Team Internet Group PLC on Monday said it achieved ‘record’ revenue in 2023, and expects to report figures above annual expectations.

The London-based internet services holding company that develops and manages online marketplaces

said it expects to report a gross revenue of $835 million for 2023, and net revenue of $190 million. This would be a 15% increase from $728.2 million a year ago, and a 6.9% rise from $177.7 million, respectively.

Team Internet said this is ahead of analyst consensus of revenue and adjusted Ebitda of USD 820.2 million and USD 93.9 million respectively.

Adjusted earnings before interest, tax, depreciation and amortisation for 2023 is expected at $96 million, Team Internet said, which is a 12% increase from $86.0 million in 2022.

Net debt at December 31 was $74 million, up 30% from $57 million the previous year.

Chief Executive Officer Michael Riedl said: ‘Our financial performance in 2023 stands as a testament to our strategic vision and operational efficiency. We improved our adjusted Ebitda-to-gross profit ratio from 48% to 51%, reflecting our strong financial discipline and focus on profitability.

‘The concurrent rise of social media and user-generated content as dominant forms of online engagement, coupled with the increasing emphasis on data privacy, uniquely positions our Company. This landscape not only aligns with, but actively propels our AI-based contextual advertising solutions. As such, we anticipate that these concurrent trends will significantly bolster our performance and help us outperform in any cycle.’

Shares in Team Internet were up 0.6% to 130.80 pence each in London on Monday morning.

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