TIDMTEAM
RNS Number : 2478B
Team PLC
01 June 2023
1 June 2023
TEAM PLC
("TEAM", the "Company" or the "Group")
Interim Results
TEAM plc (AIM :TEAM), the wealth, asset management and
complementary financial services group, is pleased to announce its
unaudited interim results for the six months ending March 31st
2023. Separately today TEAM is announcing two acquisitions which
deliver on its strategy to expand geographical reach and service
capabilities and on completion will lift assets under management
and advice to over GBP850 million.
-- TEAM is today announcing its interim results with total
revenues for the six month period to March 31st of GBP1.9 million
(2021: GBP999,000) reflecting the contribution made by
acquisitions.
-- Underlying loss before tax was reduced to GBP374,000 (2021: GBP382,000)
-- The integration of the Omega and Concentric acquisitions has
been successful and both are now operating from the same
offices
-- TEAM is pleased to report that GBP25 million of client assets
have transitioned to TEAM AM model portfolios, underlining their
robust performance
-- TEAM is also announcing separately today two acquisitions
that extend its geographical reach and service capabilities. First,
for a total consideration of up to GBP5.6 million, is Dubai
headquartered Globaleye Wealth Management which has 5 offices
across Africa and Asia. Second, for a total consideration of up to
GBP2.5 million, is Thornton Associates, a financial planning
business based in the Isle of Man
-- These deals, the fifth and sixth acquisitions since TEAM came
to the market in 2021 deliver on TEAM's strategy to build and
expand into fast-growing international finance centres and enhance
its service capabilities as well as on TEAM's strategy to build in
the Crown Dependencies. The integration of these businesses should
deliver material cross -selling, revenue and cost synergies
-- As a result of these acquisitions, TEAM's total AUM will increase to over GBP850 million
-- TEAM has an ambitious roll-out strategy which requires
ongoing shareholder support; with its Jersey location, TEAM is
ideally placed to support clients living outside of their mainland
home tax jurisdiction and their specialist financial needs
Mark Clubb, CEO and Founder of TEAM said : "I am pleased to
report that our interim results demonstrate our ability to deliver,
demonstrating the attractions of our multi asset approach as well
as our ability to successfully deliver on integrating acquisitions.
As a Group we continue to have an ambitious roll-out strategy and I
would like to thank our shareholders for their ongoing support.
The acquisition of Globaleye and Thornton takes TEAM closer to
GBP1 billion under management in our target markets, and extends
our global footprint to seven countries. In doing so, we believe we
are carving out a valuable section of the high net worth market who
are living outside of their mainland home tax jurisdiction and in
need of specialist financial advice, which in the past has not been
easily accessible. TEAM is filling that space and we see
significant scope to expand further ."
Enquiries
TEAM plc
Mark Clubb / Matthew Moore
Telephone: +44 (0) 1534 877210
Hannam & Partners
(Financial Adviser to TEAM)
Giles Fitzpatrick / Ernest Bell / Richard Clarke
Telephone: +44 20 7907 8500
Shore Capital
(Nominated Adviser and Broker to TEAM)
Tom Griffiths / Guy Wiehahn / Iain Sexton
Telephone: +44 20 7408 4090
Novella Communications
(Financial Public Relations)
Tim Robertson / Safia Colebrook
Telephone: +44 20 3151 7008
teamplc@novella-comms.com
Information on TEAM
TEAM plc is building a new wealth, asset management and
complementary financial services group. With a focus on the UK,
Crown Dependencies and International Finance Centres, the strategy
is to build local businesses of scale around TEAM plc's core skill
of providing investment management services. Growth will be
achieved via targeted and opportunistic acquisitions, through team
and individual hires, through collaboration with suitable partners,
and organic growth and expansion.
www.teamplc.co.uk
Executive Chairman's Statem ent
Dear S hareholders,
I am delighted to share with you the latest updates regarding
our C ompany's performance, strategic initiatives, and two
significant acquisitions being separately announced today that will
greatly enhance our presence and capabilities in the wealth, asset
management and complementary financial services industry.
First, I am pleased to report that we have witnessed ongoing
client migration into our Team AM Model Portfolios, our
Discretionary Fund Management (DFM) offering. To date, we have seen
over GBP 25 million of client assets transitioning into these
portfolios on various platform s , driven by our strong investment
performance and the suitability of our offerings.
