30 June 2025

("TEAM " or the "Company ")

Interim Results

41% increase in Revenues, Growing Advisory Base and On Track to reach Breakeven

TEAM plc (AIM: TEAM), the wealth, asset management and complementary financial services group, is pleased to announce its interim results for the six months to 31 March 2025.

HY 25 Financial Highlights

·    Revenues increased to £5.8m (HY 24: £4.1m)

·    Total client assets increased to £1.112bn (HY 24: £0.9bn)

·    £2.16m cash in bank as at 31 March 2025 (HY 24: £1.5m)

·    Successfully raised a total of £2.96m through a combination of equity and convertible loan instruments

Operational Highlights

·    Total client assets:

o  Investment Management - AUM £345m (30 Sept 2024: £325m)

o  Advisory & Consultancy- AUA £280m (30 Sept 2024: £280m)

o  International - AUA £487m (30 Sept 2024: £480m)

·    Group-wide cost reduction programme has resulted in reducing annual operating costs by £668k, with a further £165k of further saving identified

·    TEAM UCITS fund is close to being launched following the signing of a new Fund Services Agreement with EPIC Fund Services (Dublin) Ltd

·    Continued expansion of the advisory network in the International Division with 13 new advisors joining between January and March 2025 taking the total to 59 advisors

Outlook

·    Positive outlook for remainder of the financial year with continued focus on accelerating migration of client assets to MPS.

·    UCIT product launch, expected to enable International clients, in particular, to access MPS more easily

·    Expanding the international advisory network is a key future growth driver and the Group's clearly differentiated offer to potential advisors is proving attractive

Commenting on the results Mark Clubb, Executive Chairman of TEAM, said:

"We are a professional home for serious advisers who want to build, grow, and eventually exit-on their own terms. There are many such advisers out there, and that is where our growth will come from. I remain confident in TEAM Plc's trajectory and our mid-term targets: annual revenue of £20 million, an EBITDA margin exceeding 30%, and Assets Under Advice/Management of £4 billion.

Execution remains critical. The launch of our UCITS fund is central to driving growth. With the right support and ongoing adviser recruitment, we believe we can achieve escape velocity, reaching profitability powered by recurring, high-quality revenues."

Enquiries

Further information on the Company can be found on its website at www.teamplc.co.uk 

Executive Chairman's Interim Statement

I am pleased to report on the Company's performance for the 6 months to 31 December 2024 during which the business continued to expand and successfully develop its services.

New Capital

Much of the first half of the financial year (HY24) was dedicated to raising capital, which has supported our working capital and allowed the early settlement of deferred consideration relating to the Omega Financial Services Limited acquisition (July 2022).

We successfully raised a total of £2.96 million through a combination of equity and convertible loan instruments:

Total Equity Raised: £1.96 million

Convertible Loan Notes: £1 million

Gross Total Raised: £2.96 million

Outstanding deferred considerations have now been largely addressed. We also remind shareholders of the £1.185 million senior loan due 31 December 2025, with a 12% coupon.

Cost Management

In parallel with fundraising, a group-wide cost reduction programme is underway. To date, initiatives have cut annual operating expenses by £669k, with a further £165k in savings identified and under review.

Efforts to reduce the Group's burn rate continue, focused on enhancing operational and financial performance.

Notably, we started 2025 with the business in its healthiest cash position to date, as further detailed in the CFO's report.

Leadership Update

At the end of the period, we said goodbye to Matthew Moore, our Chief Financial Officer. I would like to thank Matthew for his meaningful contribution to TEAM Plc, particularly during our formative years. On behalf of the Board and the wider team, we wish him every success in the future.

I'm pleased to report that Iain Walker has now taken on the role of Group Finance Director. Iain has settled in extremely well, bringing a measured and strategic approach to our financial planning and reporting. His early impact is already evident, as you will read in his report. I look forward to his continued contribution as we navigate the next phase of our growth.

Trading Update and Financial Results

Total Group revenues for the period increased 41.3% to £5.8 million from £4.1 million while the underlying loss before tax of the Group was £0.8 million, a decrease from a loss of £1.0 million HY23.

Notable was the improvement in yield (+12.7%) in the investment management revenues. This is evidence of the scalability and earnings generation from additional funds under management. The imminent launch of the TEAM Multi Asset UCITS range of funds will propel this further.

Our funds are highly suitable and appropriate for investors and clients looking for regulated qualifying offshore investment funds.

While the Group remains loss-making, the improvements and revenues are heading in the right direction. The objective remains: month-on-month cash breakeven by the end of FY 2025.

