TEAM plc Reports Strong Organic Growth and Transformative Acquisitions, On Track for Cash Positivity

• WH Ireland was acquired for £12.7 million
• It added £0.97 billion of AUM – assets under management
• It has been integrated as WH Ireland Wealth Management
• Management says it is already operating on a positive monthly EBITDA basis

That last point is encouraging. EBITDA means earnings before interest, tax, depreciation and amortisation – not perfect, but a decent quick measure of operating profitability. Positive monthly EBITDA at WH Ireland Wealth Management suggests the acquired business is not just decorative scale.

Organic growth at TEAM plc was real, not just acquisition-fuelled

One of the stronger parts of the update is that underlying asset growth did not rely solely on deal-making. At 30 March 2026, investment management assets stood at £1,265 million, advisory and consultancy assets at £356 million, and international assets at £624 million.

The table in the results shows net inflows of £108 million across the group in the half year. International was especially solid, with £66 million of net inflows, while investment management delivered £30 million and advisory added £12 million.

That tells you clients and advisers are still bringing money onto the platform. In wealth management, net inflows are important because they are new client money rather than just market movements doing the heavy lifting.

TEAM plc losses improved underneath the surface, but the statutory numbers still need work

Here is the mixed bit. Statutory loss before tax widened slightly to £1.83 million from £1.76 million. On the face of it, that is not brilliant.

But underneath, the picture was better. Underlying loss before tax improved to £0.53 million from £0.80 million, despite continued investment and the first integration costs from WH Ireland. The biggest adjustments were £497,000 of amortisation of client relationships and £510,000 of acquisition-related expenses.

There is another useful clue in the segmental breakdown. The international division made an underlying profit before tax of £42,000. Investment management and advisory were both near break-even on an underlying basis, at losses of £63,000 and £31,000 respectively. The real drag remains group-level central costs of £478,000.

That is actually a decent place to be if scale keeps building. It means the operating businesses are not miles away, but the central overhead still needs more revenue to absorb it.

Cash position, dilution and what monthly cash positive really means

Cash at bank rose to £3.79 million from £2.16 million. That looks strong at first glance, but investors should read the small print: this was helped by cash that came in with the WH Ireland acquisition, and TEAM notes that part of it is FCA regulatory capital. In other words, not all of that cash is spare cash for the group to splash around.

Still, the direction of travel is better. The group reported net cash inflow from operating activities of £652,000, compared with an outflow of £595,000 a year earlier. That is a nice improvement, even if working capital movements played a part.

The other thing retail investors should clock is dilution. The number of ordinary shares increased to 109,100,430 from 61,540,022, largely because shares were issued as part of the WH Ireland deal. That is the price of growth here. Existing holders own a smaller slice of a much bigger business, so management now has to prove the bigger pie is worth it.

EPIC deals and the next UK acquisition give TEAM plc more optionality

After the period end, TEAM completed the acquisition of EPIC Fund Services Guernsey on 1 May 2026. The consideration was £880,000 in new shares, and for the eleven months to 28 February 2026 the business reported unaudited turnover of about £1.3 million, EBITDA of about £0.1 million and net assets of about £0.8 million.

The EPIC Book, eight investment mandates from EPIC Markets (UK) LLP, is expected to add around £157 million of AUM once completed. On top of that, TEAM has heads of terms to acquire a profitable UK wealth management business with around £240 million of AUM and annualised revenue of about £2.2 million for around £3 million. Profit was not disclosed.

That is ambitious. It could be very value-creative if integration stays tidy, but it also means execution risk has not gone away.

What I think this TEAM plc RNS means for investors

On balance, this is a positive update. Revenue growth was good, underlying losses narrowed, the international arm stayed profitable, and WH Ireland appears to be bedding in better than some investors might have feared.

The main reason this matters is that TEAM is getting closer to the point where scale can start doing the heavy lifting. A business overseeing £2.245 billion of client assets at 30 March 2026, with management pointing to around £2.3 billion for the enlarged group, should have a better chance of covering overhead than the smaller version investors were looking at a year ago.

The negatives are straightforward too. The company is still loss-making, cash generation is a target rather than a done deal, and dilution has been meaningful. This remains a story stock, not a finished product.

But compared with many AIM roll-up stories, this one at least has some hard evidence behind it now: rising revenue, growing assets, a profitable international division, and a newly acquired UK operation already positive on a monthly EBITDA basis. If TEAM can turn that into group-level cash positivity by late 2026 or early 2027, this half year could end up looking like the moment the business genuinely changed gear.

Investors will want the next update to show two things – clean integration and continued progress towards cash generation. If those land, the investment case gets a lot more credible.

You can read the company’s full interim results on TEAM plc’s website.