Furthermore, our Model Portfolios are now available on various
platforms, including Morningstar and Quilter International.
Expanding our presence on these platforms will be a priority for us
moving forward.
I am particularly proud of the successful integration of the
Omega and Concentric acquisitions. Both entities now operate from
the same office, following streamlined procedures and processes.
Moreover, we are confident of recruiting new talent to strengthen
our team. This integration sets a strong foundation for our
continued growth and improved operational efficiency.
In light of recent developments in the banking sector, we have
observed an increase in client interest across various levels of
our treasury management services at JC AP . Clients have been taken
by surprise and are actively seeking reliable financial solutions.
The business development opportunity has never been stronger . Our
focus now lies in converting these opportunities into clients. The
potential for growth is evident, and we are determined to
capitalise on these opportunities.
Turning to the financial performance for the 6 month period
ended 31st March 2023 (unaudited), our revenue grew to GBP1 .9
million representing a substantial increase from the previous
year's corresponding period (GBP999 , 000 ). However, staff costs
as anticipated increased to GBP1 .4million as we continued to
invest in our talented workforce. Non-staff costs also increased as
part of our commitment to operational enhancements. These factors
contributed to an underlying loss before tax of GBP374, 000 versus
a loss of GBP382,000 in the prior year.
While these results demonstrate the challenges we have faced, we
are confident in our ability to overcome them. This involves
extending our services , both in terms of type and jurisdictionally
, and managing costs . But growing our client base remains our top
priority.
We are firmly committed to building shareholder value and
believe that our ongoing efforts and strategy will lead to improved
financial performance in the future. Our near term objective is to
be cash-flow break even. However, we have a clear path to achieving
much more.
In addition to our financial performance, I am thrilled to
announce two significant acquisitions being separately announced
today that will greatly enhance our presence and capabilities and
provide further scale and access to new geographies.
First, the acquisition of Globaleye Wealth Management, a
renowned boutique advisory firm specialising in wealth management
and financial services. With offices across key global locations,
including Dubai and Singapore, Globaleye brings a wealth of
expertise and a substantial client base with total assets under
advice of GBP242 million.
This strategic acquisition allows TEAM to tap into high-growth
markets, expand into new regions, and provide a wider range of
services to our clients. We are particularly excited about the
opportunity to transition Globaleye clients to TEAM's investment
management services, offering them a seamless and integrated
experience.
Additionally, we are delighted to announce the conditional
acquisition of Thornton, a respected chartered Financial Planning
firm based on the Isle of Man. Thornton has established a strong
reputation for providing financial advice and investment services
to individuals, trustees, and business owners. With assets under
advice of GBP121 million, Thornton brings valuable expertise and a
loyal client base to TEAM.
The integration of Thornton into our operations will create
synergies and open up growth opportunities within our previously
stated Crown Dependencies ambitions . Thornton's strong reputation
and client relationships will complement our existing international
finance center offerings.
These acquisitions will bring our total AUA and AUM to over
GBP850 million and align with our strategic objectives of expanding
our international footprint and enhancing our service capabilities.
By combining the strengths of Globaleye and Thornton with TEAM's
expertise and resources, we are well-positioned to deliver good
client value and holistic financial solutions to our clients.
I would like to extend a warm welcome to the teams at Globaleye
and Thornton, who will play integral roles in our continued growth
and success. We are excited about the future prospects that these
acquisitions bring and remain committed to providing our clients
with industry-leading financial services across multiple
jurisdictions.
Thank you for your ongoing support as we continue this
transformative journey. Together, we will seize new opportunities
and solidify TEAM's position as a premier wealth management and
financial services group.
Thank you.
Sincerely,
Mr J M Clubb
Executive Chair
31 May 2023
Operational and Financial Review
Review of the results for the period
The table below shows the Group's financial performance for the
six months to March 2023 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.
