Team PLC on Tuesday said its annual pretax loss narrowed as revenue grew on the back of recent acquisitions.
The Jersey-based wealth and asset management firm said pretax loss in the year that ended September 30 narrowed to £1.6 million from £1.8 million a year prior. Revenue climbed 44% to £2.1 million from £1.5 million. Meanwhile, operating expenses increased 9.3% to £3.3 million from £3.0 million.
The company noted that its results include business from its consolidation of cash management company JCAP Ltd, which it bought in July 2021 for £3.0 million, and two months of contributions from Omega and Concentric, which it bought in the summer of last year. It highlighted that group assets under management or advice rose by 94% to £575 million from £297 million.
Looking ahead, Executive Chair Mark Clubb said: ‘We expect to bring potential acquisitions to enhance TEAM and deliver the business plan to our shareholders, and further equity funding will be required to complete these transactions, and to fund the expected working capital requirements we forecast in the coming 12 months. ’
Team shares rose 5.4% to 59.00 pence each in London on Tuesday afternoon.
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