Team Internet celebrates milestone year with strong 2023 financial performance; doubles dividend
London, UK
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March 27, 2024 07:44 AM Eastern Daylight Time
Team Internet Group chief financial officer Billy Green highlights the company's significant achievements in 2023, marking it as a milestone year.
Green told Proactive's Stephen Gunnion the firm reported strong growth in revenue and profit across all metrics, with an operating profit of £42.3 million, a 26% increase over 2022. Notably, Team Internet achieved a profit after tax of £24.3 million, a remarkable turnaround from a £2.1 million loss the previous year. This success reflects 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.
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