Quick Facts / Company Snapshot
- Legal Name: Team Internet Group plc
- Stock Exchange Listing: AIM (London Stock Exchange) and OTCQX Best Market (Symbol: TIGXF)
- Registered Office: 4th Floor, Saddlers House, 44 Gutter Lane, London, EC2V 6BR, United Kingdom
- Company Registration Number: 08576358
- Total Revenue (2024): USD 802.8 million
- Net Revenue (Gross Profit, 2024): USD 187.5 million
- Adjusted EBITDA (2024): USD 91.9 million
- Operating Profit (2024): USD 8.2 million
- Net Debt (2024): USD 96.4 million
- Total Assets: USD 479.6 million
- Total Equity: USD 93.1 million
- Number of Employees (Average 2024): 816
- Global Headcount (Year End): 787
- Key Business Segments: Search, Domains, Identity & Software (DIS), Comparison
- Adjusted Earnings Per Share (2024): 21.49 cents
- Total Dividends Paid (2024): USD 9.8 million
- Share Buybacks (2024): USD 20.8 million
- Carbon Neutral Status: Certified Carbon Neutral Company
- Primary Functional Currency: US Dollar (USD)
Company Overview
Full Company Profile
Team Internet Group plc is a global internet solutions provider dedicated to creating meaningful and successful connections: businesses to domains, brands to consumers, and publishers to advertisers. The company operates as a holding company for a group of subsidiaries that collectively aim to drive information, deliver value, and create growth for all stakeholders by leveraging people, businesses, and technologies.
The Group creates value by serving the internet’s distribution backbone. It functions as a trusted partner to the world’s most admired online presence platforms, cybersecurity providers, and global brands, enabling digital identities to grow safely, seamlessly, and globally. Beyond infrastructure, the company addresses the challenge of online noise and bias by providing independent, data-driven consumer guides that build trust and convert traffic into high-conviction referrals.
Team Internet’s operational philosophy is underpinned by four core values: acting like owners, having the courage to do the right thing even when difficult, working smart to build things the team is proud of, and winning together through collaboration.
The Group creates a vibrant, symbiotic ecosystem connecting vast supply with substantial demand. This ecosystem includes connecting domain name registries to registrars, connecting consumers to e-commerce partners, and connecting social media traffic to advertisers through content-driven engagement.
Team Internet prides itself on a diverse and global operational structure. The Group’s finance, human resources, product development, project management, integration, technical, and operational teams are primarily based in Germany and Poland, with regional offices positioned across five continents. This global perspective allows the company to serve customers worldwide, supported by a wealth of talent and significant industry expertise.
Business Segments
Team Internet Group plc reports its financial and operational performance through three distinct segments: Search, Domains, Identity & Software (DIS), and Comparison.
Search
Revenue: USD 537.1 million Percentage of Total Revenue: 66.9% [calculated from cite 189 and 64] Net Revenue (Gross Profit): USD 91.5 million Adjusted EBITDA: USD 56.4 million
The Search segment represents the largest portion of the Group’s gross revenue. It focuses on bridging the gap between social media attention and conversion by creating privacy-safe, AI-generated consumer journeys.
- Operational Scope: This segment converts general internet and online media users into confident, high-intent customers through advertorial and review websites. It addresses the challenge that search engines are losing younger audiences (Gen Z) to social platforms, which capture attention but often struggle with direct conversion.
- Business Model: The segment operates on a recurring revenue model involving rolling open-ended revenue share contracts. Revenue is generated through partners by providing high-quality online customer traffic.
- Key Metrics: In 2024, the Search segment generated 6.8 billion visitor sessions. The Revenue Per Thousand Sessions (RPM) was USD 69.
- Strategic Shift: The segment is transitioning workflows from AdSense for Domains (AFD) to Related Search on Content (RSOC). RSOC creates content-rich pages that trigger intent through contextual ads, driving conversion for advertisers .
Domains, Identity & Software (DIS)
Revenue: USD 202.7 million Percentage of Total Revenue: 25.2% [calculated from cite 163 and 64] Net Revenue (Gross Profit): USD 73.6 million Adjusted EBITDA: USD 19.4 million
The DIS segment acts as the internet’s distribution backbone, delivering domains, cybersecurity, and brand protection at scale.