6 months 6 months Year ended
ended 31 ended 31 30 Sept 2022
Mar 2023 Mar 2022 (audited)
(unaudited) (unaudited)
Period to 31(st) March 2023 GBP'000 GBP'000 GBP'000
--------------------------------- ---------- ------------- --------------
Revenue 1,898 999 2,120
Direct Cost (228) (230) (414)
Contribution 1,670 769 1,706
--------------------------------- ---------- ------------- --------------
Total staff costs (1,393) (785) (1,666)
Total non-staff costs (651) (366) (852)
Underlying (loss) before
tax (374) (382) (812)
--------------------------------- ---------- ------------- --------------
Underlying adjustments (132) (328) (776)
(Loss) before tax (506) (710) (1,588)
--------------------------------- ---------- ------------- --------------
Tax 7 29 64
---------- ------------- --------------
(Loss) for the period (499) (681) (1,524)
--------------------------------- ---------- ------------- --------------
The first six months of the financial year includes full
contributions from the two financial advice businesses acquired in
July and August 2022, and these acquisitions account for the
majority of the changes from the previous interim results to 31(st)
March 2022. Overall, the Group traded as expected, in a challenging
macroeconomic environment.
Revenues increased 90% to GBP1,898,000 from GBP999,000, while
the underlying loss before tax was improved at a loss of
GBP374,000, reduced from GBP382,000. Underlying adjustments of
GBP132,000, reflecting non-cash expenses, were down from
GBP328,000.
Client assets
Reflecting the range of services provided by TEAM, we now report
client assets by the service provided:
-- Investment management includes bespoke, modelled and advisory portfolio management
-- Fund management is where TEAM is the manager for fund
structures (together referred to as assets under management
("AUM")
-- Financial planning assets under administration ("AUA") is
where our IFA businesses advise client but do not manage the
investments
-- Asset under review refers to the investment consulting
service provided to large trustee and institutional investors,
and
-- Cash Management is where JCAP advises trustees and
institutional invetors on their cash holdings.
The Directors consider that AUM and AUA together are the most
informative measure of client assets.
The table below shows the opening and closing client asset
position and the movements during the period broken down by segment
and service provided:
6 months ended 31 Mar Opening Net new Investment Closing
2023 1 Oct business performance 31 Mar 2023
2022 and other
GBP million GBP million GBP million GBP million
------------------------- ------------ ------------ ------------- -------------
Investment management 134.1 3.7 5.5 143.3
Fund management 98.0 0.7 2.8 101.4
------------------------- ------------ ------------ ------------- -------------
Total AUM 232.1 4.3 8.3 244.7
Financial planning 243.1 0.2 5.1 248.4
TOTAL AUM and AUA 475.2 4.5 13.4 493.1
------------------------- ------------ ------------ ------------- -------------
Assets under investment
review 77.2 78.4
Cash management 895.1 853.2
TOTAL CLIENT ASSETS 1,447.5 1,424.6
------------------------- ------------ ------------ ------------- -------------
6 months ended 31 Mar Opening Net new Investment Closing
2022 1 Oct business performance 31 Mar 2022
2021 and other
GBP million GBP million GBP million GBP million
------------------------- ------------ ------------ ------------- -------------
Investment management 185.0 (4.3) (61.3) 119.4
Fund management 111.1 (9.7) (11.5) 89.8
------------------------- ------------ ------------ ------------- -------------
Total AUM 296.1 (14.0) (72.9) 209.2
Financial planning 0.0 0.0 0.0 194.2
TOTAL AUM and AUA 296.1 (14.0) (72.9) 403.4
------------------------- ------------ ------------ ------------- -------------
Assets under investment
review 0.0 87.6
Cash management 0.0 1,382.2
TOTAL CLIENT ASSETS 296.1 1,873.2
------------------------- ------------ ------------ ------------- -------------
.
During the 6 months to 31 March 2023, we are pleased to report
that AUM and AUA increased by 4% overall, with 1% from net inflows
and 3% from investment performance. This is a significant
improvement from H1 2022 and reflects that the businesses have
settled down from a period of initial post-acquisition disruption.
The flow of client assets into investment management from the
financial planning businesses has accelerated, and there is now
GBP6 million of client assets under advice and management.