UCITS Fund Launch - A Strategic Priority

The TEAM UCITS fund launch is now within sight, following the signing of a new Fund Services Agreement with EPIC Fund Services (Dublin) Ltd.

We now have final approvals from the CBI and JFSC. Launch delays have cost us in terms of fund inflows, but we are positioned for catch-up and strong momentum. We anticipate inflows from our Neba adviser network across Singapore, the Emirates, South Africa, Jersey, and Guernsey-supported by existing client alignment with model portfolio risk profiles.

Divisional Highlights

TEAM Asset Management

·      Useful segregated mandate inflows.

·      UCITS-ready portfolios delivering consistent, above-average returns across all risk profiles

·      Strong foundation for converting advised assets into managed ones

Concentric

·      CISI Chartered Firm-one of only two in Jersey

·      3 new Wealth Consultants added

·      Graphene project (custody platform) expected to deliver revenue of £100K+ pa from late 2025

·      £80K pa consulting contract secured from a global fiduciary company.

JCap

·      Revenue growth continued with 2 new client wins.

International (Neba Wealth and Neba Private Clients)

·      Division now self-sustaining

·      13 new advisers joined Jan-Mar 2025 (total now 59), pipeline growing.

·      European licence remains a strategic objective.

Strategic Outlook

There are over 230,000 Certified Financial Planners (CFPs) excluding jurisdictions TEAM Plc has no regulated presence in - an opportunity for expansion.

There are also tens of thousands of regulated independent advisory firms operating across Asia, Latin America, Africa, the Middle East, and smaller global jurisdictions. All where TEAM Plc has regulated presences.

A typical mid-tier advisor tends to have on average 135 clients, 90 of which are active with each client on average having $1million. This is our market. The pool of advisory talent is wide. We are attracting experienced individuals from this pool to join us. They are doing so because they are confident their clients will follow them, and our structure enables them to earn more whilst providing a broader, better and more bespoke service to their clients.

Our Proposition for Clients and Advisors

We serve individuals and families. They are typically professionals, entrepreneurs, trustees, and retirees-who want more than just investment returns. They want strategic clarity, risk-managed portfolios, and advice that aligns with real-life complexity.

Many of our clients face cross-border considerations:

·      Multiple tax jurisdictions

·      Succession across generations

·      Asset protection

·      Global mobility

That's why we go beyond investment management.

TEAM integrates tax structuring, wealth planning, and in-house residency and citizenship services to give clients complete alignment between their money, their life, and their long-term goals. From generating sustainable income in retirement to securing second residency options for family stability, our approach is joined up, disciplined, and built on trust.

For example, second citizenship isn't just a luxury anymore. We're seeing a new kind of global citizen: looking for optionality across jurisdictions.

Our international businesses Neba Private Clients and Neba Wealth, provide exactly the kind of clarity and commitment people need in today's world. NEBA, as part of the London Stock Exchange-listed TEAM Plc, brings something rare: stability you can verify, accountability you can trust, and strategy that adapts.

Not just institutional-grade investment management. We pair that with intelligent, pragmatic advice-designed to preserve capital, generate income, and protect legacy.

The Neba 5-year buyout agreement offers advisers the full benefit of a PLC-backed platform, global licensing, and high-integrity investment access without giving up autonomy or future value. That means transparency, accountability, and a governance structure built for long-term value.

Neba and TEAM are their partners.

We are a professional home for serious advisers who want to build, grow, and one day exit. On their terms. And there is great many of them. That's where our growth will come from and I remain confident in TEAM Plc's trajectory and our targets across the mid-term:

·    Annual revenue target: £20 million

·      EBITDA margin: 30%+

·      AUA/AUM target: £4 billion

Execution remains key. The UCITS fund launch is central to growth, and with the right support, and continued adviser recruitment we can reach escape velocity; profitability, with TEAM's engine running on recurring, high-quality revenues.

Mr J M Clubb

Executive Chair

26 June 2025

Operational and Financial Review

This report is my first since joining the Group in April. Since then, I have taken the opportunity to visit a number of the offices in various jurisdictions, and meet the members of the team, both senior and junior.

During this time, it became clear that the organisation is extremely well placed for growth. Our talented and dedicated team are committed and driven.  Our culture is open, supportive, and collaborative. Strong client relationships lie at the core of our business and are central to everything we do. Together, these factors form a solid foundation for continued development and success.

