Revenues at Jersey-based wealth manager Team almost doubled in the year to September, climbing from £5.3m to £10.3m but despite this the firm posted a £1.6m loss (2023 profit £0.7m).

Mark Clubb, executive chairman, said: “Team Plc remains loss-making and we are actively reviewing costs. We have already begun this year with circa £200,000 of group costs removed.”

He said the best solution to profitability, “remains revenue growth, particularly in investment management. UCITS funds will be a key driver, converting advised assets into managed assets.”

Client assets climbed in the 12 months by 39% to £1.16bn, up from £834m.

The advisory division was reorganised during the year which led to a reduction in comparable revenues but laid the foundation for future growth, including the launch of a new advisory business in Guernsey, he said.

After the year end, the company raised an additional £2.36m through debt and equity issue to add to the £1.7m cash it had in the bank as at 30 September 2024.

Looking ahead, Mr Clubb said the outlook for the current financial year is strong, with planned new fund launches, increased inflows and an accelerated migration of client assets to MPS.

The group's UCIT product launch, which will allow international clients to more easily access the MPS, is expected to launch in the Spring.

Team International is a growing adviser network across specific regions and is targeting 12 new senior hires in the current financial year.

Mr Clubb, said: "We are concentrating our international efforts on the financial advisory markets where growth is strongest, specifically the Middle East, Southeast Asia and Africa.

“Our business model is centred on recruiting talented advisers and providing them with the support they need to thrive, from robust compliance to a diverse product range and a competitive commission structure.”