Team PLC

First-pass take

TEAM is a loss-making wealth/asset manager with zero AI exposure; adjusted EBITDA loss of £1.4m shows improving operational leverage (17% margin improvement vs 16% revenue growth), but core business is traditional investment management. Post-year acquisitions (WH Ireland £12.7m, EPIC £1.88m) target scale and recurring revenues, but success depends on integration execution and path to profitability remains conditional.