TEAM releases interim results

Posted: 22/06/2022

MarkClubb_TEAMWealth, asset management and financial services group TEAM has published its financial results for the six months to 31 March 2022.

In March 2021, TEAM completed its listing on AIM, raising gross proceeds of £7.5m.

Since then it has completed its acquisition of Jersey-based treasury services business JCAP, announced in July 2021, and is awaiting regulatory approval on its acquisition of financial advice business Omega Financial Services.

In May, TEAM also exchanged contracts to acquire consulting business Concentric Group for £2.5m (awaiting regulatory approval) and raised gross proceeds of £2.65m from existing and new shareholders.

Client AUM in the asset management business was £231m (H1 2022) versus £281m (FY 2021), primarily as one client with £41m of assets transferred to its historic adviser. Cash under advice was £1.4bn (H1 2022).
Financial highlights

• Revenue up 63% to £1m (H1 2021 £0.6m)
• Loss for the year down 26% to £0.7m (H1 2021 £0.9m)
• Adjusted EBITDA flat at loss of £0.4m (H1 2021 £0.4m)
• Loss per share down 53% to 8 pence (H1 2021 17 pence)
• Adjusted loss per share down 43% to 4 pence (H1 2021 7 pence)
• Cash balance as at 30 March 2022 £3m, (H1 2021 £6.4m)
The business said trading was in line with management expectations and it will be cash positive once the acquisitions of Omega and Concentric are approved and integrated into the group.

Mark Clubb (pictured), Executive Chairman of TEAM, said: "We have had a very active start as a public company. To date, we have made four acquisitions. We therefore have the building blocks in place to provide an integrated wealth and investment business. 

"Our attention now turns to integrating the acquired businesses into TEAM and delivering improved services to clients that will generate incremental revenues and profits for shareholders."

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