TIDMTEAM
RNS Number : 3602Z
Team PLC
21 May 2021
21 May 2021
TEAM plc
("TEAM" or the "Company")
Interim Results
TEAM plc (AIM: TEAM), the Jersey based active fund management
group, is pleased to announce its interim results for the six
months ended 31 March 2021.
Highlights
-- TEAM plc was created to be a leading private client
investment and asset management business
-- January 2020, completed first acquisition, Theta Enhanced
Asset Management Ltd with AUM of GBP140 million. Since then AUM has
grown to GBP286 million (as at 31 March 2021)
-- March 2021, completed successful listing on AIM raising gross
proceeds of GBP7.5 million and attracted the support of leading
institutional fund managers
-- For the six months to 31 March 2021:
o Revenue was GBP0.6 million
o Loss before tax was GBP0.9 million
o Loss per share was 17 pence, the adjusted loss per share was 7
pence
-- Strengthened investment management team with new senior
hires, and corporate governance with three non-executive
directors
-- Invested in client engagement, systems and controls
-- Pursuing mix of organic and acquisition led growth
Commenting on the results Mark Clubb, Executive Chairman of
TEAM, said:
"We are at the start of developing a new business and I am
pleased to say we have made a good start. Just over a year ago we
identified an opportunity to become a leading private client
investment and asset management business. In January 2020, we
acquired Theta with AUM of GBP140 million, we have grown that
business under the TEAM brand to GBP286 million of AUM, listed on
AIM raising GBP7.5 million, with the support of several well-known
investors, and established a scalable platform which retains
in-house investment management expertise whilst utilising market
leading third parties to provide administrative support. We have a
pipeline of opportunities to support our expansion and we are
looking forward to an active period ahead."
Enquiries
TEAM plc
Mark Clubb / Matthew Moore
Telephone: +44 (0) 1534 877210
Hannam & Partners
(Financial Adviser to TEAM)
Giles Fitzpatrick / Richard Clarke / Ernest Bell
Telephone: +44 20 7907 8500
Canaccord Genuity Limited
(Nominated Adviser and Broker to TEAM)
Bobbie Hilliam / Alex Aylen / Jeremy Grime
Telephone: +44 20 7523 8000
Novella Communications
(Financial Public Relations)
Tim Robertson / Fergus Young
Telephone: +44 20 3151 7008
Information on TEAM
TEAM is a Jersey based specialist, investment-led active
investment and fund manager providing discretionary and advisory
portfolio management services to private clients, companies and
trusts. On 8 March 2021, TEAM's shares were admitted to trading on
AIM in an IPO raising GBP7.5 million. TEAM's strategy is to grow
into an internationally recognised investment and asset management
group. https://www.teamassetmanagement.com/
Executive Chairman's Statement
I am pleased to be making this, my first report as Executive
Chairman of TEAM, since our listing in March 2021. We have
completed a very successful period for the business, and we are now
embarking on a period of expansion which we expect to be driven by
a mix of organic and acquisition-led growth.
TEAM was incorporated to take advantage of the positive
demographic and business trends we see in the international wealth
and asset management markets. We are embarking on the greatest
inter-generational transfer of wealth, following years of asset
price inflation, especially in real estate, which has concentrated
wealth amongst the older generations. This is creating
opportunities for nimble and differentiated organisations, such as
TEAM, as the beneficiaries of this reallocation of wealth typically
look for a service differentiated from the one that their
precedents used. This has driven TEAM's move to a market-leading
digital interface with clients and intermediaries, and an
investment philosophy that reflects global trends, better matching
our clients' outlook. A Jersey base is a further advantage with
Jersey being a highly regarded international financial centre in a
tax-neutral environment with strong connectivity, stable regulatory
authorities and a large and growing finance marketplace for
investment services.
In addition to organic growth opportunities, both in Jersey and
in other international finance centres, we see significant
prospects through the acquisition of overlapping and complementary
businesses. The market for investment related financial services is
a highly fragmented one, reflecting the relatively low barriers to
entry that enabled entrepreneurial individuals and teams to start
their own businesses after developing their skills and clients in
larger institutions. We now see many smaller, high quality
businesses where the founders are looking to realise their life's
work and find a suitable partner to provide an excellent service to
their long-standing clients. There is a plethora of well-funded
private equity backed businesses in competition for these
businesses, especially onshore in the UK, but they don't always
appeal to vendors. TEAM is ideally placed to partner with such
firms, as we are well capitalised, have a client-service culture
and infrastructure that stands up to the vendor's scrutiny, and the
directors are highly experienced in making such a business model
work. We have a pipeline of acquisitions at a range of stages, and
while transactions are never certain to complete, we expect to be
able to announce earnings enhancing transactions over the coming
six months.