A key operational focus from the outset of 2025, has been the ongoing drive to improve efficiencies and cost benefits across the business. These actions are already starting to show in the Company's trading results and will continue to come through during the course of this financial year. The focus has been on effective outsourcing rather than staff reductions. It is also important to highlight that the business continues to successfully recruit top talent but with limited impact on costs as the majority are self-employed advisors joining our advisory network.

I am also pleased to report that our financial position is approaching the key target of being self-sustaining, and our revenues continue to grow. The path to sustained month on month profitability is close.

Review of the results for the period

The table below shows the Group's financial performance for the six months to March 2025 along with prior comparative periods and provides a reconciliation to the underlying results, which the Company considers to be an appropriate reflection of the Group's underlying trading, and the statutory result.

Revenues increased 41.3% to £5.8 million from £4.1 million while the underlying loss before tax of the group was £0.8 million, a decrease from £1.0 million. Underlying adjustments of £956,000, reflecting non-cash expenses, were up from £21,000.  The loss per share for the period was 3.6 pence (H1 24 3.5 pence) and no dividend is recommended at this point in the Company's development (H1 24 nil).

Client assets

The table below shows the opening and closing client asset position and the movements during the period broken down by division.

*£72 million of client assets where an investment reporting service is provided have been excluded from the A&C total. 

Within the Investment Management division the model portfolios, now available on five investment platforms, increased from £97 million (H1 24) to £99 million. Material flows into the models from the Guernsey Advice operation have yet to materialise, although this is expected to change in the upcoming months. Additionally, further flows are expected as the portfolios become more widely available following the imminent launch of the now Central Bank of Ireland approved and authorised UCITS structure, which will be suitable for many of our international clients. Additional platforms are also being added: Utmost, RL360, Ardan International, IFGL, and Moventum.

Revenues

Total revenues rose 41.3% to £5.8 million (H1 24: £4.1 million). Investment and fund management ("IFM") revenues rose 12.7% to £0.71 million (H1 24: £0.63 million), reflecting the higher yield on the incremental asset managed in the models and the increase in AUM. Advisory and Consultancy ("A&C") revenues rose marginally to £1 million (H1 24: £0.99 million), although net profit fell significantly to report a loss of £190k (H1 24: £33k), the sole reason due to the write off of an inter-company loan balance of £330k between Concentric Jersey and Concentric Guernsey. International continues to demonstrate sound financial progress as revenues rose 65% to £4.1 million (H1 24: £2.5 million).

Costs

Direct costs, being the cost of commissions paid to international advisers, and the custody and trading costs incurred for certain clients in IFM, rose from £1.5 million to £2.74 million an increase of 83%. This is a feature of the international business model, where the self-employed adviser receives no or small salaries, and high commission shares on business written. Indirect cost, being primarily the costs of staff, office, and technology, rose to £3.85 million, up 6.79% on H1 24. Of this increase of £1.6 million, £1.5 million was from International.

Loss before tax

The resulting loss before tax for the half year was £1.7 million (H1 24: £1.0 million loss), with the underlying position a loss of £0.8 million (H1 24: £1.0 million loss).

The underlying adjustments are shown in the below table:

Adjustments to the statutory loss have been selected to give a more informative indication of the trading of the Group. Amortisation of client relationships was unchanged at £0.5 million. Acquisition related expenses incurred in the period were £nil (H1 24 £52k). Changes in deferred consideration were £nil (H1 24 £0.6 million). Impairment of goodwill in the period of £188k (H1 24 £nil) was assessed when reviewing the carrying values of acquired goodwill at the reporting date.

Segmental analysis

The Group operates in three divisions, supported by the PLC head office.

Taxation

Regulated financial services businesses in Jersey pay a flat corporation tax rate of 10%. The treasury services business is not regulated and has a nil tax rate. The International entities operate predominantly in nil corporation tax environments.

Financial position, going concern

The Group's cash position has increased from £1.5 million to £2.16 million. As at 31 March 2025 the regulated entities within the Group all held more than the required level of regulatory assets. The Board retains confidence to consider the going concern basis to be appropriate for the accounts.

Expense Reduction

A group wide push to reduce operating expenses has been implemented. To date, initiatives have resulted in a total cost reduction of £668k per annum. Additional reductions of £165k have been identified and are under review. The drive to reduce burn rate across the group is ongoing with the aim of improving operational and financial performance.

Dividend

The Group is continuing to build the business, improve efficiencies and achieve financial autonomy. No dividends are expected to be paid until underlying profits reach a sufficient level to allow for this.

Mr I A Walker

CFO and COO

26 June 2025