Internet solutions provider Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF)’s earning-centric growth strategy was on full display in the first quarter of 2024.
Organic revenues grew by 8% year on year, while operating profit increased by 44% to $11.1 million and profit before tax flew 65% higher to $7.1 million.
In the Online Marketing segment, the number of visitor sessions increased by 19% to six billion. The Online Presence segment recorded a 14% organic revenue growth.
Chief executive Michael Riedl said: "I am pleased to report that the emphasis on holistically managing for earnings and cash flow continues to yield substantial benefits. This holds true even as we tailor the growth of our Online Marketing sector to align with our enhanced focus on sustainability and customer experience.
“We are laying the strong operational foundations which will best position the Group to go from strength to strength, as we execute on our strategy and deliver attractive returns for our shareholders.”
Post-period, Team Internet acquired Shinez I.O. for $38.9 million, which is expected to enhance its product offerings in the advertising funnel. Team Internet also began trading on the OTCQX Best Market in the US.
The group said it aims to keep revenues growing at 8% while focusing on earnings accretion.