Segmental analysis
6 months ended 31 Investment Advisory Group and Group
Mar 2023 and fund and consultancy consolidation
management adjustments
(unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------------ ----------------- --------------- --------
Revenue 511 1,387 - 1,898
Direct Cost (200) (28) - (228)
Contribution 311 1,359 - 1,670
Indirect Costs (715) (1,005) (324) (2,044)
Underlying (loss)
before tax (404) 354 (324) (374)
Underlying adjustments - - (132) (132)
(Loss) before tax (404) 354 (456) (506)
Tax 43 (36) - 7
(Loss) for the period (361) 318 (456) (499)
------------------------ ------------ ----------------- --------------- --------
6 months ended 31 Investment Advisory Group and Group
Mar 2022 and fund and consultancy consolidation
management adjustments
(unaudited)
GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------------ ----------------- --------------- --------
Revenue 531 468 - 999
Direct Cost (202) (28) - (230)
Contribution 329 440 - 769
Indirect Costs (621) (224) (306) (1,151)
Underlying (loss)
before tax (292) 216 (306) (382)
Underlying adjustments - - (328) (328)
(Loss) before tax (292) 216 (634) (710)
Tax 29 - - 29
(Loss) for the period (263) 216 (634) (681)
------------------------ ------------ ----------------- --------------- --------
12 months ended 30 Investment Advisory Group and Group
Sept 2022 (audited) and fund and consultancy consolidation
management adjustments
GBP'000 GBP'000 GBP'000 GBP'000
------------------------ ------------ ----------------- --------------- --------
Revenue 1,025 1,095 - 2,120
Direct Cost (386) (28) - (414)
Contribution 639 1,067 - 1,706
Indirect Costs (1,245) (605) (668) (2,518)
Underlying (loss)
before tax (606) 462 (668) (812)
Underlying adjustments - - (776) (776)
(Loss) before tax (606) 462 (1,444) (1,588)
Tax 67 (3) - 64
(Loss) for the period (539) 459 (1,444) (1,524)
------------------------ ------------ ----------------- --------------- --------
Revenues
Total revenues rose 90% to GBP1,898,000 (H1 22: GBP999,000).
Investment and fund management ("IFM") revenues fell 3.8% to
GBP511,000, as the MSCI Private Client Balanced Index fell 4.8%
compared with the average of H1 22. Advisory and Consultancy
("A&C") increased 196% to GBP1,387,000 (H1 22: GBP468,000),
with the change primarily due to the inclusion of a full 6 months
of contributions from the two financial planning acquisitions.
Costs
The total underlying costs for the Group increased by 78% to
GBP2,044,000, (H1 22: GBP1,151,000), with the new acquisitions
accounting for the bulk of the increase. IFM saw a 15% increase to
GBP715,000 (H1 22: GBP621,000), as the businesses responded to
salary and IT inflation in Jersey, while A&C increased 348% to
GBP1,005,000 (H1 22: GBP224,000).
Loss before tax
The resulting loss before tax for the half year was GBP506,000
(H1 22: GBP710,000), a reduction in the loss of 28%. The underlying
loss before tax decreased by 2% to GBP374,000 (H1 22: GBP382,000).
IFM's loss increased 57% to GBP404,000 (H1 22: 292,000), which
A&C generated a profit of GBP354,000, 64% up from
GBP216,000.
The underlying adjustments are shown in the below table:
6 months 6 months Year ended
ended 31 Mar ended 31 Mar 30 Sept 2022
2023 (unaudited) 2022 (unaudited) (audited)
Period to March 23 GBP'000 GBP'000 GBP'000
-------------------------------- ------------------ ------------------ --------------
Underlying (loss) before
tax (374) (382) (812)
Amortisation of client
relationships (497) (229) (543)
Acquisition related expenses - (54) (129)
Changes in fair value deferred 452 - -
contingent consideration
Interest and depreciation (87) (45) (104)
-------------------------------- ------------------ ------------------ --------------
Total underlying adjustments (132) (328) (776)
(Loss) before tax (506) (710) (1,588)
-------------------------------- ------------------ ------------------ --------------
Amortisation of client relationships was GBP497,000 (H1 22:
GBP229,000) with a full period of amortisation of the intangible
assets relating to the two financial planning business. Contingent
deferred consideration payable for these acquisitions included
income targets, and with the fall in global asset markets in the
past period, neither businesses reached the targets for the maximum
payments, and a reduction in the amount payable has been recorded.
This was GBP452,000 in 2023 (H1 22: nil). There were no acquisition
related expenses. Total underlying adjustments were GBP132,000 (H1
22: GBP328,000).
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.
Earnings per share
The Group's underlying loss per share was 1.7p, a reduction of
23% from 2.2p in H1 22. The loss per share was 2.3p, a reduction of
41% from 3.9p in H1 22.
Financial position and going concern
The Group's cash position has fallen from GBP3.0 million to
GBP0.9 million. As at 31 March 2023 the regulated entities within
the Group all held in excess of the required level of regulatory
assets.
