REG - Team PLC - Trading Statement

TeamAnnouncement

18/11/2024 11:30

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RNS Number : 6338M  Team PLC  18 November 2024

18 November 2024

 

("TEAM", the "Group")

 

 Trading Update

TEAM AUA/M hits £1.1 billion milestone

 

TEAM plc (AIM: TEAM), a Jersey-based financial services company, is pleased to
report solid growth in AUM and results broadly in line with market
expectations for the 12 months to 30 September 2024. The outlook for the
current financial year is promising with planned new fund launches, improved
inflows and an acceleration in migration of client assets to TEAM's Multi
Asset Portfolio Strategies (MPS). Alongside, recruitment is strong with
several new joiners starting early in 2025. Our front-line advisors numbers
will grow.

 

Group AUA/M continues to grow and has now reached the £1 billion milestone,
with AUA/M at 30 September 2024 of £1.1 billion, up from £834 million over
the 12 months, with the majority of the growth from the International
division. For the year to 30 September 2024, the Company expects to deliver
revenues c. 25% ahead of market expectations, and marginally behind on EBITDA,
with revenue for the year of £10.1 million (2023: £ 5.3 million) and an
EBITDA loss of £1.7 million, in each case subject to audit. The Group's focus
remains on migrating assets to TEAM's MPS portfolios to drive future Group
profitability. Performance of these funds remains top-tier. TEAM continues to
expand the number of advisers in its International Division, targeting ex-pat
professional clients working in Asia, Africa and the Middle East.

 

The outlook for 2025 is promising as fund flows look set to increase,
reflecting a higher number of advisers as well as the acceleration in
migration of existing international clients' assets into TEAM's MPS
portfolios. The Group's UCIT product launch, which will enable International
clients to more easily access the MPS is now expected to launch in January
2025. The Group's Guernsey financial advice license has now been approved and
is expected to have a positive impact on fund inflows and revenues. The Group
is also in advanced discussions to acquire a business with a European advice
license to further increase its ability to take on International advisers and
clients.

 

To support the transition to operating cash flow breakeven, the Company will
be seeking new capital to fund working capital, regulatory capital and
deferred consideration requirements.

 

Commenting on Group trading, Executive Chairman, Mark Clubb, said:

 

"We have nearly doubled revenues in the last 12 months and crossed the £1bn
AUA/M threshold - there is genuine momentum building in our businesses. We are
targeting the international market, a significantly under-served client base,
providing advice based on real market experience from the locations where our
clients live. Migration of the wealthy is an increasing trend, and we are
establishing ourselves as an advisor of choice to this group."

 

TEAM plc is a Jersey-based financial services company specializing in wealth
and asset management. With a strong commitment to client-centered solutions
and a forward-thinking approach to financial planning, TEAM plc is dedicated
to delivering consistent, long-term value to its clients.

 

 

Enquiries to

 TEAM plc                                                                 +44 1534 877 210

 Mark Clubb, Executive Chair

 Matthew Moore, CFO and COO

 Strand Hanson (Nominated Adviser to TEAM)                                +44 207 409 3494

 Richard Johnson, James Spinney, David Asquith

 Oberon Capital (Broker to TEAM)                                          +44 20 3179 0500

 Michael Seabrook, Adam Pollock, Jessica Cave

 Novella Communications (Financial Public Relations)                      +44 20 3151 7008

 Tim Robertson, Claire de Groot, Safia Colebrook

 Hannam & Partners (Financial Adviser to TEAM)                            +44 20 7907 8500

 Giles Fitzpatrick, Richard Clarke

www.teamplc.co.uk
(https://url.avanan.click/v2/___http:/www.teamplc.co.uk___.YXAxZTpzaG9yZWNhcDphOm86NTBkODM5NDVhYzUyMjRjNDQwMTMyNWUyM2NkMjkwNDM6NjpmMGY2OmE3NmNlYjYzYmFhYjIwYzc2ODI1ZjkwYjQxODQ1ZjgwZjRhNGNiMWM4M2IwNTQ5Y2JlZWFmMjg2OGFjZWMyNWI6cDpU)

 

 

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