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 2026.
Enlarged Group
• addition of £0.97 billion of AUM
· On 30 March 2026 announced acquisition of EPIC Fund Services Guernsey Ltd (“EPIC Fund Services Guernsey”), a fund administration and fiduciary services business, regulated by the Guernsey Financial Services Commission
· Also, on 30 March 2026 announced acquisition of 8 investment mandates from EPIC Markets (UK) LLP (“EPIC Book”) which, subject to completion, will add £157m of AUM
· These acquisitions (once EPIC Book completes) create an enlarged Group with approximately £2.3 billion of Assets under Advisory and Management (HY 25: £1.1 billion)
· Creating solid foundations for a modern, efficient, scalable UK & International platform for growth
HY 26 Financial Highlights
· Revenues increased to £6.9m (HY 25: £5.8m) without contribution from the March 2026 acquisitions
· Reflecting the ongoing investment programme and initial integration costs recorded a loss before tax of £1.84m (HY 25: £1.76m)
· Reduced loss per share of 2.9p (HY 25: loss 3.6p)
· Cash in bank increased to £3.79m as at 31 March 2026 (HY 25: £2.16m) benefitting from cash brought into the business alongside the acquisition of WH Ireland, a proportion of which being FCA regulatory capital
· Strong progress towards cash breakeven, with cost efficiencies and revenue growth converging on this milestone
Operational Highlights
· Strong underlying asset under management growth
o Investment Management – AUM £1,265m (30 Sept 2025: £387m)
o Advisory & Consultancy- AUA £356m (30 Sept 2025: £344m)
o International – AUA £624m (30 Sept 2025: £558m)
· Acquisition of WH Ireland:
o creates an established UK presence under a well-respected 150 year old brand
o materially expands the Group’s investment management capabilities and distribution reach in the UK, adding valuable UK regulatory permissions and creating a solid foundation for future expansion in the UK
o integration into the Group has been smooth with good early collaboration across business units
· Global consolidation of the wealth management industry is creating an opportunity for TEAM
o experienced professionals are increasingly seeking platforms that offer greater flexibility, stronger succession arrangements and closer alignment with their clients
o international advisory network continues to successfully attract senior talent on a self-employed basis with incoming advisors confident in their own abilities to use the TEAM platform to continue to grow their client base
· Established businesses in Jersey, Guernsey and the wider TEAM International (Neba) operations performing well
o delivering a diversified revenue base and a true cross border (regulated) client capability and proposition
o TEAM Asset Management, the Group’s investment management engine responsible for the actively managed Multi Asset Models and UCITS fund range was independently recognized with a series of awards during the period under review
Outlook
· Enhancing the senior management team, the following appointments are announced today: John Beverley TEAM International (Neba) CEO, joins the Board as an Executive Director; John Cusins, founder of Lumin Wealth Management will join the Board as an independent Non-Executive Director; and Craig Farley appointed as Group Chief Investment Officer.
· 11 investment managers in the process of joining TEAM International (Neba) all recruited organically
· Heads of terms agreed to acquire a profitable UK wealth management business with AUM of £240m
· Long-term service agreement with Graphene Partners expected to deliver meaningful cost savings
· Letter of Intent in connection with an initiative led by experienced UK wealth management executives
· WH Ireland Wealth Management, now operating on a positive monthly EBITDA basis and
Commenting on the results Mark Clubb, Executive Chairman of TEAM, said:
“We believe 2026 marks the transition to sustainable cash generation, with increasing benefits from scale expected to support earnings and cash flow over the medium term. Importantly, much of the heavy lifting is complete. The foundations have been built. The focus now is on converting platform, infrastructure and talent into sustainable earnings, cash generation and long-term value creation for shareholders.”
The Interim Results may be viewed on the Company’s website https://www.teamplc.co.uk. The Company’s next Annual General Meeting (“AGM’) is expected to be held at the end of July and the Notice of AGM will be sent to shareholders shortly.
