TEAM plc, the Jersey based wealth, asset management and complementary financial services group, has announced its final results for the year to 30th September 2022.
The financial results show:
- Group assets under management/advice for the year were up 94% from £297 million to £575 million.
- Group revenues increased by 44% from £1.5 million to £2.1 million
- Net assets increased by 15% to £8.6 million (FY21: £ 7.4 million) and we are well placed to continue with our growth plans.
- Annualised revenue rate of £3.7m, as at 30 Sept 2022
- Completed the acquisition of Jersey based businesses Omega and Concentric
- Increased headcount from 16 to 33 (32 in Jersey)
Commenting the on the results, Mark Clubb (pictured), Executive Chairman said: “I am pleased to present the second set of full year results of TEAM plc as a public quoted company.
“At the time of admission in March 2021, we set out our ambition to become a leading wealth and asset management business. I am delighted to confirm that we continue to make significant progress towards this goal in spite of the market turbulence seen this year.
“TEAM plc is a Jersey based company and we look to contribute to our community in a meaningful manner. This year we again supported the Jersey Action Against Rape fundraising competition, and the ‘Borrow a Bucket’ initiative showing Jersey as an environmentally friendly destination that also has ‘Impact’ initiatives.
“In May 2022, we raised £2.7m from new and existing shareholders to fund acquisitions and working capital. The acquisitions of Omega and Concentric have enhanced our range of products and broadened our financial advice services increasing the scale of our addressable market. We will continue to look to grow our adviser presence organically, by recruitment and via acquisition. We have been and are actively engaged in many conversations. We continue to aim for our target of two acquisitions per financial year, of increasing scale, and I am confident that we will achieve this.”
