Team Internet Group PLC on Monday announced ‘substantial growth’ in profit following the release of unaudited first quarter 2024 results.

The London-based internet services company said during the three months ended March 31, pretax profit rose 65% to $7.1 million from $4.3 million the year prior.

Revenue increased marginally to $195.9 million from $194.9 million.

‘The directors remain confident in the group’s strategic investments in product innovation, vertical integration, and international expansion....Given these strong foundations, the directors are confident that the group will meet market expectations for the full year,’ said Team Internet.

Revenue for the year as a whole is forecast to improve from $836.9 million reported in 2023, landing within the range of $857 million to $910 million.

Team Internet shares were down 0.3% to 152.69 pence each in London on Monday morning.

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