Executive Chairman’s Interim Statement
Trading Update and Outlook
Introduction
2026 marks an important inflection point for TEAM Plc. Over recent years, the Group has invested significantly in building a multi-jurisdictional wealth and asset management platform. With the acquisition of WH Ireland (now WH Ireland Wealth Management), EPIC Fund Services Guernsey and the EPIC Book at the end of the half year more than doubling AUM to £2.3 billion, much of that foundation is now in place and, the focus now is increasingly shifting from building the platform to realising the benefits of scale.
Our existing divisions performed well, increasing revenues for HY26 by 18% to £6.9 million without any material contribution from these acquisitions. Going into H2, the Group will benefit from the WH Ireland and EPIC Fund Services transactions for the full 6 months. Following regulatory approval, expected revenues from EPIC Book will also commence. The acquisition of WH Ireland added to the Group’s balance sheet with cash at bank at the half-year end standing at £3.79 million.
WH Ireland Wealth Management
An important milestone has been achieved with our new division, WH Ireland Wealth Management, now operating on a positive monthly EBITDA basis.
This progress has been made since TEAM assumed control following regulatory approval and completion of the offer for WH Ireland on 24 March 2026. Since then, management and colleagues across the business have focused on integration and positioning the business for growth. I would like to thank everyone at WH Ireland Wealth Management for their professionalism and commitment during this period.
While the positive monthly EBITDA is an encouraging first step, the strategic significance of WH Ireland Wealth Management extends beyond current profitability. The business provides the Group with an established UK platform, a respected 150-year heritage brand, valuable UK regulatory permissions and a strong foundation capable of supporting significantly greater levels of assets, advisers and revenues over time. Reflecting this, 5 internationally based investment managers are currently being onboarded to WH Ireland Wealth Management’s platform in order to continue, from a regulatory perspective, to manage their clients who are returning to the UK. An excellent example of TEAM’s ability to service our clients wherever they live or move to.
Strengthening the UK Platform
The Group has entered Heads of Terms to acquire a profitable UK wealth management business. The target generates annualised revenues of approximately £2.2 million and manages circa £240 million of assets. The proposed consideration is approximately £3 million, expected to be satisfied through a mix of cash and equity, with a significant proportion deferred and linked to future performance. Whilst there can be no guarantee that definitive documentation will be concluded, completion of the transaction would result in the Group’s UK wealth management operations overseeing in excess of £1 billion of assets and in excess of £2.5 billion globally.
Infrastructure Modernisation
WH Ireland Wealth Management has entered into a long-term service agreement with Graphene Platforms Limited as part of its infrastructure modernisation programme. This is expected to deliver meaningful cost efficiencies while creating a more scalable platform capable of supporting future growth.
UK Wealth Management Initiative
The Group has signed a non-binding Letter of Intent in connection with an initiative led by experienced UK wealth management executives. The Board believes the arrangement could provide a meaningful source of long-term growth, with contributions targeted to commence during 2027. Importantly, the proposed structure is intended to align participants with existing shareholders through the delivery of incremental growth. These arrangements would be, of course, subject to definitive agreements, of which the terms and conclusion are not guaranteed.
International Wealth and Asset Management
Whilst much attention has focused on WH Ireland Wealth Management, the board of directors of the Company (the “Board”) continues to view the Group’s established businesses in Jersey, Guernsey and the wider TEAM International (Neba) operations as core strengths. These businesses provide a diversified revenue base, long-standing client relationships and deep expertise across wealth and investment management.
TEAM has a true cross border (regulated) client capability and proposition.
At the centre sits TEAM Asset Management, the Group’s investment management engine and a key differentiator.
Through its actively managed Multi Asset Models and UCITS fund range, TEAM Asset Management provides investment solutions to clients, advisers and institutions both within and beyond the Group.
I am particularly pleased that the quality of our investment proposition continues to receive independent recognition. During the period, TEAM portfolios received Platinum and Gold ratings from Suggestus powered by ARC Research, with the Conservative, Balanced and Growth strategies achieving first quartile rankings over one, three and full review periods. TEAM Asset Management was also recognised as the top-performing portfolio in the Defaqto MPS Cautious Comparator over the three years to March 2026 and received further recognition within the Defaqto Growth universe. The Board believes these independent recognitions provide strong validation of the philosophy, discipline and expertise of the investment team.
The Board also look forward to the completion of the previously announced acquisition of the investment mandates from EPIC Markets (UK) LLP (the “EPIC Book”), which is expected shortly.
