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(Sharecast News) - Team Internet Group reported a 16% year-on-year increase in revenue in the first nine months of the year on Monday, as well as an 11% rise in adjusted EBITDA and a positive outlook for the rest of the year.
The AIM-traded company said revenue for the period ended 30 September was up 16% year-on-year at $611.7m.
Organic revenue growth for the trailing 12 months ending in September stood at 19%.
Net revenue, or gross profit, increased by 8% to $138.5m, and adjusted EBITDA increased by 11% to $68.8m.
Adjusted earnings per share also significantly increased, rising 28% to 17.56 US cents.
Team Internet said its net debt was reported at $81.7m as of 30 September, compared to $56.6m at the end of December last year.
The firm said its adjusted operating cash conversion for the period was 95%, with expectations of it approaching 100% over the rest of the year.
In the third quarter, the company rebranded, changing its name from CentralNic to Team Internet Group.
The change was approved at a general meeting on 28 September and has since been confirmed by Companies House.
Throughout the period, Team Internet continued to perform in line with market expectations, with the online marketing segment seeing a 36% increase in visitor sessions for the trailing 12 months ending in September, while the online presence segment achieved its highest-ever organic revenue growth, reaching 17%.
Team Internet's adjusted EBITDA as a percentage of net revenue increased to 50% for the nine months ended September.
The company also announced strategic partnerships in its commerce media tech business, including becoming a tier-one demand partner of Sovrn and partnering with Booking.com and Klarna.
Additionally, Team Internet's flagship ad tracker, Voluum, was integrated with Shopify to enhance customer performance.
Notably, Adrenalads was acquired for $2.1m, with deferred consideration of $0.2m payable in February 2025.
Looking ahead, Team Internet said it remained confident about its performance for the rest of the year, with the fourth quarter typically being its most robust.
The company expected to continue delivering results in line with current market expectations for the full year, supported by strong operating cash generation and an expanded share buyback program.
"I am pleased to report that the group has continued its strong organic revenue growth in the third quarter, building on the record results achieved in 2022," said chief executive officer Michael Riedl.
"This growth was driven by both operating segments, reflecting the strength of our product portfolio.
"Leveraging this position, the group is primed for a strong finish in the fourth quarter, traditionally our highest revenue quarter of the year."
Riedl said the group's new brand, launched in the quarter, went beyond aesthetics.
"It's a manifestation of our purpose: to forge meaningful and successful connections.
"We aim to connect domains with businesses, businesses with consumers, and publishers with advertisers, propelling them towards their digital aspirations.
"Our aspirations for Team Internet are clear: diversification, global outreach, deeper vertical integration, and an unyielding allegiance to our core values."
At 1316 GMT, shares in Team Internet Group were down 6.52% at 116.1p.
Reporting by Josh White for Sharecast.com.