The Directors have prepared financial projections along with
sensitivity analyses of reasonably plausible alternative outcomes,
covering clients and assets, cost inflation and take up of group
services. The forecasts demonstrate that the Directors have an
expectation that the Group will require additional financial
resources to meet working capital requirements and the cash-settled
consideration liabilities due in the coming 12 months. This
liquidity position has been exacerbated by the challenging market
conditions, with falls in asset prices, and cost inflation,
especially in salaries, moving the business away from generating a
cash profit from the current operations of the Group. The
requirement for additional fundraising has been highlighted as a
feature of the business model for TEAM in the initial years on the
business plan. The placing and subscription in May 2022 which
raised GBP2.7m for the acquisition of Concentric saw a high level
of follow on investment from the Company's institutional and
private shareholders, and Board members. It is this support from
the current shareholders, and the expectation that further earnings
enhancing acquisitions will be brought to current and potential
shareholders for equity financing in 2023, that gives the Board
sufficient confidence to consider the going concern basis to be
appropriate for the accounts.
Dividend
The Group is at the early stages of building the business, and
so is consuming capital. No dividends are expected to be paid until
underlying profits are made.
Mr M C Moore
CFO and COO
31 May 2023
Consolidated Statement of Comprehensive Income
6 months 6 months 12 months
ended ended ended
31 Mar 31 Mar 2022 30 Sept 2022
2023
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
Revenues 3 1,898 999 2,120
Cost of sales 3 (228) (230) (414)
Operating expenses 3 (2,610) (1,469) (3,271)
Operating (loss) (940) (700) (1,565)
Operating (loss) before exceptional
items (940) (645) (1,436)
Exceptional items 8 - (54) (129)
Operating (loss) after exceptional
item (940) (700) (1,565)
--------------------------------------- ------------ ------------ -------------
Realised gain on investments 5 452 - -
Other income and charges (18) (10) (23)
(Loss) on ordinary activities
before tax (506) (710) (1,588)
Taxation 7 29 64
(Loss) for the period and total
comprehensive (loss) (499) (681) (1,524)
--------------------------------------- ------------ ------------ -------------
(Loss) per share (basic
and diluted) 11 (2.3)p (3.9)p (7.9)p
The accompanying notes on pages [13] to [19] form an integral
part of these Condensed consolidated financial statements.
Consolidated Statement of Financial Position
31 Mar 31 Mar 2022 30 Sept
2023 2022
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Intangible assets 6,883 2,325 7,380
Goodwill 6 1,896 1,191 1,896
Property, plant & equipment 7 79 60 66
Right of use asset 7 615 441 671
Deferred tax 199 118 156
Long term deposit 67 55 63
9,739 4,190 10,232
------------------------------ ----- ------------ ------------ ----------
Current assets
Trade, other receivables and
prepayments 961 545 910
Cash and cash equivalents 4 864 3,013 1,747
1,825 3,558 2,657
------------------------------ ----- ------------ ------------ ----------
Total assets 11,564 7,748 12,889
------------------------------ ----- ------------ ------------ ----------
LIABILITIES
Amounts falling due within one
year
Trade and other payables (565) (360) (889)
Lease liability (110) (43) (102)
Deferred consideration 5 (1,338) - (1,649)
(2,013) (403) (2,640)
------------------------------ ----- ------------ ------------ ----------
Amounts falling due after one
year
Lease liability (555) (403) (592)
Deferred consideration 5 (838) - (1,000)
------------------------------------- ------------ ------------ ----------
(1,393) (403) (1,592)
------------------------------ ----- ------------ ------------ ----------
Total liabilities (3,406) (806) (4,232)
------------------------------ ----- ------------ ------------ ----------
Total net assets 8,158 6,942 8,657
------------------------------ ----- ------------ ------------ ----------
EQUITY
Stated Capital 9 12,349 9,791 12,349
Retained earnings (4,191) (2,849) (3,692)
Total Equity 8,158 6,942 8,657
------------------------------ ----- ------------ ------------ ----------
The condensed consolidated interim financial statements were
approved and authorised for issue by the board of the directors on
the 31 May 2023 and were signed on its behalf by :
Mr J M Clubb Mr M C Moore
Executive Chair CFO and COO
Consolidated Statement of Cash Flows
6 months 6 months 12 months
ended ended ended
31 Mar 2023 31 Mar 2022 30 Sept
2022
(unaudited) (unaudited) (audited)
Note GBP'000 GBP'000 GBP'000
Cash flows from
