Curated News
By: NewsRamp Editorial Staff
March 27, 2024
Team Internet Achieves Milestone Year with Strong 2023 Financial Performance
TLDR
- Team Internet achieved a profit after tax of £24.3 million, a remarkable turnaround from a £2.1 million loss the previous year, indicating strong financial growth potential.
- The company reported strong growth in revenue and profit, with an operating profit of £42.3 million, a 26% increase over 2022, driven by effective partnerships in the ad tech ecosystem and a commitment to quality in their online presence segment.
- Team Internet's commitment to delivering real bottom-line profitability and shareholder value reflects their dedication to providing financial stability and value to their stakeholders, contributing to a better economic future.
- Team Internet's proposal to double its dividend from one pence to two pence per share and continue its share buyback program demonstrates strong financial health and a proactive approach to returning value to shareholders.
Impact - Why it Matters
The significant financial achievements of Team Internet Group in 2023, including a remarkable turnaround in profit and proposed dividend doubling, demonstrate the company's commitment to delivering value to shareholders and long-term profitability. This news indicates the company's strong financial health and successful strategies to exceed industry standards, which can impact investors, industry partners, and stakeholders. The performance trajectory also offers insights into the company's future potential and market expectations.
Summary
Team Internet Group chief financial officer Billy Green highlights the company's significant achievements in 2023, marking it as a milestone year. Green reported strong growth in revenue and profit across all metrics, with an operating profit of £42.3 million, a 26% increase over 2022. Team Internet achieved a profit after tax of £24.3 million, a remarkable turnaround from a £2.1 million loss the previous year, reflecting the company's long-term strategy to deliver real bottom-line profitability and shareholder value. Factors driving this performance include effective partnerships in the ad tech ecosystem, leveraging industry trends, and a commitment to quality in their online presence segment, leading to profitability exceeding industry standards. Additionally, Team Internet proposed doubling its dividend from one pence to two pence per share and plans to continue its share buyback programme, indicating strong financial health and a commitment to returning value to shareholders. Looking ahead, while specific forecasts for 2024 were not provided, Green expressed confidence in meeting market expectations and will release Q1 results in May, offering further insight into its performance trajectory.
Source Statement
This curated news summary relied on this press release disributed by News Direct. Read the source press release here, Team Internet Achieves Milestone Year with Strong 2023 Financial Performance
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