1st Dec 2021 14:54
Team PLC - Jersey-based active fund management - Reports a pretax loss of GBP1.7 million in the year to September 30, widened from GBP467,000 the year before. Attributes this to operating expenses that more than doubled to GBP2.9 million from GBP1.0 million. Cost of sales also increase to GBP269,000 from GBP69,000. Says revenue in the year amounted to GBP1.5 million, more than doubled from GBP701,000. Says this improvement "took investment" but expects it to pay off in future periods. Separately, states it buys Jersey-based financial advising company Omega Financial Services. Says initial consideration of GBP2 million in cash is payable, in addition to further deferred consideration of up to GBP2 million in a mix of cash and new shares in Team. Adds that in the 12 months to December 31, 2020 Omega generated a pretax profit of GBP850,000 on revenue of GBP1.1 million.
"We are pleased to announce today both our results for the year alongside the acquisition of Omega, a strong business as well as an entry point for us into the independent financial advisor market and a platform to build upon whilst also being immediately earnings enhancing," Executive Chair Mark Clubb says.
He adds: "The acquisitions and senior hires we have made this year will be a significant step for Team towards becoming cashflow positive in 2023 and we have an excellent pipeline of opportunities to pursue, to underpin the future growth of the group."
Current stock price: 70.96p, up 6.7% Wednesday
Year-to-date change: down 20% from 88p listing price in March
By Abby Amoakuh; [email protected]
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