The successful listing on AIM has provided us with new capital
and access to significant further equity capital, if required, to
support our ambitions. We are looking at a range of opportunities
and targeting those markets where we see the most scope for
profitable growth. We expect to have an active period ahead of us
and we are looking forward to it.
Mr J M Clubb
Executive Chair
20 May 2021
Operational and Financial Review
The first six months of the year saw significant progress in the
development of the TEAM business, with the successful listing of
its shares on the London AIM market, on 8 March 2021. To achieve
this, the business invested in putting in place a robust set of
corporate and risk governance measures, which are proving to be
effective, suitable and fit for purpose. The results for this
6-month period reflect the listing costs of GBP1.1 million, of
which GBP0.9 million is recognised in this period. The Group
recorded a loss before tax of GBP0.9 million and is not
recommending a dividend for the period. The business is well
capitalised, with over GBP6 million of available cash following the
IPO.
TEAM Jersey
The six-month period from September 2020 to March 2021 saw a
period of consolidation and internal investment in the operating
business, following the rapid expansion since it was acquired in
January 2020.
Client AUM reduced very slightly from GBP291 million to GBP286
million. The funds division accounted for the majority of this
change with AUM down from GBP89m to GBP85m, while performance in
the main Keox ESG fund continued to be excellent - first quartile
over 1,3 & 5 years.
New business opportunities continue to be seen with new clients
adding 1.5% to AUM in the period, despite the challenges of
lockdown in Jersey due to the necessary responses to the COVID
pandemic. The focus of the business was therefore on current
clients and enhancing our service to them, new business prospects
are expected to re-engage following the loosening of
restrictions.
We are now live with our new custody and administration partner,
Pershing, and have, since the period end, completed the client
migration exercise. This will allow for a far improved experience
and digital interface for clients. There will be a short-term cost
to the business as platformed assets reach scale, while the
improved risk management and trading capabilities are already
enhancing client outcomes.
M&A
In March we made an approach to the board of Tavistock plc, a
listed UK wealth manager, regarding a possible offer for the
company. A combination of the Tavistock and TEAM businesses could
have given a scale start point for a UK division, with potential
synergies from the TEAM Jersey business and plc head office
functions. Following a lack of engagement by the Tavistock board,
we announced that TEAM was no longer proceeding with a potential
offer on April 20th.
Looking forward
In the second half of the financial year our focus will move to
re-enforcing client service and investment performance standards,
new client development, and the launch of our International Equity
Fund. This in addition to building a pipeline of individual and
team hires and acquisition opportunities to accelerate asset growth
in the Jersey market and beyond.
We have a growing pipeline of business combination opportunities
in our home Jersey private client market, with complementary
businesses based within the Channel Islands, and with like-minded
businesses in other international finance centres. There remains
much to do to capitalise on these opportunities, while we have made
a positive start to the development of TEAM plc.
Mr M C Moore
CFO and COO
Consolidated Statement of Comprehensive Income
Unaudited for the 6 months ended 31 March 2021
6 months ended 6 months ended
31 March 2021 31 March 2020
(unaudited) (unaudited)
Note GBP'000 GBP'000
Revenue 2 610 181
Cost of sales (41) (23)
Operating expenses (1,036) (199)
Listing costs 3 (468) -
Interest payable and similar
expenses 2 (1)
Loss on ordinary activities
before taxation (933) (42)
---------------------- ------------------------
Taxation 12 (8)
Loss for the period and total
comprehensive income (921) (50)
====================== ========================
Loss per share (basic and diluted) 5 GBP(0.17) GBP(1.12)
Consolidated Statement of Financial Position
Unaudited as at 31 March 2021
As at As at
30 September
31 March 2021 2020
(unaudited) (audited)
Note GBP'000 GBP'000
Non-current assets
Intangible assets 936 989
Property, plant & equipment 522 44
Deferred tax 56 43
Long term deposit 55 50
--------------- --------------
1,569 1,126
--------------- --------------
Current assets
Trade, other receivables and
prepayments 366 307
Cash and cash equivalents 6,404 253
--------------- --------------
6,770 560
--------------- --------------
Payables: amounts falling due
within one year (206) (316)
Net current assets 6,564 244
=============== ==============
Total assets less current liabilities 8,133 1,370
Payables: amounts falling due
after one year (463) -
Net assets 7,670 1,370
=============== ==============
Equity
Share capital 4 9,053 9
Share premium reserves - 1,823
Retained earnings brought forward (462) -
Retained earnings (921) (462)
--------------- --------------
Total equity 7,670 1,370
=============== ==============
The condensed consolidated interim financial statements were
approved and authorised for issue by the board of the directors on
the 20(th) day of May 2021 and were signed on its behalf by:
.........................................
