Team Internet Group PLC earlier this week outlined progress on its strategic transformation, debt reduction, and product focus during the first half of 2025.
Chief executive Michael Riedl told Proactive that the company had modernised its product portfolio, expanded into new geographies, and streamlined its cost base. These changes, he said, contributed to a more balanced and resilient business.
CFO Billy Green focused on the financial performance, noting that net debt stood at £109.9 million as of 30 June 2024 but had since fallen below £100 million. The company said it continues to reduce net debt while maintaining investment in its platforms.
Proactive: I'm joined by Team Internet CEO Michael Riedl as well as CFO Billy Green. Good to speak with you both.
Michael, I'm going to start with you. The first half of 2025 was clearly a period of big change. Could you walk investors through the main drivers behind your transformation strategy and how it’s positioning the company for growth?
Michael Riedl: Yes, thank you for having us, Stephen. 2025 was clearly a year of transformation for Team Internet. In the first half, we modernised our products, we expanded into new markets, and we streamlined our cost basis. Each of our businesses delivered against strategic objectives. DIS won more long-term contracts — for example, the ten-year .co contract in Colombia.
The comparison business has returned to growth in the second half of the first half and is now scaling internationally very successfully. And the search division is transitioning successfully to Related Search On Content (RSOC). In general, this makes our business more balanced, conservative and resilient than it was.
Proactive: So Billy, Michael mentioned more cash generative. Take us through the financial position, because there's been a big focus on cash generation and cash conversion. And you've also strengthened your balance sheet with an improvement in net debt?
Billy Green: Yes. The cash generation, the cash performance of the business has been very pleasing in the first half of this year. Even going back to 30th of June 2024, net debt was approaching £110 million — it was literally £109.9 million. So in the second half of last year, we reduced net debt to sub-£100 million, a level which is optically very pleasing.
It continues to reduce through to the 30th of June and indeed up to today. So whilst we are being careful to ensure that we continue to spend the money we need to spend to reinvest in the business’s platforms — so we’re not being too mean with CapEx and other investments — we can expect to continue to target reductions in net debt for the foreseeable.
Proactive: And Michael, what does the rest of the year hold for the company? What’s next for Team Internet?
Michael Riedl: In the first half, we produced a lot of evidence that our strategy works. We’ve demonstrated that we can sign up not only commercial but also government customers. We’ve shown that we can grow profitably in broad markets with our comparison business. And we’ve demonstrated strong product-market fit for the RSOC product — advertisers absolutely love it.
To sum up, Team Internet is leaner, sharper and more balanced than a year ago. The fundamentals are strong, as each division is set to contribute to the growth. And therefore we are confident in delivering long-term value for all shareholders.
Proactive: Michael, Billy, I hope you’ll continue to keep us updated with your progress. Thank you very much for taking the time today.