The addition of the EPIC Book will enhance our investment management capabilities, bringing additional assets under management together with a highly experienced investment team. This combination will deepen our expertise and strengthen our ability to deliver differentiated investment solutions to clients and advisers.
Leadership and Governance
We are pleased to announce that TEAM International (Neba) CEO, John Beverley is today joining the Board of TEAM Plc as an Executive Director.
John has played an important role in the development of the Group’s international operations and brings considerable experience to the Board. His appointment reflects the strategic importance of the international businesses and the increasing integration othe Group’s wealth and investment management capabilities across multiple jurisdictions. Additional information on the appointment of John Beverley is set out in the Appendix to this announcement.
In addition, we are pleased to announce the appointment of John Cusins as an independent Non-Executive Director of TEAM Plc. John will be joining the Board once regulatory approvals are completed, which will be notified in due course.
John brings substantial experience across wealth management, private equity, capital markets and strategic growth experience. Most notably, he co-founded and helped build Lumin Wealth Management from approximately £12 million to £1.4 billion of assets under management, before overseeing the sale of its majority stake in the business to VZ Group. He has also held senior positions at UBS, Dresdner Bank and KPMG and brings considerable experience in capital allocation and corporate transactions.
John’s experience in building and scaling wealth management businesses will provide valuable support as TEAM enters the next phase of its development.
Reflecting the continued development of our investment capabilities, Craig Farley has been appointed Group Chief Investment Officer. Having played a central role in the development of TEAM Asset Management’s investment solutions, Craig will now oversee investment strategy across the wider Group, ensuring clients and advisers benefit from a consistent and high-quality investment framework.
Shortly, we expect to announce the appointment of a Group Chief Financial Officer, reflecting the increasing scale and complexity of the business and further strengthening the executive team.
These appointments reflect TEAM’s evolution into a more integrated international wealth and asset management group. We firmly believe opportunities exist across all jurisdictions and that the acquisition of WH Ireland represents a significant enhancement to an already established international platform.
People, Not Buildings
Whilst much of the commentary surrounding the wealth management industry focuses on consolidation, an equally important trend is emerging beneath the surface.
At a corporate level, the sector is consolidating. However, at the level that matters most – the individual adviser, investment manager and client relationship – we are observing fragmentation.
Experienced professionals are increasingly seeking platforms that offer greater flexibility, stronger succession arrangements and closer alignment with their clients. As shown by the continued success achieved by the Group in attracting senior talent.
This is a significant ongoing opportunity for TEAM.
Accordingly, management believes much of the Group’s long-term growth will come from attracting talented people and providing them with the infrastructure required to serve clients effectively. This approach extends across all the Group’s regulated jurisdictions.
Furthermore, the Group is in the process of reviewing a new share based employee incentivisation scheme to align staff with the success of the Group as well as enable them to better participate in that success. Further details will be announced in due course.
Our Shareholders
I would like to welcome the many new shareholders who have joined the Company following the acquisition of WH Ireland and thank our long-standing shareholders for their continued support. Their patience and belief in the Group’s long-term strategy have enabled TEAM to reach this important stage in its development.
Looking Ahead
I believe that the combination of:
· positive monthly EBITDA at WH Ireland Wealth Management;
· expected monthly cash generation across TEAM Plc by the end of 2026 / early in 2027;
· infrastructure modernisation and improved scalability;
· recruitment-driven organic growth across multiple jurisdictions; and
· the strength of TEAM Asset Management;
all positions TEAM well for the next phase of development.
Much of the heavy lifting has now been undertaken.
The foundations have been largely built.
The focus now is on converting platform, infrastructure and talent into sustainable earnings, cash generation and long-term value creation for shareholders.
The next phase of TEAM’s development will not be defined simply by acquisitions, but by the combination of people, platform and infrastructure.
In an increasingly commoditised industry, people remain the scarce asset.
By creating a scalable home for talented advisers and investment professionals and the clients they serve, we believe TEAM is positioning itself to participate in the next evolution of the wealth management industry and to create enduring value for clients, colleagues and shareholders alike.
Mr. J M Clubb Executive Chair
