Jersey-headquartered financial services group Team is bullish for the future, despite announcing £1.8m losses, thanks to a group-wide cost reduction programme and new approvals for a UCITS fund now rubber-stamped following delays.
The company said it is “heading in the right direction” to becoming profitable having implemented a group-wide cost reduction programme, with new approvals for UCITS fund central to its growth plans.
Team – which bought Globaleye’s business in 2023 – announced its interim results today (30 June). The results show annual operating costs have been reduced by £668k, with a further £165k of further savings identified, largely through outsourcing services, the company said.
Mark Clubb, pictured above, executive chairman at Team, said: “While the group remains loss-making, the improvements and revenues are heading in the right direction.”
He added: “I remain confident in Team’s trajectory and our mid-term targets: annual revenue of £20m, an EBITDA margin exceeding 30%, and assets under advice/management of £4bn. Execution remains critical.”
UCITS delay
Clubb added that delays to the launch of Team’s UCITS fund have hurt inflows, but the firm has now received 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.
“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.”
Efficiencies
Iain Walker, Team’s CFO and COO, commented: “A key operational focus from the outset of 2025 has been the ongoing drive to improve efficiencies and cost benefits across the business. These actions are already starting to show in the company’s trading results and will continue to come through during the course of this financial year.
“I am pleased to report that our financial position is approaching the key target of being self-sustaining, and our revenues continue to grow. The path to sustained month on month profitability is close.”
Walker was appointed CFO in April following the departure of Matthew Moore.
The HY25 results also show revenues increased 41.3% to £5.8m from £4.1m. The board is not recommending a dividend “until underlying profits reach a sufficient level to allow for this.”
* This story has been updated to one that appeared on IA earlier today.
