TEAM plc (LON:TEAM), the wealth, asset management and complementary financial services group, has announced 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 Plc, 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.”

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