- Operational Scope: DIS serves as a global distributor of domain names through a network of channel partners. It sells domain names and ancillary services to end-users, provides monitoring services to protect brands online, offers technical and consultancy services to corporate clients, and licenses the Group’s in-house developed registry management platform globally.
- Business Model: This segment operates on a recurring revenue model based on annual subscriptions. It connects more than 1,500 top-level domains (TLDs) to approximately 21,000 resellers.
- Key Metrics: In 2024, the segment processed 13.2 million domain registration years. The average revenue per domain year increased to USD 12.5.
- Market Position: DIS is a trusted partner to the world’s leading online presence platforms and cybersecurity providers. It manages over 17 million domain names under 101 new top-level domains (nTLDs) as a leading outsourcing provider for registries.
Comparison
Revenue: USD 63.0 million Percentage of Total Revenue: 7.9% [calculated from cite 176 and 64] Net Revenue (Gross Profit): USD 22.4 million Adjusted EBITDA: USD 16.1 million
The Comparison segment focuses on providing clarity in a world of online noise and bias through independent, data-driven guides.
- Operational Scope: This segment creates product comparison platforms that enable digital consumers to make swift, well-informed purchasing decisions. It assists customers who are ready to make a purchase but require guidance on specific product selection.
- Business Model: Comparison generates revenue through rolling open-ended revenue share contracts. It earns commissions from transactions made by customers referred to e-commerce partners.
- Key Metrics: The segment recorded 188.5 million visitor sessions in 2024. The Revenue Per Thousand Sessions (RPM) was USD 249.
- Growth: This segment experienced significant growth, with gross revenue increasing by 43% in 2024. It currently addresses German, French, Italian, and Spanish-speaking markets, with significant potential for further internationalisation.
History and Evolution
Team Internet Group plc has a history defined by strategic acquisitions, rebranding, and operational refinement.
- Incorporation and Listing: The Company was incorporated on 19 June 2013 and admitted to the AIM market of the London Stock Exchange on 2 September 2013.
- Early Development: Initially known as CentralNic, the company focused on domain registry services. Samuel Dayani was responsible for purchasing the company (formerly CentralNic) in 2003 and restructuring it into an institutional-grade business for its 2013 listing.
- Acquisition Strategy: The Group has a history of sourcing, completing, and integrating transformative acquisitions to drive growth. Notable acquisitions include KeyDrive SA in 2018/2019, which brought significant scale.
- Rebranding: The Group rebranded to Team Internet Group plc, reflecting its evolved mission and diverse portfolio beyond just domain services.
- Recent Strategic Moves:
- 2022 Refinancing: In October 2022, the Group refinanced EUR 126 million of senior secured bonds via a new Senior Facilities Agreement comprising a USD 150 million term loan and a USD 100 million revolving credit facility.
- 2024 Reporting Structure: In 2024, the Group introduced a new reporting structure with three distinct segments: DIS, Comparison, and Search, to provide greater clarity and alignment with operational realities.
- US Market Access: In April 2024, the Group’s ordinary shares began trading on the OTCQX Best Market in the US under the symbol ‘TIGXF’ to enhance visibility in the world’s largest capital market.
- Acquisition of Shinez: On 26 April 2024, Team Internet acquired Shinez I.O Ltd for an initial cash consideration of USD 31.8 million (net of cash acquired) to bolster its Search segment capabilities.
Products and Services
Search Services
Revenue: USD 537.1 million Percentage of Total Revenue: 66.9%
- Related Search on Content (RSOC): A monetisation workflow where users land on content-rich pages with embedded search terms tied to a topic. Clicking these terms triggers contextual ads, driving conversion for advertisers.
- Zero-Click Solutions: Delivered via the Zeropark platform, offering market-leading traffic monetisation without requiring user clicks on intermediate pages.
- AdSense for Domains (AFD): A legacy monetisation workflow involving targeted category ads on social media that lead to intent-based pages and refined search terms. This workflow is being deprioritised in favour of RSOC.
