Team Internet Group reports Strong Q1 2024 Performance with Significant Profit Growth

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.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    X
    LinkedIn
    Team Internet plc

    More articles like this

    Team Internet plc

    Understanding and combating DNS abuse

    In our progressively interconnected global landscape, the domain name system (DNS) plays a pivotal role as the bedrock of the internet’s functionality. It furnishes users with easily comprehensible addresses, enabling access to websites, services, and information.

    Team Internet plc

    How new registrars can succeed with CentralNic Reseller

    When new registrars or domain resellers begin working with us, they typically start with a single Top-Level Domain (TLD). This initial step involves small volume and small risk, allowing them to test our system while holding

    Team Internet plc

    Streamlining domain portfolio management

    Managing a portfolio of domains through various registrars can be a cumbersome task, consuming significant time and money. This complexity often hinders productivity and prevents teams from focusing on more profitable activities. It’s crucial to have

    Team Internet plc

    Team Internet on track to meet full-year expectations

    Team Internet announced that it is on track to meet its full-year expectations, driven by steady earnings growth and a significant boost from a major acquisition last month. The AIM-listed firm’s pretax profit reached $7.1m (£5.7m)

    Team Internet plc

    The importance of Online Business in today’s world

    In today’s business landscape, having an online presence is crucial for any active company. The pandemic has further highlighted the significance of this industry. Companies that already had online stores (e-shops) were at a significant competitive

    Team Internet plc

    CentralNic leading the charge in Domain Reselling

    Welcome to the ‘Meet the Team’ series at CentralNic Reseller. We begin with an introduction to Johannes Steck, the head of our Reseller Division. Johannes’s leadership has been pivotal across many prominent brands, including PartnerGate, TPP

    Team Internet plc

    CentralNic Reseller WHMCS Modules

    Our CentralNic Reseller WHMCS modules are designed to make selling domain names and services a breeze. As a preferred WHMCS partner, we provide thousands of resellers with free access to our state-of-the-art modules. With our extensive

    Team Internet plc

    Team Internet delivering attractive returns for shareholders

    Team Internet Group Plc (LON: TIG, OTCQX: TIGXF), the global internet company that generates recurring revenue from creating meaningful and successful connections: businesses to domains, brands to consumers, publishers to advertisers, has announced its unaudited financial results for the

    Team Internet plc

    Team Internet partners with Nordic Domain Days

    Nordic Domain Days brings the domain name industry together! This event is where Registries, registrars, resellers, service providers, and investors network and share insights during a packed two-day conference. Focused on the face to face interaction

    Team Internet plc

    The importance of SSL Certificates for website security

    Security on the Internet is important and is becoming ever more important in the face of increasing cybercrime! SSL certificates are a central component of a security concept for websites and domains. SSL stands for Secure

    Team Internet plc

    Navigating security risks of AI and language models

    As organizations explore ways to harness artificial intelligence, including the large language models that power generative AI, it’s essential to be prepared for both “misfires” and security risks. AI tools’ capacity for bias and returning false

    Team Internet plc

    Team Internet completes acquisition of Shinez

    Team Internet Group plc (LON:TIG, OTCQX: TIGXF) has announced that, further to the announcement released on 19 March 2024, the acquisition of Shinez I.O Ltd, is now complete. Shinez has been acquired for an enterprise value of

    Team Internet plc

    Understanding ICANN Compliance Essentials with SK-NIC

    ICANN global partner of SK-NIC, brought a webinar: ICANN Compliance Essentials: What You Need to Know. This webinar provided an overview of the role of ICANN’s Contractual Compliance program. In this webinar the mechanisms through which ICANN

    Team Internet plc

    Enhance domain security with CentralNic Reseller

    As a domain reseller, you know how important it is to provide your customers with reliable and secure domain services. You want to ensure that their online presences are protected from hackers, spammers, and cybercriminals who

    Team Internet plc

    Navigating Domain disputes

    Domain disputes can be a long and painful process. Depending on the risk that is being posed or the damage that is being caused by the abusive registration, there are a number of different actions that