AIM-listed TEAM today (3 March) reported total client assets topping £1bn amid a near twofold jump in revenue to £10.3m (FY 23: £5.3m), in its final audited results for the year to 30 September 2024.
There was an increased adjusted EBITDA loss of £1.6m (FY 23: £0.7m) and post year-end the Jersey-headquartered company said it had also raised an additional £2.36m through debt and equity raisings.
Total client assets were up 39% to £1.16bn (FY 23: £834m) and there was £1.7m cash in the bank as at 30 September 2024.
The business now organised into three division, namely Investment Management, with AUM £325m (2023: £289m); Advisory, with AUA £355m (2023: £369m) and International with AUA £481m (2023: £180m).
TEAM said Investment Management had a strong year, achieving a 39% increase in income, driven by significant capital inflows from both Advisory and direct clients into the division’s strongly performing Model Portfolio Service (MPS).
The reorganisation of the Advisory division led to a reduction in comparable revenues during the period but this laid the foundation for future growth, including the launch of a new advisory business in Guernsey, it said.
The International division experienced significant expansion, driven by a full year of contributions from the Globaleye business, nine months from the Neba businesses, and the growing self employed adviser team. With all businesses in the division now operating under the Neba brand, it is poised to be the primary growth engine for the group, the statement said.
There are planned new fund launches during this financial year, increased inflows, and an accelerated migration of client assets to MPS.
The Group’s UCIT product launch will enable International clients to more easily access the MPS is expected to launch in the Spring.
Advisory business has had a strong start to the financial year, adding new personnel, new clients and establishing a new office in Guernsey
TEAM International was “aggressively growing adviser network across specific regions and targeting 12 new senior hires in the current financial year”.
Mark Clubb (pictured), executive chairman of TEAM, said: “We are concentrating our international efforts on the financial advisory markets where growth is strongest, specifically the Middle East, Southeast Asia, and Africa.
“Our business model is centred on recruiting talented advisers and providing them with the support they need to thrive, from robust
compliance to a diverse product range and a competitive commission structure.
“The divisional management team is highly incentivised to drive expansion. And TEAM plc will benefit from the widespread distribution of our funds and investment management services, without the heavy costs typically associated with traditional fund distribution in competitive markets. It’s a proven model that we believe will fuel our future growth.”
