Web services firm Team Internet has seen its sales surge after it acquired an online marketing firm earlier this year.
The London-listed firm, which is headquartered in the City, saw its revenue jump to almost £410m in the six months ending June 30, 2024, compared to £396m in the same period in 2023.
As a result Team Internet’s gross profit increased seven per cent from £91m in the first six months of 2023 to more than £97m in the six months ending June 30, 2024.
The firm said this growth had been driven in part by the acquisition of the US-based online marketing business Shinez for $41.8m (£32.7m) in March 2024, which Team Internet said would boost its capabilities in the “awareness stage of the advertising funnel”.
Michael Riedl, chief executive of Team Internet, said: “Team Internet has delivered another strong set of trading results for the first half of the year.
“Year-on-year growth in trading results for Q2 2024 was slightly ahead of that seen in Q1 2024, with growth across revenue, net revenue and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA), demonstrating momentum as we move into the second half of the year.
“The addition of Shinez .. has introduced platform capability that addresses the ‘awareness’ stage of the advertising funnel, complementing our existing solutions: tonic for ‘consideration’ and comparison platforms for ‘conversion’.
“Our vision is to strategically integrate Shinez, TONIC and VGL into a synergistic platform designed to enhance advertising revenue. By doing so, we will drive future profitability through improved targeting, increased RPM, and the accumulation of valuable first-party data.”
Looking ahead, Team Internet said it remained optimistic about its growth prospects and had plans to issue an interim dividend of 1.0 pence per share, reflecting its “confidence in maintaining strong financial performance throughout the year”.