.........................................
Mr J M Clubb Mr M C Moore
Director Director
Consolidated Statement of Changes in Equity
Unaudited for the six months ending 31 March 2021
Share Share Stated Retained Total
capital premium capital earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2019 - - - - -
New share capital 9 1,626 - - 1,635
Loss for the period - - - (50) (50)
At 31 March 2020 9 1,626 - (50) 1,585
========= ========= ========= ========== =========
Share Share Stated Retained Total
capital premium capital earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
At 1 October 2020 9 1,823 - (462) 1,370
New share capital - 163 - - 163
Cost of shares issued
through IPO - (443) - - (443)
Conversion of shares (9) (1,543) 1,552 - -
Share premium received
from IPO - - 7,501 - 7,501
Loss for the period - - - (921) (921)
At 31 March 2021 - - 9,053 (1,383) 7,670
========= ========= ========= ========== =========
Consolidated Statement of Cash Flow
Unaudited for 6 months ended 31 March 2021
The only changes in liabilities other than from financing cash
flows are in respect of leases.
6 months ended 6 months ended
31 March 2021 31 March 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Note
Cash flows from operating activities
Loss for the period before tax (933) (42)
Adjustments to cash flows from
non-cash items:
Depreciation and amortisation 85 27
Finance costs (2) 1
(Increase) in trade and other
receivables (63) (184)
(Decrease)/ increase in trade
and other payables (115) 44
Net cash outflow from operating
activities (1,028) (154)
----------------------- ---------------------
Cash flows from investing activities
Acquisition of subsidiary net
of cash acquired - (772)
Acquisition of property, plant
and equipment (8) (1)
Net cash outflow from investing
activities (8) (773)
----------------------- ---------------------
Cash flows from financing activities
Lease liability paid (34) (28)
IPO costs capitalised 3 (443) -
Issue of share capital at par 4 - 9
Issue of share capital at no
par 4 7,501 -
Share premium on issue of shares 4 163 1,228
Net cash flow from financing
activities 7,187 1,209
----------------------- ---------------------
Net increase in cash and cash
equivalents 6,151 282
----------------------- ---------------------
Cash and cash equivalents from
acquired subsidiaries at the
beginning of the period 253 -
Cash and cash equivalents at
end of period 6,404 282
======================= =====================
Notes to the Consolidated Financial Statements for the six
months ended 31 March 2021
IPO costs
On 8 March 2020 the Group was successfully admitted to the
Alternative Investment Market ("AIM"). The Initial Public Offering
("IPO") costs were GBP1.05m of which GBP443,000 has been allocated
to the Share Premium reserve, with the balance of GBP608,000
expensed in both this reporting period (GBP468,000) and in the
reporting period ended 30 September 2020 (GBP140,000) 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
2020 Period 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 2020.
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 2020, 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 2021
is unaudited and does not constitute statutory financial
statements. The Group's Consolidated financial statements for the
year ended 30 September 2020 have been reported on by the Group's
auditor. The report of the auditor was unqualified and did not draw
attention to any matters by way of emphasis.
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 2021. 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.
New standards and interpretations not yet adopted
There are no newly issued standards expected to potentially have
a material impact on the condensed consolidated interim financial
statements and the consolidated financial statements to the
Group.
The accounting policies adopted in the preparation of the
interim condensed consolidated financial statements will be
consistent with those to be followed in the preparation of the
Group's annual financial statements for the year ending 30
September 2021. Accounting policies (continued)
Going concern
After making enquiries, the Directors have formed a judgement,
at the time of approving the financial information, that there is a
reasonable expectation that the Group has adequate resources to
continue in operational existence for the foreseeable future. For
this reason the Directors continue to adopt the going concern basis
in preparing the financial information.
The COVID-19 coronavirus pandemic was firstly discovered and
defined in March 2020 and while significant scientific developments
have been achieved in controlling its economic and social
implications in the form of vaccinations, COVID-19 coronavirus
pandemic continues to have a financial impact on the global
economy. The Company continues to closely communicate with
customers during the ongoing global crisis. The Directors have
considered the impact of COVID-19 on the Group and are of the view
that it remains a going concern after revising forecasts for 202 1
and reviewing the impact of COVID-19 on the working capital of the
Group .
