Team Internet, a London-listed web services firm, has experienced a notable surge in sales following its acquisition of an online marketing firm earlier this year. In the first half of 2024, the company’s revenue increased to nearly £410 million, up from £396 million during the same period in 2023. This growth led to a seven per cent rise in gross profit, reaching over £97 million compared to £91 million in the first half of the previous year.
A significant contributor to this success was the March 2024 acquisition of Shinez, a US-based online marketing business, for $41.8 million (£32.7 million). Team Internet highlighted that this acquisition has strengthened its capabilities in the “awareness stage” of the advertising funnel, an essential part of its overall marketing strategy.
Michael Riedl, the company’s chief executive, expressed satisfaction with the first half of the year’s performance, noting that the second quarter of 2024 showed slightly better year-on-year growth compared to the first quarter. This included improvements across revenue, net revenue, and adjusted EBITDA, indicating positive momentum as the company moves into the latter half of the year. Riedl also emphasised the strategic integration of Shinez with existing solutions like TONIC and VGL, aiming to create a unified platform that enhances advertising revenue through better targeting, increased RPM, and the collection of valuable first-party data.
Looking forward, Team Internet remains optimistic about its growth prospects and plans to issue an interim dividend of 1.0 pence per share. This decision reflects the company’s confidence in sustaining strong financial performance throughout the year.
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.
