Team Internet Group (AIM:TIG) PLC reported a record-breaking performance for the financial year 2023 in a Monday full-year trading update.
The global internet company revealed gross revenues of approximately US$835 million, net revenues of US$190 million and an adjusted EBITDA of US$96 million, representing year-on-year increases of around 15%, 7% and 12% respectively.
Notably, these numbers surpassed the recently upgraded market consensus for the year.
Team Internet's gross revenue growth was almost equally driven by its two reporting segments - Online Marketing and Online Presence, which increased by 14% and 16% respectively.
Adjusted operating cash conversion was near 100%, said the group.
Chief executive Michael Riedl commented: "Our financial performance in 2023 stands as a testament to our strategic vision and operational efficiency.”
He continued: "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."
Fully audited results are due to be published on 18 March.