44% revenue increase at TEAM in first full year since listing

Friday 27 January 2023

Jersey-based, wealth, asset management and complementary financial services group TEAM almost doubled assets under management in the year to 30 September 2022.

Announcing its final results, TEAM’s Executive Chairman, Mark Clubb, 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.”

The financial results show:

• Group assets under management/advice for the year were up 94% from £297m to £575m;

• Group revenues increased by 44% from £1.5m to £2.1m;

• Net assets increased by 15% to £8.6m (FY21: £ 7.4m);

• 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).

Mr Clubb added: “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. 

“We will continue to seek opportunities to enable us to work towards our goal to become a leading wealth and asset management business both in Jersey as well as internationally. 

“We have deep experience as a management team on integrating acquisitions and identifying ways to enhance revenue growth across the Group. 

“Our ethos is entrepreneurial – our team is energetic and excited by the potential of being involved at the inception of a fast-growing future leader in the sector.  

“I would like to thank the team for their commitment and hard work over the period and look forward to continued collaboration and success.”