Team plc, the Jersey based, wealth, asset management and complementary financial services group, has announced its final results for the year to 30th September 2024.
Commenting on the results, Mark Clubb (pictured), Executive Chairman said: “This has been another strong period for Team Plc which saw total client assets exceed the £1 billion threshold, driving a near twofold increase in revenues. Using Jersey as our base and the centre for our fund management engine, we are developing an international financial advisory business specialising in the Middle East, Southeast Asia, and Africa.
“We are further bolstering our advisory division in the Channel Islands with the opening of a new office in Guernsey, alongside the addition of senior wealth management experts, all reinforcing our dedication to providing exceptional client service.”
Team’s financial results show:
- Revenues increased to £10.3m (FY 23: £5.3m)
- Adjusted EBITDA loss of £1.6m (FY 23: £0.7m)
- Total client assets up 39% to £1.16bn (FY 23: £834m)
- £1.7m cash in bank as at 30th September 2024
Mark added: “Collectively we have raised £2.36 million since the year end through debt and equity raisings further strengthening our business, providing the capital needed to drive growth, and enhancing our capabilities. With the availability of £750,000 to be drawn from the NFG “B” CLN. As a result, the cash position of the business looks the healthiest it has been.
“This has been a successful year for the business, as shown by revenues nearly doubling to £10.3m, driven by our international businesses. The Company is organised into three divisions: Investment Management (AUM – £325m); Advisory (AUA – £355m); and International (AUA – £481m).”
When Team Plc listed on the AIM market in 2021 assets under management were £291 million. As at end September 2024, reported assets under management and advice were £1.16 billion.
The Group’s Model Portfolio Service (MPS) has been a strength of the business, delivering above average returns and attracting significant inflow from existing and new clients. The success of the MPS has driven investment management revenues up by 39%.
Team’s Advisory division focuses on financial planning for Jersey Islanders. During the year they launched a new advisory business in Guernsey, which has been licensed and has begun trading. Mark said: “It is a natural geographic extension of our business and revenues are now coming through.
“Jersey serves as the hub for our treasury services business, which has benefitted from the recent rise in interest rates, creating a more favourable market environment for this asset class. Capitalizing on this momentum, we have developed additional services to offer our existing clients, further enhancing the value we provide.”
Separately, Team plc has announced a fundraising round with new strategic investors VT EPIC MA Growth Fund and VT EPIC Wealth Fund.
The Company is issuing 5,686,750 new ordinary shares of no par value in the Company (Ordinary Shares), pursuant to direct subscriptions at a price of 10 pence per share, being the Company’s most recent fundraising price (the Subscription). The new Ordinary Shares will be issued under the Company’s existing share authorities.
The proceeds of the Subscription amounting to £0.57 million will be used to provide cash for working capital and general corporate purposes.
