPS) rose by 20% to USD 5.35 cents.
In the Online Marketing segment, the number of visitor sessions increased by 19% to 6.0 billion for TTM 2024. The Online Presence segment recorded an impressive 14% organic revenue growth, up from 10% in the previous period.
Several strategic moves have bolstered Team Internet’s position in the market. On April 10, 2024, the company’s ordinary shares began trading on the OTCQX Best Market under the symbol “TIGXF,” enhancing its visibility in the world’s largest capital market. Additionally, on April 26, 2024, the companyacquired Shinez I.O. Ltd and its subsidiaries for an initial cash consideration of USD 38.9 million, plus USD 4.3 million retained for customary warranties and indemnification.
The company has delivered robust earnings growth and maintained healthy profit margins. The company focuses on earnings growth over top-line growth, with an 8% organic revenue growth on a pro forma basis for TTM 2024. The Directors are confident in the Group’s strategic investments in product innovation, vertical integration, and international expansion. These efforts position the group for continued success and are expected to meet market expectations for the full year.
Michael Riedl, CEO of Team Internet, highlighted the company’s strategic focus on managing earnings and cash flow, which continues to yield substantial benefits. The emphasis on sustainable growth in the Online Marketing sector aligns with the company’s enhanced focus on customer experience. Riedl also expressed enthusiasm about the trading commencement on OTCQX, which marks a significant milestone in making the company’s success story more accessible to a broader audience.
The Q1 2024 results reflect a solid financial performance with significant growth in profits and strategic advancements. The company’s focus on sustainability, customer experience, and strategic investments continues to drive its success. With a strong foundation and a clear vision, Team Internet is well-positioned to achieve its goals and deliver value to its shareholders in the coming year.
