TEAM (AIM:TEAM), the wealth, asset management and complementary financial services group, reported first-half revenue of £6.9 million for the six months to 31 March, up 18% from £5.8 million a year earlier.
The financials come without material contribution from three acquisitions completed at the very end of the period.
TEAM's pre-tax loss widened marginally to £1.84 million from £1.76 million in the comparable half, reflecting continued platform investment and initial integration costs, while cash at the period end rose to £3.79 million from £2.16 million a year earlier, partly boosted by cash brought into the business alongside the WH Ireland deal.
The standout development of the half was the £12.7 million acquisition of WH Ireland Group, completed 24 March, which added £0.97 billion of assets under manaI'lgement and has already reached positive monthly EBITDA under TEAM's ownership.
Combined with the announced acquisitions of EPIC Fund Services Guernsey and eight EPIC Book investment mandates, expected to add £157 million of further assets, the group's total assets under advisory and management now stand at approximately £2.3 billion, more than double the £1.1 billion reported a year ago.
The group also signed heads of terms to acquire a profitable UK wealth manager generating around £2.2 million in annual revenues and overseeing £240 million of assets, for approximately £3 million in cash and equity, which would push UK assets above £1 billion if completed.
TEAM said it remains on track to become monthly cash positive by the end of 2026 or early 2027.
