TEAT PRIV For personal use only
Record revenue and maiden dividend despite construction shut-down hurting profits
17 February 2022
Teaminvest Private Group Limited (ASX:TIP) (Company) is pleased to announce record Segment Revenue of $75.1m for the half year ended 31 December 2021 (1H22) despite the coronavirus related Sydney construction shut-down, which reduced Segment EBITDA to $6.2m.
Dividend
The Company is also pleased to announce a maiden fully franked dividend of 0.25 cents per share. The record date for the dividend is Thursday, 3 March 2022.
Dividend Reinvestment Plan
The dividend is accompanied by a dividend reinvestment plan (DRP). The Company intends purchasing shares 'on market' to satisfy the take-up by participating shareholders under the DRP. A copy of the DRP can be found at the Company website (www.teaminvestprivate.com.au). Shareholders who wish to participate in the DRP must make an election to do so online by Thursday 10 March 2022 at: www.computershare.com.au/easyupdate/TIP.
Interim results presentation
The Company's interim investor presentation and Q&A will be held via Zoom at 11am AEDST on Tuesday, 22 February 2022 at the link below:
https://us06web.zoom.us/j/83559924594?pwd=OGRTaWphYXRLblJOYWJLR29ZeUpKQT09
Meeting ID: 835 5992 4594
Passcode: 992761
The Company Appendix 4D and Interim Report (including CEO letter) follow.
For more information, please contact:
Andrew Coleman Chief Executive Officer andrew.coleman@tipgroup.com.auTeaminvest Private Group Limited
Teaminvest Private Group Limited ABN 74 629 045 736
Suite 302, 80 Mount Street, North Sydney NSW 2060
T +61 2 9955 9540 W:www.teaminvestprivate.com.auE:info@teaminvest.com.au
Teaminvest Private Group Limited | |||||
Appendix 4D report | |||||
1. Company details | |||||
Name of entity: | Teaminvest Private Group Limited | ||||
ABN: | 74 629 045 736 | ||||
only | For the half-year ended 31 December 2021 | ||||
Reporting period: | |||||
Previous period: | For the half-year ended 31 December 2020 | ||||
2. Results for announcement to the market | |||||
$'000 | |||||
Revenues from ordinary activities | down | 7% | to | 44,292 | |
use | |||||
Profit from ordinary activities after tax attributable to the owners of | |||||
T aminvest Private Group Limited | down | 93% | to | 218 | |
Profit for the half-year attributable to the owners of Teaminvest Private Group | |||||
Limited | down | 93% | to | 218 | |
Dividends | |||||
There were no dividends paid, recommended or declared during the current financial period. | |||||
personal | |||||
Comments |
The profit for the Group after providing for income tax amounted to $270,000 (31 December 2020: $3,023,000).
The Group has been impacted by the Coronavirus (COVID-19) construction shutdown in Sydney during July-September. The restrictions led to a reduction in revenue for those months and coincided with inflation of cost prices delivered under fixed contracts, both impacting the Gross Margin on the companies exposed to the construction industry. A subsidiary benefited from the stimulus measures enacted by the NSW state government in relation to COVID-19. The Coronavirus (COVID-19) construction shutdown has significantly impacted the Group's results and overshadows some strong performances by other companies.
Refer to the 'CEO letter' for further details of operations and commentary on the results.
Oth r information requiring disclosures to comply with Listing rule 4.2A is contained in, and this Appendix 4D should be read in conjunction with the Interim Financial Report for the half-year ended 31 December 2021.
The information in this Appendix 4D should also be read in conjunction with the Group's 2021 Annual report.
3. Net tangible assets | |||
For | Reporting | ||
period | Previous period | ||
Cents | Cents | ||
Net tangible assets per ordinary security | 29.81 | 29.94 |
The net tangible assets calculation does not include deferred tax liabilities of $5,500,000 (31 December 2020: $73,000), right-of-use
assets of $3,366,000 (31 December 2020: $3,197,000) but includes lease liabilities of $4,335,000 (31 December 2020: $4,327,000).
Teaminvest Private Group Limited | ||
Appendix 4D report | ||
4. Control gained over entities | ||
Name of entities (or group of entities) | Diversified Growth Management Pty Ltd | |
Date control gained | 12 November 2021 | |
$'000 | ||
Co tribution of such entities to the reporting entity's profit/(loss) from ordinary activities before income tax during | ||
the period (where material) | 232 | |
onlyPr fit/(loss) from ordinary activities before income tax of the controlled entity (or group of entities) for the whole of | ||
the previous period (where material) | - | |
5. Loss of control over entities | ||
Not applicable. | ||
use | ||
6. Dividends |
Current period
personalThere was no dividend paid, recommended or declared during the current financial period. Subsequent to the end of the financial period, a dividend of 0.25 cents per share was declared, for payment on 17 March 2022.
Previous period
There were no dividends paid, recommended or declared during the previous financial period.
7. Dividend reinvestment plans
On 20 December 2021, the board of directors announced a dividend reinvestment plan. Refer to this linkto our website for full details.
8. Details of associates and joint venture entities
Name of associate / joint venture | % | % | $'000 | $'000 |
C l ur Capital Pty Ltd | 33.30% | 33.30% | 405 | 415 |
Multimedia Technology Pty Ltd | 30.00% | 30.00% | 1,109 | 602 |
ForTeaminvest Private Insurance Services Pty Ltd | 50.00% | 50.00% | 16 | 8 |
Wood & Lee Pty Ltd | 50.00% | - | 11 | - |
Group's aggregate share of associates and joint venture entities' | ||||
profit/(loss) (where material) | 1,542 | 1,025 | ||
Profit/(loss) from ordinary activities after income tax |
9. Foreign entities
Details of origin of accounting standards used in compiling the report:
Not applicable.
Teaminvest Private Group Limited
Appendix 4D report
10. Audit qualification or review
Details of audit/review dispute or qualification (if any):
The financial statements were subject to a review by the auditors and the review report is attached as part of the Interim Report.
11. Attachments | |||
Details of attachments (if any): | |||
onlyThe Interim Report of Teaminvest Private Group Limited for the half-year ended 31 December 2021 is attached. | |||
12. Signed | |||
As authorised by the Board of Directors | |||
useSigned | _ | Date: 16 February 2022 | |
Andrew Coleman | |||
personalFor |
M naging Director and Chief Executive Officer
Sydney
Teaminvest Private Group Limited
only(ASX:TIP)
ACN 629 045 736
useCEO letter
For the half year ended 31 December 2021
personalN ble purpose: Transferring knowledge between generations
Mission: Assist successful business owners to enhance their legacy; and mentor the next generation of business leaders
Vision: To build a society where the knowledge we accumulate over a lifetime isn't lost to retirement, forcing the next generation to learn it all again
For
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Teaminvest Private Group Ltd. published this content on 17 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2022 03:53:07 UTC.
