Team Internet confident in growth as talks with Verdane continue

(Alliance News) - Team Internet Group PLC on Tuesday said its Comparison segment had "extraordinary" artificial intelligence-boosted growth, but overall, revenue and adjusted earnings fell in the past year.

The London-based internet services company said revenue fell 4.1% to USD803 million in 2024 from USD837 million in 2023.

Adjusted earnings before interest, tax, depreciation and amortisation fell 4.2% to USD92 million from USD96 million.

Among its three reporting segments, two had higher revenue and adjusted Ebitda, while for Search, revenue fell 11% to USD537 million from USD604 million. Adjusted Ebitda for the segment declined 24% to USD56 million in 2024 from USD74 million in 2023.

For its Domains, Identity & Software unit, revenue climbed 7.4% to USD203 million from USD189 million, while revenue for Comparison jumped 43% to USD63 million from USD44 million.

Chief Executive Officer Michael Riedl said: "Our Domains, Identity & Software segment achieved above-market growth, while our Comparison segment showcased extraordinary results, driven by our cutting-edge AI-native platform. We are confident that our Search division's transition into a more content-rich consumer experience will ultimately set up the division for sustainable long-term growth.

"Looking forward, we remain committed to delivering sustainable earnings growth and shareholder returns through disciplined capital allocation, including dividends and share buybacks. We are well-positioned to capitalise on growth opportunities across all segments."

Team Internet shares rose 3.1% to 106.60 pence each on Tuesday afternoon in London, giving it a market capitalisation of GBP272.9 million.

Separately, Team Internet said it extended the deadline for Oslo-based private equity firm Verdane Fund Manager AB to announce its intention to make a takeover offer, or to announce it does not intent to make an offer, to March 4.

"Discussions between Team Internet and Verdane, including undertaking a due diligence review, negotiating the full terms of the possible offer and addressing other pre-conditions, have made material progress and remain ongoing," Team Internet said.

In January, Team Internet had announced that it received a takeover approach from Verdane Fund Manager for 125 pence per share in cash, valuing the company at GBP315.1 million.

Back then, Team Internet had also received an approach from TowerBrook Capital Partners UK LLP, which a few days later announced it does not intent to make a takeover offer.

By Tom Budszus, Alliance News slot editor

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