Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF) ended 2024 with record operating cash flow, highlighting strong financial management despite a slight dip in revenue.
The digital services group generated approximately $95 million in adjusted operating cash flow, up from $93 million the previous year, with a cash conversion rate of 103%.
Total revenue for the year was around $803 million, down 4% from 2023. Net revenue fell slightly to $188 million, while adjusted earnings before interest, taxes, depreciation, and amortisation dropped to $92 million.
The Comparison segment saw the strongest growth, with revenue up 43% and earnings nearly doubling. This was driven by expansion into new markets such as Italy and Spain.
The Domains, Identity & Software division grew 7%, with efficiency improvements boosting profits by 46%.
Meanwhile, the Search segment faced challenges, with net revenue falling 15%. The company is focusing on improving customer experience rather than chasing short-term volume growth.
Team Internet spent $21 million on share buybacks, $10 million on dividends, and $32 million on acquisitions. The company expects a non-cash impairment charge related to its Shinez acquisition, with legal action ongoing.
CEO Michael Riedl said: "Looking forward, we remain committed to delivering sustainable earnings growth and shareholder returns through disciplined capital allocation, including dividends and share buybacks. We are well-positioned to capitalise on growth opportunities across all segments."