- Online Marketing Tools: Modern tools allowing advertisers to promote products and services effectively while respecting consumer privacy.
Domains, Identity & Software (DIS) Products
Revenue: USD 202.7 million Percentage of Total Revenue: 25.2%
- Domain Registration Services: Automated global access to over 1,500 domain extensions (TLDs) across 300 territories. Services include new registrations and renewals.
- Reseller Platform: A wholesale platform connecting domain registrars to TLDs, streamlining contract management, technical integrations, and billing.
- Registry Services: Back-end service provision for third-party TLDs on an exclusive basis, enabling registrars to sell domain names to registrants. The Group manages over 17 million domain names under 101 nTLDs.
- Corporate Domain Management: Services for brand protection and domain portfolio management for large corporates.
- Analytics SaaS: The Voluum platform provides analytics for affiliate marketers, boasting 2,600 active users and leveraging automation to track and optimise ad campaigns.
Comparison Services
Revenue: USD 63.0 million Percentage of Total Revenue: 7.9%
- Product Comparison Websites: Platforms such as
Vergleich.orgthat present curated sets of popular product choices to consumers. - Consumer Guides: Independent, data-driven guides that cut through online noise and bias to provide clarity for purchasing decisions.
- High-Conviction Referrals: Referring users to trusted e-commerce partners (e.g., Amazon, eBay, OTTO) to complete sales, earning commissions on transactions.
Brand Portfolio
Team Internet operates a diverse portfolio of brands catering to specific segments of the digital economy.
Search Brands
Revenue: USD 537.1 million Percentage of Total Revenue: 66.9%
- TONIC.: A platform involved in the Search segment, facilitating traffic monetisation.
- ParkingCrew: A service that monetises domain traffic, which also holds potential to become a domain name reseller business.
- Zeropark: An advertising technology platform used by over 1,500 affiliate advertisers for performance marketing.
- Shinez: A content engine and deep engagement signal platform acquired to design user experiences that convert social traffic.
DIS Brands
Revenue: USD 202.7 million Percentage of Total Revenue: 25.2%
- CentralNic Reseller: A brand serving the reseller channel for domain services.
- Key-Systems: A domain registrar services provider.
- BrandShelter: A brand focused on corporate domain management and brand protection services.
- Voluum: A SaaS analytics platform for affiliate marketers.
- Moniker: A domain registrar service provider.
- Hexonet: ( implied via 1API/Key-Systems structures, though specific brand name “Hexonet” explicitly listed in subsidiary list as 1API GmbH).
Comparison Brands
Revenue: USD 63.0 million Percentage of Total Revenue: 7.9%
- VGL / VGL Publishing: The entity operating product comparison websites.
- Vergleich.org: A leading product comparison website in Germany.
- Warenvergleich.de: (Implied via VGL portfolio context).
Geographical Presence
Team Internet has a truly global footprint, both in terms of revenue generation and physical operations.
Revenue by Consumer Location (Indirect)
This breakdown reflects where the end consumers generating the revenue are located.
- EMEA (Europe, Middle East & Africa):
- Revenue: USD 396.3 million
- Percentage of Total Revenue: 49.4% [calculated]
- Key Market: Germany contributed USD 124.5 million.
- Americas:
- Revenue: USD 349.3 million
- Percentage of Total Revenue: 43.5% [calculated]
- Key Market: Nearly all revenue in the Americas is generated from the USA.
- APAC (Asia Pacific):
- Revenue: USD 57.2 million
- Percentage of Total Revenue: 7.1% [calculated]
Revenue by Invoiced Customer Location (Direct)
This breakdown reflects the location of the direct customers invoiced by the Group.
- EMEA:
- Revenue: USD 658.6 million
- Percentage of Total Revenue: 82.0% [calculated]
- Key Markets: Ireland (USD 472.7 million), Luxembourg (USD 47.8 million), Germany (USD 43.0 million).
