Team Internet Group PLC (AIM:TIG, OTCQX:TIGXF) rose 11% to 47p after launching a strategic review to surface value across its businesses.
The company is exploring sales or partnerships for most operations, excluding a whole-company bid.
Its Domains, Identity and Software unit is furthest advanced, with a Tier 1 adviser appointed, and the board argues this segment alone could be worth more than the current market capitalisation.
The rethink follows abrupt shifts in Google’s ad policies that hit the Search unit. AdSense for Domains has ended and new RAF and RAC rules slowed the roll-out of Related Search on Content, although RSOC revenue has climbed more than 200% since the first half.
Search is expected to be classed as held for sale as the group pivots to direct-to-advertiser and commerce media models and adds alternative feed partners.
Guidance points to 2025 adjusted EBITDA of US$40-45 million, down from US$92 million in 2024, with Domains, Identity & Software at US$21-22 million, Comparison US$11-13 million, and Search US$8-10 million.
Management is targeting a return to double-digit earnings growth from 2026.