Team Internet Group (AIM:TIG) has followed up its record trading performance in 2022 with solid organic revenue growth in the third quarter of 2023 in both the online marketing and online presence segments.
Gross profit increased 8% year on year to US$138.5 million (£113.1 million), 50% of which passed through to the US$68.8 million of underlying earnings (EBITDA).
Earnings per share shot up 28% to 17.56 cents.
In the online marketing segment, the number of visitor sessions increased by 36% to 5.6 billion for the trailing 12-month period ended 30 September. Though revenues per thousand sessions fell off slightly, they are still above market averages.
The online presence segment once again posted its highest-ever organic revenue growth of 17% compared to the same period in 2022.
Team Internet, which changed its name from CentralNic in September, maintained a steady cash position roughly equivalent to the same period in 2022 while returning US$3.6 million in dividends back to shareholders.
Post period, Team Internet completed another name change, this time for the group’s performance marketing business Codewise, which has been rebranded to ‘Commerce Media Tech’.
Team Internet is heading into the fourth quarter with confidence following the strong third quarter, with full-year results expected to close in line with market expectations.
Chief executive Michael Riedl commented: "The group's new brand launched in the quarter goes beyond aesthetics. It's a manifestation of our purpose: to forge meaningful and successful connections.
“We aim to connect domains with businesses, businesses with consumers, and publishers with advertisers, propelling them towards their digital aspirations. Our aspirations for Team Internet are clear: diversification, global outreach, deeper vertical integration, and an unyielding allegiance to our core values."