operating activities
(Loss) for
the year
before
tax (506) (710) (1,588)
Adjustments to cash
flows from
non-cash items:
Depreciation
and
amortisation 567 264 624
Finance costs 18 10 23
Trade and
other
receivables 87 (18) (362)
Trade and
other
payables (494) (1,410) (61)
Realised gain
on
investments 5 (452) - -
Net cash (outflow)
from operating
activities (780) (1,864) (1,364)
--------------------- ----------------------------------- ----------------------------------- --------------------------------
Cash flows from
investing activities
Acquisition of
subsidiary net
of cash acquired - - (3,496)
Payment of deferred
consideration - - (1,534)
Acquisition of
property, plant
and equipment (30) (9) (15)
Net cash (outflow)
from investing
activities (30) (9) (5,045)
--------------------- ----------------------------------- ----------------------------------- --------------------------------
Cash flows from
financing activities
Lease
liability
paid (73) (35) (85)
Issue of
share
capital - - 2,743
Net cash (outflow)
from financing
activities (73) (35) 2,658
--------------------- ----------------------------------- ----------------------------------- --------------------------------
Net decrease in cash
and cash
equivalents (883) (1,908) (3,751)
--------------------- ----------------------------------- ----------------------------------- --------------------------------
Cash and cash
equivalents from
at beginning of
period/ year 1,747 4,921 4,921
Cash and cash
equivalents from
acquired
subsidiaries - - 577
Cash and cash
equivalents at
end of period/ year 864 3,013 1,747
--------------------- ----------------------------------- ----------------------------------- --------------------------------
Consolidated Statement of Changes in Equity
Stated Retained Total
capital earnings equity
GBP'000 GBP'000 GBP'000
At 1 October 2021 9,606 (2,168) 7,438
New share Capital 185 - 185
(Loss) for the period - (681) (681)
At 31 March 2022 9,791 (2,849) 6,942
------------------------ ------------------ ------------------ ------------------
Stated Retained
capital loss Total
GBP'000 GBP'000 GBP'000
At 1 April 2022 9,791 (2,849) 6,942
New share Capital 2,558 - 2,558
(Loss) for the period - (843) (843)
At 30 September 2022 12,349 (3,692) 8,657
------------------------ ------------------ ------------------ ------------------
Stated Retained
capital loss Total
GBP'000 GBP'000 GBP'000
At 1 October 2022 12,349 (3,692) 8,657
New share Capital - - -
(Loss) for the period - (499) (499)
At 31 March 2023 12,349 (4,191) 8,158
------------------------ ------------------ ------------------ ------------------
Notes to the Consolidated Financial Statements
1. General information
TEAM plc (the "Company") is the parent company of a group of
companies (the "Group") which offers a range of investment
management, fund management, financial planning and other financial
services to retail, professional and institutional clients.
The Company is a public limited company and is incorporated and
domiciled in Jersey, Chanel Islands. The address of the registered
office is 6 Caledonia Place, St Helier, Jersey, JE2
2. Accounting policies
Basis of preparation and accounting policies
The accounting policies and estimates adopted are consistent
with those of the previous financial period as disclosed in the
2022 Report and Audited Consolidated Financial Statements.
The financial information in this interim report has been
prepared in accordance with the disclosure requirements of the AIM
Rules for Companies and the recognition and measurements of
International Financial Reporting Standards ("IFRS"), as adopted by
the European Union ("EU"). They have been prepared on a going
concern basis with reference to the accounting policies and methods
of computation and presentation set out in the Group's Consolidated
financial statements for the year ended 30 September 2022.
The Interim Condensed consolidated financial statements do not
include all the information and disclosures required in the annual
financial statements and should be read in conjunction with the
Group's audited financial statements for the year ended 30
September 2022, which have been prepared in accordance with
International Financial Reporting Standards ("IFRS") as issued by
the International Accounting Standards Board ("IASB"), the
interpretations issued by the International Financial Reporting
Interpretations Committee ("IFRIC") and the requirements of
Companies (Jersey) Law 1991.
The information relating to the six months ended 31 March 2023
is unaudited and does not constitute statutory financial
statements. The Group's Consolidated financial statements for the
year ended 30 September 2022 have been reported on by the Group's
auditor. The report of the auditor was unqualified .