- Americas:
- Revenue: USD 114.7 million
- Percentage of Total Revenue: 14.3% [calculated]
- APAC:
- Revenue: USD 29.5 million
- Percentage of Total Revenue: 3.7% [calculated]
Operational Footprint
The Group has non-current assets located across key regions:
- EMEA: USD 246.2 million
- APAC: USD 28.9 million
- Americas: USD 23.7 million
The operational structure is hub-based, with finance, HR, and technical teams primarily based in Germany and Poland. Regional offices are positioned across five continents. Specific registered offices for subsidiaries are located in Australia (Docklands VIC), USA (Virginia, Florida, California), Canada (Vancouver), New Zealand (Auckland), Israel (Tel Aviv), and various European locations .
Financial Performance Analysis
Consolidated Performance
In the financial year 2024, Team Internet demonstrated resilience despite revenue headwinds in specific segments. The Group achieved a record adjusted operating cash flow.
Trend Analysis
- Revenue: Declined by 4% from USD 836.9 million in 2023 to USD 802.8 million in 2024.
- Net Revenue (Gross Profit): Decreased by 2% from USD 191.1 million in 2023 to USD 187.5 million in 2024.
- Adjusted EBITDA: Fell by 5% from USD 96.4 million in 2023 to USD 91.9 million in 2024.
- Net Debt: Increased by 30% from USD 74.1 million in 2023 to USD 96.4 million in 2024, primarily due to acquisition activity and shareholder returns.
Profit and Loss Analysis
Revenue: USD 802.8 million Cost of Sales: USD (615.3) million Gross Profit (Net Revenue): USD 187.5 million
Operating Expenses:
- Total Operating Expenses: USD (178.7) million
- Core Operating Expenses: USD (95.6) million (excluding foreign exchange, depreciation, amortisation, and non-core items).
- Amortisation of Intangible Assets: USD (39.3) million
- Impairment of Intangible Assets: USD (36.0) million
- Non-Core Operating Expenses: USD (7.1) million
Profitability:
- Operating Profit: USD 8.2 million, a decrease from USD 45.7 million in 2023.
- Profit/Loss Before Tax: Loss of USD (9.3) million.
- Profit/Loss After Tax: Loss of USD (17.7) million.
- Adjusted Earnings: USD 54.5 million.
Ratios:
- Adjusted EBITDA Margin (Gross Revenue): 11.4%.
- Adjusted EBITDA Margin (Net Revenue): 49.0%.
Balance Sheet Analysis
Assets:
- Total Assets: USD 479.6 million.
- Non-Current Assets: USD 298.8 million, including Goodwill of USD 204.7 million and Intangible Assets of USD 75.8 million.
- Current Assets: USD 180.8 million, including Cash and Cash Equivalents of USD 88.3 million and Trade Receivables of USD 91.5 million.
Liabilities:
- Total Liabilities: USD 386.5 million.
- Non-Current Liabilities: USD 212.8 million, primarily Borrowings of USD 184.6 million.
- Current Liabilities: USD 173.7 million, including Trade Payables of USD 132.4 million and Current Tax Liabilities of USD 39.6 million.
Equity:
- Total Equity: USD 93.1 million, down from USD 153.3 million in 2023.
- Retained Earnings: USD 79.9 million.
Liquidity Position:
- The Group had access to over USD 150.8 million of liquidity at year-end, comprising USD 88.3 million in cash and USD 62.5 million in undrawn revolving credit facility.
Cash Flow Analysis
Operating Cash Flow:
- Net Cash Inflow from Operating Activities: USD 85.9 million.
- Adjusted Operating Cash Flow: USD 99.1 million.
- Adjusted Operating Cash Conversion: 108%.
Investing Cash Flow:
- Net Cash Outflow from Investing Activities: USD (44.7) million.
- Key Outflows: Payments for acquisition of subsidiaries (USD 31.8 million), payments for intangible assets (USD 8.8 million).
Financing Cash Flow:
- Net Cash Outflow from Financing Activities: USD (32.1) million.
- Key Outflows: Repurchase of ordinary shares (USD 21.2 million), repayment of revolving credit facility (USD 50.0 million), interest paid (USD 16.1 million), and dividend payments (USD 9.8 million).
