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Team Internet Group PLC on Tuesday said its Comparison segment had ‘extraordinary’ artificial intelligence-boosted growth, but overall, revenue and adjusted earnings fell in the past year.
The London-based internet services company said revenue fell 4.1% to $803 million in 2024 from $837 million in 2023.
Adjusted earnings before interest, tax, depreciation and amortisation fell 4.2% to $92 million from $96 million.
Among its three reporting segments, two had higher revenue and adjusted Ebitda, while for Search, revenue fell 11% to $537 million from $604 million. Adjusted Ebitda for the segment declined 24% to $56 million in 2024 from $74 million in 2023.
For its Domains, Identity & Software unit, revenue climbed 7.4% to $203 million from $189 million, while revenue for Comparison jumped 43% to $63 million from $44 million.
Chief Executive Officer Michael Riedl said: ‘Our Domains, Identity & Software segment achieved above-market growth, while our Comparison segment showcased extraordinary results, driven by our cutting-edge AI-native platform. We are confident that our Search division’s transition into a more content-rich consumer experience will ultimately set up the division for sustainable long-term growth.
‘Looking forward, we remain committed to delivering sustainable earnings growth and shareholder returns through disciplined capital allocation, including dividends and share buybacks. We are well-positioned to capitalise on growth opportunities across all segments.’
Team Internet shares rose 3.1% to 106.60 pence each on Tuesday afternoon in London, giving it a market capitalisation of £272.9 million.
Separately, Team Internet said it extended the deadline for Oslo-based private equity firm Verdane Fund Manager AB to announce its intention to make a takeover offer, or to announce it does not intent to make an offer, to March 4.
‘Discussions between Team Internet and Verdane, including undertaking a due diligence review, negotiating the full terms of the possible offer and addressing other pre-conditions, have made material progress and remain ongoing,’ Team Internet said.
In January, Team Internet had announced that it received a takeover approach from Verdane Fund Manager for 125 pence per share in cash, valuing the company at £315.1 million.
Back then, Team Internet had also received an approach from TowerBrook Capital Partners UK LLP, which a few days later announced it does not intent to make a takeover offer.
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