Team PLC on Thursday said lower staff costs helped interim loss recover, and announced two new acquisitions.

The Jersey-based wealth and asset management firm said pretax loss for the first half of financial 2023 narrowed to £506,000 from £710,000 a year prior, as total staff costs fell by 13% to £1.4 million from £1.6 million.

Interim revenue grew to £1.9 million from £999,000 in financial 2022, attributed to the integration of the Omega and Concentric acquisitions, which it bought in the summer last year.

Team did not declare an interim dividend, unchanged from the year prior.

Team also announced on Thursday it acquired Thornton Associates Ltd and Globaleye Management Group. The Jersey-based firm said it will buy Thornton for a total consideration of up to £2.5 million, and will pay an initial cash consideration of £900,000 to Thornton upon completion. Team will also purchase Globaleye for a consideration of up to £5.6 million. The two acquisitions will bring its assets under management and advice to over £850 million.

Globaleye is a Dubai-based wealth management firm, and Thornton is a financial planning business, based in the Isle of Man.

Founder & Chief Executive Officer Mark Clubb said: ‘As a group, we continue to have an ambitious roll-out strategy.’

‘The acquisition of Globaleye and Thornton takes Team closer to £1 billion under management in our target markets, and extends our global footprint to seven countries. In doing so, we believe we are carving out a valuable section of the high net worth market who are living outside their mainland home tax jurisdiction and in need of specialist financial advice, which in the past has not been easily accessible. TEAM is filling that space, and we see significant scope to expand further.’

Shares in Team were up 3.1% at 41.25 pence each in London on Thursday morning.

Copyright 2023 Alliance News Ltd. All Rights Reserved.