Team Internet Group PLC has released its financial results for 2024, revealing a mixed performance with a decline in revenue and profit but record-high cash flow. Despite market challenges, the company remains strategically positioned for long-term growth, with notable gains in certain business segments.

Revenue and profit overview

Team Internet reported a 4% decline in total revenue, reaching $803 million compared to $837 million in 2023. The company’s net revenue (gross profit) also fell slightly, from $191 million to $188 million, reflecting a 2% drop. Adjusted EBITDA, a key profitability metric, decreased 4% to $92 million, down from $96 million the previous year.

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Cash flow and capital allocation

Despite the revenue decline, Team Internet achieved a record-high operating cash flow of $95 million, an increase from $93 million in 2023, with an impressive 103% cash conversion rate. The company allocated capital strategically, spending:

  • $21 million on share buybacks
  • $10 million on dividends
  • $32 million on acquisitions

1. Domains, Identity & Software (DIS)

  • Revenue increased by 7% to $203 million
  • Net revenue grew 9% to $74 million
  • EBITDA surged by 46% to $19 million
  • The company streamlined operations by consolidating its subscription-based platforms and SaaS offerings.
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2. Comparison business (comparison sites)

  • Revenue skyrocketed by 43% to $63 million
  • Net revenue grew by 44% to $23 million
  • EBITDA nearly doubled (89% growth) to $17 million
  • Growth was fueled by expansion into Italy, Spain, and a relaunch in France, with further global expansion planned.

3. Search business

  • Revenue fell 11% to $537 million
  • Net revenue dropped 15% to $91 million
  • EBITDA declined by 24% to $56 million
  • The decline was attributed to rising traffic acquisition costs and lower revenue per visitor from Google. The company is now prioritizing customer experience over short-term volume growth.

Team Internet faced setbacks with its Shinez acquisition, which it purchased for $41.8 million in 2023. The business underperformed, leading to a non-cash impairment charge and ongoing legal action against the founders. The company plans to transition Shinez from text-based content to short-form video, aligning with evolving consumer trends.

CEO Michael Riedl emphasized sustainable earnings growth, capital discipline, and balanced revenue streams. The company’s diversified business model, combined with its focus on AI-driven solutions in the Comparison segment, positions it well for the future.

Key takeaways

  • Revenue and EBITDA declined, but operating cash flow reached a record high
  • Comparison segment led growth (+43% revenue, +89% EBITDA)
  • DIS segment demonstrated strong efficiency gains (+46% EBITDA growth)
  • Search business underperformed due to market headwinds (-11% revenue, -24% EBITDA)
  • Strategic investments in AI and global expansion signal future growth potential
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While 2024 was a challenging year, Team Internet’s focus on efficiency, capital allocation, and long-term market positioning suggests a resilient financial outlook moving forward.