Team Internet Group Plc (TIG.L), an internet services company, on Monday recorded a decline in pre-tax earnings for nine months, amidst an increase in costs and expenses. However, the company registered an improvement in revenue.
For the nine-month period to September 30, the Group posted a pre-tax income of $18.3 million, lower than the restated $20 million, reported for the same period last year.
Net profit stood at $11.9 million or 4.59 cents per share, compared with prior year's restated $12.8 million or $4.53 cents per share in 2023. Adjusted income per share, however, improved to 16.83 cents from previous year's restated 15.68 cents.
Operating income stood at $31.2 million as against restated $31.4 million a year ago. Excluding items, EBITDA was $70.1 million, higher than last year's restated $68.8 million.
Operating expenses moved up to $111.6 million from restated $103.6 million in the previous year.
Amortization and impairment of intangible assets stood at $30.8 million, higher than last year's $28.1 million. Net finance costs were $12.9 million, up from prior year's restated $11.4 million.
Year-to-date, revenue was $615.1 million, higher than the restated $611.7 million a year ago.
Net revenue from Online Marketing segment increased to $95.4 million from last year's $94.3 million. The segment saw 15 percent growth in the number of consumer journeys, from 5.6 billion for TTM 2023 to 6.5 billion for TTM 2024.
Looking ahead, the Group, said: "The Directors are pleased to report that Team Internet Group's core businesses remain strong and resilient.. While our recent acquisition of Shinez has yet to contribute to EBITDA, we are actively adjusting its operating model and cost base to improve performance. The Group remains on track to produce record profits in 2024 and 2025, albeit at more moderate growth rates than originally anticipated. The Group now expects to deliver approximately USD 97m adjusted EBITDA for 2024."
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