Consolidated financial statements
The consolidated financial statements incorporate the financial
statements of the Company and subsidiary entities controlled by the
Company made up to 31 March 2023. Control is achieved where the
Company is exposed, or has rights, to variable returns from its
involvement with an investee company and has the ability to affect
those returns through its power over the other entity; power
generally arises from holding a majority of voting rights .
3. Operating Segments
Following the acquisitions of the subsidiaries, the Group now
identifies two principal operating segments, Investment and Fund
Management ("IFM") and Advisory and Consultancy ("A&C"), and a
number of group operating activities that have been aggregated into
one operating segment.
IFM provides investment management services for individuals,
trusts, sovereign agencies and corporations, and fund management
services to for a range of fund vehicles. AC provides personal
financial advice, investment consulting, and treasury advisory
services. Both segments are located in Jersey, Chanel Islands.
No customer represents more than 10% of group revenues (FY 22:
nil)
The segmental analysis is shown in the Operating and Financial
Review section.
4. Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call
deposits, and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of change in value. Such investments are those
with original maturities of three months or less.
5. Deferred Consideration
As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 GBP'000 2022
GBP'000 GBP'000
----------------------------------------- --------- ------------ ---------
Opening balance 2,649 - 1,494
Additions in the period - - 2,649
Additional consideration due
from prior years - - 40
Deferred consideration paid
in period (20) - (1,534)
Realised gain on deferred consideration (453) - -
remeasured
Closing balance 2,176 - 2,649
------------------------------------------ --------- ------------ ---------
Deferred consideration split 31 Mar 31 Mar 2022 30 Sept
2023 GBP'000 2022
GBP'000 GBP'000
----------------------------------------- --------- ------------ ---------
Equity consideration 973 - 1,263
Cash consideration 1,203 - 1,386
Total deferred consideration 2,176 - 2,649
------------------------------------------ --------- ------------ ---------
Deferred consideration relates to the acquisition of Omega
Financial Services Limited and Concentric Group Limited during the
second half of the financial year ended 30 September 2022.
During the period to 31 March 2023, GBP20,217 of deferred
consideration was paid to Omega Financial Services. Additionally,
the fair value of the deferred consideration has been remeasured
during the period as a result of expectations in relation to
meeting post-acquisition targets. The gain has been recognised in
the Statement of Comprehensive Income for the period.
Of the GBP2,175,984 due payable as at 31 March 2023, GBP837,784
is due payable in more than one year.
6. Goodwill
As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 GBP'000 2022
GBP'000 GBP'000
-------------------------------- --------- ------------ ---------
Opening balance 1,896 1,191 1,191
Acquisitions during the period - - 705
Closing balance 1,896 1,191 1,896
--------------------------------- --------- ------------ ---------
Goodwill is assessed annually for impairment and the
recoverability will be assessed as part of the full year financial
statements and audit at 30 September 2023.
7. Property, plant and equipment
Right of Equipment Computer Leasehold
use assets & fixtures Hardware Improvements Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 1 October 2022 757 51 52 2 862
Additions - - 25 - 25
Disposals - - - - -
At 31 March 2023 757 51 77 2 887
------------------- ----------- ----------- --------- ------------- --------
Depreciation
At 1 October 2022 86 14 25 - 125
Disposals - - - - -
Charge for the
year 56 5 7 - 68
At 31 March 2023 142 19 32 - 193
------------------- ----------- ----------- --------- ------------- --------
Carrying Amount
At 31 March 2023 615 32 45 2 694
------------------- ----------- ----------- --------- ------------- --------
At 30 September
2022 671 37 27 2 737
------------------- ----------- ----------- --------- ------------- --------
The right-to-use asset balance is made up of three properties
across the Group. The three properties are:
- 6 Caledonia Place, St Helier, Jersey, JE2 3NG . The lease term ends on 30 April 2030.
- Ground Floor, 3 Mulcaster Street, St Helier, Jersey, JE2 3NJ.
The lease term ends on 23 March 2026.
- Third Floor, Conway House, St Helier, Jersey, JE2 3NT. The
lease terms ends on 31 October 2027.
8. Exceptional items
6 months 6 months 12 months
ended ended ended
31-Mar-23 31-Mar-22 30 Sept 2022
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
IPO and acquisition related
costs - 54 129
- 54 129
------------------------------------------- ------------ -------------
9. Stated capital
As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 2022
No. No. No.
