Team Plc · LSE:TEAM
Team — H1 2023 Earnings Presentation
14 slides from Team's earnings presentation, June 2023
Slide 1: Interim results for the six months ending 31 March 2023
Interim results for the six months ending 31 March 2023 June 2023
Slide 2: Contents
Contents 3 Strategic progress 4 Interim results 5 Segmental results 6 H2’23 outlook and guidance 7 Update on strategy delivery 8 Appendices 2
Slide 3: Strategic progress, building scale
Strategic progress, building scale Group AUM/A1 (£m) Improving financial performance 3.5% 36.2% 17.8% 3.8% 73.6% £4.5m of net inflows with AUM/A up 4% in the period 856.1 £25m transitioned into TEAM model portfolios (31 Mar’23), now reaching £41m (6 Jun’23) 363.0 Integration of Omega and Concentric
Slide 4: Interim results: increasing scale via acquisitions
Interim results: increasing scale via acquisitions £000’s % change % change H1’22 H2’22 H1’23 (unless otherwise stated) vs H1’22 vs H2’22 • Average market levels down 5%, while AUM/A (£m) 403 475 493 22% 4% AUM/A is up 22% vs H1’22 Revenue 999 1,121 1,898 90% 69% • Revenue up 90% vs H1’22 as acquisi
Slide 5: Segmental results
Segmental results Investment and Fund Management (“IFM”) Advice and consultancy (“A&C”) £000’s % change % change £000’s % change % change H1’22 H2’22 H1’23 H1’22 H2’22 H1’23 (unless otherwise stated) vs H1’22 vs H2’22 (unless otherwise stated) vs H1’22 vs H2’22 AUM (£m) 209 232 245 17% 5% AUA (£m) 1
Slide 6: H2'23 outlook and guidance
H2’23 outlook and guidance P&L • Core business stable, expect markets to have biggest impact on AUM/A and revenue • Expected contribution from Globaleye for four months: revenue of £2m-£3m and profit of £100k-£200k • Thornton expected to close at period end, no impact in FY23 • Net positive inflows
Slide 7: Update on strategy delivery
Update on strategy delivery Organic Hybrid M&A • Recruiting dedicated Business • £21m now in TEAM models • Selective add-ons in current Development team from Omega and Concentric jurisdictions • On panel for new trustees • Significant potential flow from • Guernsey and the UK on acquisitions priorit
Slide 8: Appendices
Appendices TEAM PLC
Slide 9: Globaleye Wealth Management Group acquisition
Globaleye Wealth Management Group acquisition Transaction overview Highlights • Total consideration of up to £5.6m • Initial consideration of £2.5m in newly issued TEAM shares and a £2.4m convertible loan note (conversion subject to vendors’ £242m Dubai 2.3% interest not going above 29.9% at all tim
Slide 10: Thornton Associates acquisition
Thornton Associates acquisition Transaction overview Highlights • Conditional acquisition of Thornton for consideration of up to £2.5m • An initial consideration of £0.9m is payable in cash, plus an amount equal to the net assets of Thornton of £250k less regulatory capital £121m Isle of Man 2.1% AU
Slide 11: Underlying adjustments
Underlying adjustments £000’s • Amortisation of client relationships H1’22 H2’22 H1’23 (unless otherwise stated) was £497k (H1’22: £229k) with a full period of amortisation of the Underlying loss before tax (382) (430) (374) intangible assets relating to Omega and Concentric • Contingent deferred co
Slide 12: Development of TEAM and future pipeline
Development of TEAM and future pipeline At IPO Current state1 Medium term target 1 6 completed acquisition completed acquisitions • Investment management • Investment management • Investment management Services • Cash management • Cash management • Financial advice • Financial advice • Investment co
Slide 13: Investment performance (1/2)
Investment performance (1/2) TEAM Multi Asset Strategies Source: Company information 13
Slide 14: Investment performance (2/2)
Investment performance (2/2) Managed Portfolio Service Source: Company information 14