(Alliance News) - Team Internet Group PLC on Monday celebrated higher annual profit and revenue following a "milestone" year, and lifted its dividend in response.
Shares in Team Internet were down 5.4% to 129.20 pence each in London on Monday morning.
The London-based internet services holding company that develops and manages online marketplaces said pretax profit doubled to USD29.3 million in 2023 from USD14.8 million in 2022.
This was driven by a 15% rise in revenue to USD836.9 million from USD728.2 million.
Team Internet proposed a final dividend of 2.0 pence per share, doubled from 1.0p. The company pays no interim dividend, and the 1.0p final payout a year ago was its first. It also bought back GBP28.4 million in shares in 2023, with GBP9.6 million remaining in its current buyback programme.
Looking ahead, Team Internet said it is confident in its ability to meet current market expectations.
Chief Executive Officer Michael Riedl commented: "This year has been a milestone for us."
Team Internet will release its results for the first quarter of 2024 on May 13.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Team Internet (TIG)