Critical accounting estimates and judgements
The Group makes certain estimates and assumptions in the
preparation of financial statements. Estimates and judgements are
continually evaluated based on historical experience and other
factors, including expectations of future events that are believed
to be reasonable that best reflects the conditions and
circumstances that exist at the reporting date.
The principal estimates and judgements that could have an effect
upon the Group's financial results are the useful economic lives of
property, plant and equipment, the impairment of trade receivables
and intangible assets and the provision for income and deferred
taxes. Further details of these estimates and judgements are set
out in the related accounting policies for these items.
1. Segment reporting
Operating segments are identified based on internal reports that
are regularly reviewed by the Board to allocate resources and to
assess performance.
The Group continues to identify a single reportable segment and
within this single reportable segment, total revenue from
continuing operations is as follows:
6 months ending 6 months ending
31 March 2021 31 March 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Fees 541 121
Commissions 69 60
---------------- ----------------
610 181
================ ================
2. Exceptional items
6 months ending 31 March 2021 6 months ending 31 March 2020
(unaudited) (unaudited)
GBP'000 GBP'000
Costs relating to the admission of the shares 468 -
============================== ==============================
On 8 March 2020 the Group was successfully admitted to AIM. The
IPO costs were GBP1.05m of which GBP443,000 has been allocated to
the Share Premium reserve, with the balance of GBP608,000 expensed
in both period ended 30 September 2020 (GBP140,000) and this period
(GBP468,000).
3. Share capital and share premium
On 13 January 2021, the company's shareholders passed a special
resolution, whereby the below decisions were passed:
-- That all of the 10,000 unissued Class B Shares to be cancelled
-- That each of the Class A Shares in the company is converted into a no par value share
-- That each of the issued and unissued Class A Shares in the
Company is subdivided into 82 shares in the Company
-- That the company be authorised to issue up to 15,580,000
Class A Shares of no par value in addition to the 8,036,000 Class A
Shares in issue.
4. Loss per share
The weighted-average number of outstanding ordinary shares for
the period is as follows:
Weighted
Number of average number
shares outstanding Time weighting of shares
1 October 2020 - Balance
brought forward 93,000 6/6 93,000
19 October 2020 - Shares
issued 3,600 5/6 3,000
6 January 2021 - Shares
issued 900 3/6 450
6 January 2021 - Bonus issue
of 82 for 1 7,897,500 3/6 3,948,750
6 January 2021 - Shares
issued 41,000 3/6 20,500
8 March 2021 - Initial Public
Offering 8,523,334 1/6 1,420,556
-------------------------------- -------------------- --------------- ----------------
Weighted average for the
period 6 months 5,486,256
================================ ==================== =============== ================
Loss per share (continued)
6 months ending 6 months ending
31 March 2021 31 March 2020
(unaudited) (unaudited)
Loss for the financial period GBP920,862 GBP49,694
Weighted average number of shares 5,486,256 44,433
----------------------------------- ---------------- ----------------
(Loss) per share (GBP) (0.17) (1.12)
=================================== ================ ================
To provide the investors with a view on a more relevant loss per
share for the period, we have also calculated the adjusted loss per
share:
6 months ending 6 months ending
31 March 2021 31 March 2020
(unaudited) (unaudited)
Loss for the financial period and
total comprehensive loss GBP(920,862) GBP(49,694)
Adjusting for non-cash and one-off
items:
Depreciation GBP31,885 GBP10,533
Amortisation GBP52,954 GBP17,651
Interest paid GBP(2,061) GBP786
Listing costs GBP468,000 -
Adjusted loss for the financial
period and total comprehensive loss GBP(370,084) GBP(20,724)
====================================== ================ ================
Weighted average number of shares 5,486,256 44,433
-------------------------------------- ---------------- ----------------
Adjusted (loss) per share (GBP) (0.07) (0.47)
====================================== ================ ================
5. Events after the statement of financial position date
No events occurred after the statement of financial position
date which are required to be disclosed.
6. Dividends
No interim dividend has been paid or proposed in respect of the
current financial period (2020: nil).
Company number
129405
Brokers and nominated adviser
Cannacord Genuity Limited
88 Wood Street
London
EC2V 7QR
United Kingdom
Financial adviser
Hannam & Partners
2 Park Street
London
W1K 2HX
Bankers
Butterfield Bank (Jersey) Ltd
St Paul's Gate
New Street
St Helier
Jersey
JE4 5PU
Registered office
1st and 3rd Floors
6 Caledonia Place
St Helier
Jersey
JE2 3NG
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IR FLFVDEEIIFIL
(END) Dow Jones Newswires
May 21, 2021 02:00 ET (06:00 GMT)
Team (LSE:TEAM)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Team (LSE:TEAM)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
