Monday, May 13, 2024 8:24am
Digital marketing specialist Team Internet said it was on track to meet full-year expectations on the back of steady profit growth and a boost from last month's major acquisition.
The AIM-listed company's pre-tax profit for the first three months of 2024 was $7.1m (£5.7m), up 65% on the same period last year. Meanwhile, operating profit rose 44% to $11.1m (£8.9m).
Team Internet, which said it “prioritizes profit growth over top-line growth,” said organic revenue grew approximately 8 percent and total revenue grew 1 percent for the 12 months ending March 31, 2024. The total amount was 195.9 million dollars (105.64 pounds). m) Year-on-year comparison. Net revenue rose 4% to $47.6m (£38m).
The company's gross profit margin rose to 24.3% from 23.5% a year ago. Adjusted profit before tax (EBITDA) increased by 4% to $22.2m (£17.7m).
Team Internet's adjusted operating cash conversion decreased from 94% to 80% year-over-year. This is believed to be due to cash receipts from “significant business partners” being collected in his April rather than his March, as the Easter holiday coincided with the end of the year. Of the quarter. The cash exchange rate is expected to normalize to nearly 100% for the remainder of 2024.
Team Internet CEO Michael Riedl said on Monday: This also applies when aligning the growth of online marketing departments with an increased focus on sustainability and customer experience. ”
Last month, Team Internet acquired online marketing business Shinez for $43.2m (£34.5m).
Riedl said that after the merger, Team Internet will have a “robust platform that addresses the 'awareness' stage of the advertising funnel and will be able to expand its existing services, TONIC and VGL, which focus on 'consideration' and 'conversion,' respectively. It has been supplemented.”
“We currently have arguably the most comprehensive product offering of any of our peers,” he added.
