Source - Alliance News

Team Internet Group PLC on Monday celebrated higher annual profit and revenue following a ‘milestone’ year, and lifted its dividend in response.

Shares in Team Internet were down 5.4% to 129.20 pence each in London on Monday morning.

The London-based internet services holding company that develops and manages online marketplaces said pretax profit doubled to $29.3 million in 2023 from $14.8 million in 2022.

This was driven by a 15% rise in revenue to $836.9 million from $728.2 million.

Team Internet proposed a final dividend of 2.0 pence per share, doubled from 1.0p. The company pays no interim dividend, and the 1.0p final payout a year ago was its first. It also bought back £28.4 million in shares in 2023, with £9.6 million remaining in its current buyback programme.

Looking ahead, Team Internet said it is confident in its ability to meet current market expectations.

Chief Executive Officer Michael Riedl commented: ‘This year has been a milestone for us.’

Team Internet will release its results for the first quarter of 2024 on May 13.

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