--------------------------------- ----------- ------------ -----------
Allotted, called and fully paid
shares
Ordinary shares 21,976,145 17,559,478 21,976,145
---------------------------------- ----------- ------------ -----------
As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 2022
GBP'000 GBP'000 GBP'000
--------------------------------- ----------- ------------ -----------
Stated capital
Opening balance 12,349 9,606 9,791
New Capital subscribed - 185 2558
12,349 9,791 12,349
--------------------------------- ----------- ------------ -----------
10. Related party transactions
Key management personnel are the same as the Directors.
There are no further related party transactions to be disclosed
during the year.
11. Earnings per share
The Group has calculated the weighted-average number of
outstanding ordinary shares for the period as follows:
6 months ended 31 Mar 2022 Number Time weighting Weighted
of shares average number
of shares
------------------------------ ----------- --------------- ----------------
Balance brought forward 17,299,795 6/6 17,299,795
28 February - 31 March 2022 259,683 1/6 43,281
17,559,478 6 months 17,343,076
------------------------------ ----------- --------------- ----------------
12 months ended 30 Sept 2022 Number Time weighting Weighted
of shares average number
of shares
----------- --------------- ----------------
Balance brought forward 17,299,795 12/12 17,299,795
28 February - 31 March 2022 259,683 7/12 151,482
May 2022 - Project Sword 4,416,667 5/12 1,840,278
21,976,145 12 months 19,291,555
------------------------------ ----------- --------------- ----------------
6 months ended 31 Mar 2023 Number Time weighting Weighted
of shares average number
of shares
------------------------------ ----------- --------------- ----------------
Balance brought forward 21,976,145 6/6 21,976,145
21,976,145 6 months 21,976,145
------------------------------ ----------- --------------- ----------------
The Parent Company does not have any contingent issuable shares
as at year end, hence diluted loss per share is the same as the
basic loss per share
Loss per share As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 2022
----------- ------------ -----------
Loss for the financial period and
total comprehensive loss (GBP'000) (499) (681) (1,524)
Weighted average number of shares 21,976,145 17,343,076 19,291,555
-------------------------------------- ----------- ------------ -----------
Pence per share (2.3p) (3.9p) (7.9p)
-------------------------------------- ----------- ------------ -----------
Adjusted loss per share As at As at As at
31 Mar 31 Mar 2022 30 Sept
2023 2022
----------- ------------ -----------
Adjusted underlying loss before
tax (GBP'000) (374) (382) (812)
Weighted average number of shares 21,976,145 17,343,076 19,291,555
-------------------------------------- ----------- ------------ -----------
Pence per share (1.7p) (2.2p) (4.2p)
-------------------------------------- ----------- ------------ -----------
12. Dividends
No interim dividend has been paid or proposed in respect of the
current financial period (2022: nil) .
13. Events after the statement of financial position date
On 31 May 2023 TEAM completed the acquisition of the Globaleye
Wealth Management Group, an international wealth management
business, headquartered in Dubai, with five further offices and
total client assets under advice and influence of GBP730 million,
for a total consideration of up to GBP5.6 million.
On 31 May 2023, TEAM entered into an agreement to acquire,
subject to regulatory approval, Thornton Chartered Financial
Planners, an Isle of Man based financial planning business with
client assets of GBP121 million, for total consideration of up to
GBP2.9 million.
On 31 May 2023 JCAP, the treasury services business of TEAM,
reached a settlement with an historic client to receive a payment
of GBP650,000 in settlement of the termination of the of a referral
agreement. This will be cash settled in H2 2023.
Company number
129405
Brokers and nominated adviser
Shore Capital
Cassini House,
57 St James's St,
London
SW1A 1 LD
Financial adviser
Hannam & Partners
3rd Floor, 7-10 Chandos Street,
London,
W1G 9DQ
Lawyers
Hatstone
6 Caledonia Place,
St Helier, Jersey,
Channel Islands
JE2 3NG
Financial PR
Novella Communications
South Wing, Somerset House
The Strand
London
WC2R 1LA
Bankers
Butterfield Bank (Jersey) Ltd
St Paul's Gate
New Street
St Helier
Jersey
E4 5PU
Registered office
6 Caledonia Place
St Helier
Jersey
JE2 3NG
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END
IR FLFVDEFILVIV
(END) Dow Jones Newswires
June 01, 2023 02:00 ET (06:00 GMT)
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