(Alliance News) - Team Internet Group PLC on Monday said it achieved "record" revenue in 2023, and expects to report figures above annual expectations.
The London-based internet services holding company that develops and manages online marketplaces
said it expects to report a gross revenue of USD835 million for 2023, and net revenue of USD190 million. This would be a 15% increase from USD728.2 million a year ago, and a 6.9% rise from USD177.7 million, respectively.
Team Internet said this is ahead of analyst consensus of revenue and adjusted Ebitda of USD 820.2 million and USD 93.9 million respectively.
Adjusted earnings before interest, tax, depreciation and amortisation for 2023 is expected at USD96 million, Team Internet said, which is a 12% increase from USD86.0 million in 2022.
Net debt at December 31 was USD74 million, up 30% from USD57 million the previous year.
Chief Executive Officer Michael Riedl said: "Our financial performance in 2023 stands as a testament to our strategic vision and operational efficiency. We improved our adjusted Ebitda-to-gross profit ratio from 48% to 51%, reflecting our strong financial discipline and focus on profitability.
"The concurrent rise of social media and user-generated content as dominant forms of online engagement, coupled with the increasing emphasis on data privacy, uniquely positions our Company. This landscape not only aligns with, but actively propels our AI-based contextual advertising solutions. As such, we anticipate that these concurrent trends will significantly bolster our performance and help us outperform in any cycle."
Shares in Team Internet were up 0.6% to 130.80 pence each in London on Monday morning.
By Sabrina Penty, Alliance News reporter
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Team Internet (TIG)