Free Cash Flow:
- The Group generates significant free cash flow, utilised for share buybacks and dividends after servicing debt and capital expenditure requirements.
Board of Directors and Leadership Team
Board of Directors
- Iain McDonald (Non-Executive Chairman): Aged 53. A global expert in technology and e-commerce with a track record in investing in early-stage companies like ASOS and The Hut Group. Founder of Belerion Capital. Member of the Audit & Risk Committee.
- Michael Riedl (Chief Executive Officer): Aged 49. Appointed CEO in December 2022. Previously Group CFO from 2019. Holds degrees from Frankfurt School of Finance & Management, European Business School, and James Madison University. A Chartered Management Accountant .
- William Green (Chief Financial Officer): Aged 47. Joined in 2019 as Group Finance Director, appointed CFO in 2022. Previously worked at PwC, Ebiquity, and Fremantle. A Fellow Member of the Institute of Chartered Accountants in England and Wales .
- Samuel Dayani (Non-Executive Director): Aged 47. Partner at Joseph Samuel Group. Responsible for the original purchase of Team Internet (formerly CentralNic) in 2003. Member of the Remuneration & Nominations Committee .
- Marie Holive (Non-Executive Director): Aged 47. Chair of the Audit & Risk Committee. Non-Executive Director at GDEV Inc and COO of Proteus International LLC. Formerly CFO at NBC Universal International Networks .
- Claire MacLellan (Non-Executive Director): Aged 47. Formerly COO and Chief Growth Officer at Future plc. Member of the Audit & Risk Committee .
- Max Royde (Non-Executive Director): Aged 53. Managing Partner at Kestrel Partners. Chair of the Remuneration & Nominations Committee. Over 20 years of experience in the technology sector .
- Horst Siffrin (Non-Executive Director): Aged 77. Former German diplomat and Chairman of the Supervisory Board of KeyDrive SA. Member of the Remuneration & Nominations Committee .
Committees
- Audit & Risk Committee: Chaired by Marie Holive. Members: Iain McDonald, Claire MacLellan.
- Remuneration & Nominations Committee: Chaired by Max Royde. Members: Samuel Dayani, Horst Siffrin, Marie Holive.
Subsidiaries, Associates, Joint Ventures
Team Internet Group plc has numerous 100% owned subsidiaries. The following are key disclosed entities based on operational importance:
- Team Internet AG (Germany): A significant component for full scope audit. Engaged in the monetisation of internet traffic.
- Key-Systems GmbH (Germany): A significant component for full scope audit. Operates as a domain registrar services provider.
- VGL Publishing AG (Germany): Engaged in the monetisation of internet traffic through comparison websites.
- Commerce Media Tech Sp. z o.o. (Poland): Engaged in the monetisation of internet traffic.
- Shinez I.O Ltd (Israel): Acquired in 2024. Specialises in the monetisation of internet traffic via content promotion.
- CentralNic Australia Pty Ltd (Australia): A holding company for Australian operations.
- CentralNic USA Ltd (USA): A holding company for US operations including Brandshelter Inc and Moniker.com Inc.
- SK-NIC A.S. (Slovakia): Registry operator for the .sk country code top-level domain.
- CentralNic Limited (England and Wales): Domain registry services provider.
- Instra Corporation Pty Limited (Australia): Domain registrar services provider.
(Ownership for all listed is 100% directly or indirectly).
Physical Properties
The Group operates a “flex-first” working approach but maintains strategically located hubs to foster collaboration.
- London, UK: Registered office at 4th Floor, Saddlers House, 44 Gutter Lane.
- St. Ingbert, Germany: A new, state-of-the-art office designed for collaboration and sustainability. This location serves as a key hub for German operations.
- Munich, Germany: Registered office for Team Internet AG.
- Berlin, Germany: Offices for VGL Publishing AG.
- Vancouver, Canada: Registered office for CentralNic Canada Inc.
- Sydney/Docklands, Australia: Offices for CentralNic Australia and Instra Corporation.
- Kraków, Poland: Office for Commerce Media Tech Sp. z o.o..
