18
November 2024
("TEAM",
the "Group")
Trading Update
TEAM AUA/M hits £1.1 billion
milestone
TEAM plc (AIM: TEAM), a Jersey-based financial
services company, is pleased to report solid growth in AUM and
results broadly in line with market expectations for the 12 months
to 30 September 2024. The outlook for the current financial year is
promising with planned new fund launches, improved inflows and an
acceleration in migration of client assets to TEAM's Multi Asset
Portfolio Strategies (MPS). Alongside, recruitment is strong with
several new joiners starting early in 2025. Our front-line advisors
numbers will grow.
Group AUA/M continues to grow and has
now reached the £1 billion milestone, with AUA/M at 30 September
2024 of £1.1 billion, up from £834 million over the 12 months, with
the majority of the growth from the International division. For the
year to 30 September 2024, the Company expects to deliver revenues
c. 25% ahead of market expectations, and marginally behind on
EBITDA, with revenue for the year of £10.1 million (2023: £ 5.3
million) and an EBITDA loss of £1.7 million, in each case subject
to audit. The Group's focus remains on migrating assets to TEAM's
MPS portfolios to drive future Group profitability. Performance of
these funds remains top-tier. TEAM continues to expand the number
of advisers in its International Division, targeting ex-pat
professional clients working in Asia, Africa and the Middle
East.
The outlook for 2025 is promising as
fund flows look set to increase, reflecting a higher number of
advisers as well as the acceleration in migration of existing
international clients' assets into TEAM's MPS portfolios. The
Group's UCIT product launch, which will enable International
clients to more easily access the MPS is now expected to launch in
January 2025. The Group's Guernsey financial advice license has now
been approved and is expected to have a positive impact on fund
inflows and revenues. The Group is also in advanced discussions to
acquire a business with a European advice license to further
increase its ability to take on International advisers and
clients.
To support the transition to
operating cash flow breakeven, the Company will be seeking new
capital to fund working capital, regulatory capital and deferred
consideration requirements.
Commenting on Group trading, Executive Chairman, Mark Clubb,
said:
"We
have nearly doubled revenues in the last 12 months and crossed the
£1bn AUA/M threshold - there is genuine momentum building in our
businesses. We are targeting the international market, a
significantly under-served client base, providing advice based on
real market experience from the locations where our clients live.
Migration of the wealthy is an increasing trend, and we are
establishing ourselves as an advisor of choice to this
group."
TEAM plc is a Jersey-based financial
services company specializing in wealth and asset management. With
a strong commitment to client-centered solutions and a
forward-thinking approach to financial planning, TEAM plc is
dedicated to delivering consistent, long-term value to its
clients.
Enquiries to
|
TEAM plc
Mark Clubb, Executive
Chair
Matthew Moore, CFO and
COO
|
+44 1534 877
210
|
|
Strand Hanson (Nominated
Adviser to TEAM)
Richard Johnson, James Spinney,
David Asquith
|
+44 207 409 3494
|
|
Oberon Capital (Broker to
TEAM)
Michael Seabrook, Adam Pollock,
Jessica Cave
|
+44 20 3179 0500
|
|
Novella Communications (Financial Public Relations)
Tim Robertson, Claire de Groot,
Safia Colebrook
|
+44 20 3151 7008
|
|
Hannam & Partners (Financial Adviser to TEAM)
Giles Fitzpatrick, Richard
Clarke
|
+44 20 7907 8500
|
www.teamplc.co.uk
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