Team Internet Group (AIM:TIG) declared a doubling of its final dividend as profit increased almost twofold in the last financial year.
The internet services company proposed a final payout of 2p, up from 1p a year ago, as it continues to pursue the progressive dividend policy launched two years ago.
Revenue for the calendar year increased 15% to US$836.9 million, higher than previous guidance from its January update.
Underlying profits (EBITDA) increased 12% to US$96.4 million, statutory profit before tax by 98% to US$29.3 million and adjusted earnings per share 32% to 23.22 US cents.
Chief executive Michael Riedl called it a “milestone” year, including the rebranding from CentralNic Group to Team Internet but also a “significant breakthrough in bottom-line profitability”, delivering a profit after tax of US$24.3 million compared to a US$2.1 million loss after tax in 2022.
Team Internet's online marketing segment saw less favourable trading conditions, the company said, although gross revenues still grew 14.3% to US$657.1 million.
Online presence revenues grew 17.1% to US$179.8 million.