- Tel Aviv, Israel: Office for Shinez I.O Ltd.
- Other Locations: Offices in Auckland (New Zealand), Miami (USA), Leesburg (USA), and Luxembourg .
Segment-wise Performance
Search Segment Performance
- Revenue: USD 537.1 million, down 11% from USD 604.0 million in 2023.
- Adjusted EBITDA: USD 56.4 million, down 24% from USD 74.3 million in 2023.
- Drivers: The segment faced revenue headwinds due to product evolution and cyclical weakness in click prices. Visitor sessions increased by 16% to 6.8 billion, but Revenue Per Thousand Sessions (RPM) declined by 28% to USD 69.
DIS Segment Performance
- Revenue: USD 202.7 million, up 7% from USD 188.7 million in 2023.
- Adjusted EBITDA: USD 19.4 million, up 50.4% from USD 12.9 million in 2023.
- Drivers: Growth driven by subscription-based revenue streams and operational efficiencies. Average revenue per domain year increased by 10% to USD 12.5, balancing a slight 4% decrease in registration volume.
Comparison Segment Performance
- Revenue: USD 63.0 million, up 43% from USD 44.2 million in 2023.
- Adjusted EBITDA: USD 16.1 million, up 75% from USD 9.2 million in 2023.
- Drivers: Rapid growth driven by increases in both visitor sessions (up 29%) and revenue per impression (up 22%). The segment benefited from AI-powered product expansion and geographic diversification.
Founders
While the current corporate entity Team Internet Group plc was formed through the renaming of CentralNic, the original CentralNic business was purchased and restructured by Samuel Dayani in 2003.
The “Team Internet” brand itself (originally a separate entity acquired by the Group) and key technologies were developed by industry experts. The current CEO, Michael Riedl, played a pivotal role as Group CFO from 2019 and previously as EVP and CFO of KeyDrive SA, contributing significantly to the Group’s growth trajectory.
(Note: The report does not list a specific “founding team” for the PLC entity other than Samuel Dayani’s role in the 2003 purchase and 2013 listing).
Shareholding Pattern
As of 31 December 2024, substantial shareholders (holding >3%) include:
- Kestrel Partners LLP: 68,037,648 shares (24.9% of issued capital).
- inter.services GmbH: 32,000,000 shares (11.7% of issued capital).
- Slater Investments: 27,933,477 shares (10.2% of issued capital).
- FIL Investment International: 16,594,706 shares (6.1% of issued capital).
- Erin Invest & Finance Limited: 13,853,111 shares (5.1% of issued capital).
Directors’ Interests:
- Michael Riedl: 3,100,787 shares (1.1%).
- Iain McDonald: 601,462 shares (0.2%).
Parent
Team Internet Group plc is the ultimate holding company of the Group. It does not have a separate parent company.
Investments and Capital Expenditure Plans
- Capital Allocation Framework: The Group follows a five-stage capital allocation framework prioritising organic growth investment, strategic acquisitions, deleveraging, and sustainable shareholder returns .
- Acquisitions: In 2024, the Group invested USD 31.8 million (net of cash acquired) in the acquisition of Shinez I.O Ltd.
- Capital Expenditure (Capex):
- Intangible Assets: Payments for intangible assets (excluding domain names) totalled USD 8.3 million in 2024.
- Property, Plant & Equipment: Payments totalled USD 1.3 million in 2024.
- R&D Priorities: Investment focus is on high-return opportunities in AI-driven innovation, platform enhancements, and operational efficiencies. The Group is investing in AI-powered content generation and dynamic personalisation.
- Share Buybacks: The Group spent USD 21.2 million on share buybacks in 2024 as part of its investment in shareholder returns.
Future Strategy
Team Internet’s strategy for 2025 and beyond is focused on three core themes:
- Pioneering Innovation:
- Pushing boundaries in digital advertising and online presence through AI-native platforms and automation.
- Expanding the Comparison segment internationally, with major anglophone markets set to follow successful launches in Italy, Spain, and France.
- Transitioning the Search segment towards Related Search on Content (RSOC) to create a more sustainable model.
