TEAM plc (AIM :TEAM), the wealth, asset management and complementary financial services group, is pleased to announce its unaudited interim results for the six months ending March 31st 2023. Separately today TEAM is announcing two acquisitions which deliver on its strategy to expand geographical reach and service capabilities and on completion will lift assets under management and advice to over £850 million.
· TEAM is today announcing its interim results with total revenues for the six month period to March 31st of £1.9 million (2021: £999,000) reflecting the contribution made by acquisitions.
· Underlying loss before tax was reduced to £374,000 (2021: £382,000)
· The integration of the Omega and Concentric acquisitions has been successful and both are now operating from the same offices
· TEAM is pleased to report that £25 million of client assets have transitioned to TEAM AM model portfolios, underlining their robust performance
· TEAM is also announcing separately today two acquisitions that extend its geographical reach and service capabilities. First, for a total consideration of up to £5.6 million, is Dubai headquartered Globaleye Wealth Management which has 5 offices across Africa and Asia. Second, for a total consideration of up to £2.5 million, is Thornton Associates, a financial planning business based in the Isle of Man
· These deals, the fifth and sixth acquisitions since TEAM came to the market in 2021 deliver on TEAM's strategy to build and expand into fast-growing international finance centres and enhance its service capabilities as well as on TEAM's strategy to build in the Crown Dependencies. The integration of these businesses should deliver material cross -selling, revenue and cost synergies
· As a result of these acquisitions, TEAM's total AUM will increase to over £850 million
· TEAM has an ambitious roll-out strategy which requires ongoing shareholder support; with its Jersey location, TEAM is ideally placed to support clients living outside of their mainland home tax jurisdiction and their specialist financial needs
Mark Clubb, CEO and Founder of TEAM said: "I am pleased to report that our interim results demonstrate our ability to deliver, demonstrating the attractions of our multi asset approach as well as our ability to successfully deliver on integrating acquisitions. As a Group we continue to have an ambitious roll-out strategy and I would like to thank our shareholders for their ongoing support.
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 of 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."