- Operational Efficiencies and Cost Discipline:
- Extending the principles of the “Unity Programme” (which streamlined DIS operations) across all segments.
- Enhancing automation, consolidating technologies, and optimising traffic monetisation.
- Customer-Centric Growth:
- Ensuring platforms and services create tangible value for partners and end-users.
- Prioritising new customer onboarding in the Search segment to ensure service quality during the transition to RSOC.
Financial Goals:
- Return to double-digit earnings growth from 2026 onwards.
- Retain a net debt/adjusted EBITDA ratio of less than 2x and interest coverage of greater than 4x.
Key Strengths
- Recurring Revenue: A significant portion of revenue comes from recurring sources, such as annual subscriptions in the DIS segment and rolling revenue share contracts in Search and Comparison.
- Diversified Business Model: The Group operates across three distinct segments (Search, DIS, Comparison), reducing reliance on any single revenue stream. The Comparison and DIS segments contributed 51% of net revenue in 2024.
- Strong Cash Generation: Achieved record adjusted operating cash flow of over USD 99 million in 2024, with an adjusted operating cash conversion of 108%.
- Global Distribution Power: As a trusted partner to world-leading online presence enablers, the Group has unparalleled distribution power, connecting over 1,500 TLDs to 21,000 resellers.
- AI Integration: Deep integration of AI across operations, from automated customer journeys in DIS to AI-driven content optimisation in Comparison.
Key Challenges and Risks
- Commercial Risk: Algorithm and policy changes by key platforms (Google, Apple, Meta) can limit inventory or reduce advertiser demand. The transition from AdSense for Domains (AFD) to Related Search on Content (RSOC) presents short-term earnings pressure.
- Customer Concentration: The Group generated approximately 59% of its gross revenue through one customer in 2024 (a major aggregator). This creates a dependency risk, although mitigated by the fact that the aggregator serves millions of advertisers.
- Geopolitical Risk: Operations in locations subject to conflict (e.g., Israel) pose potential disruption risks, though the Group is not reliant on any one country.
- Cyber Attacks: Risk of fraudulent activities, data breaches, and cyberattacks heightened by AI. The Group mitigates this through robust infrastructure and ISO 27001 certifications.
- Technological Obsolescence: The rapid pace of AI development poses a risk if the Group fails to innovate and stay ahead of competitors.
Conclusion and Strategic Outlook
Team Internet Group plc has positioned itself as a resilient and innovative player in the global internet infrastructure and digital advertising markets. By restructuring into three clear segments—Search, DIS, and Comparison—the Group has enhanced transparency and operational focus. Despite facing headwinds in the Search segment due to industry-wide shifts, the Company has demonstrated strong adaptability by pivoting to RSOC workflows and leveraging AI to drive efficiencies.
The Group’s financial health remains robust, characterised by record operating cash flows and a disciplined capital allocation strategy that balances growth investments with shareholder returns. With a strategic focus on international expansion, particularly in the high-growth Comparison segment, and a commitment to pioneering innovation through AI, Team Internet is well-equipped to navigate the evolving digital landscape. The management’s outlook for a return to double-digit earnings growth by 2026 underscores their confidence in the Group’s diversified business model and long-term value creation potential.
Official Site: https://teaminternet.com/
FAQ Section:
- What are Team Internet Group’s main business segments? Team Internet operates through three main segments: Search (digital advertising), Domains, Identity & Software (DIS) (domain management), and Comparison (product comparison websites).
- What was Team Internet’s revenue in 2024? In 2024, Team Internet Group plc reported a total revenue of USD 802.8 million.
- Is Team Internet a carbon-neutral company? Yes, Team Internet is a certified Carbon Neutral Company, having offset its Scope 1, 2, and 3 emissions by investing in renewable energy projects.
- Where is Team Internet Group headquartered? The Company’s registered office is in London, United Kingdom, with key operational hubs in Germany, Poland, and offices across five continents.
- What is the “Search” segment’s primary focus? The Search segment focuses on bridging the gap between social media attention and revenue by creating privacy-safe, AI-generated consumer journeys that convert users into high-intent customers.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
