System1 Group PLC Trading Update (5876P)
20 Octubre 2021 - 1:00AM
UK Regulatory
TIDMSYS1
RNS Number : 5876P
System1 Group PLC
20 October 2021
20 October 2021
System1 Group PLC (AIM: SYS1)
("System1", or "the Company", or "the Group")
Trading Update
System1 Group issues the following update on trading for the six
months to 30 September 2021. The Company will announce its interim
results on 30 November 2021.
The first half of the current year (H1) saw a marked increase in
sales of automated data products including Test Your Ad. Data
products represented 45% of Revenue in Q2, growing from 28% in Q1.
Data Revenue in Q2 exceeded Q1 despite a quarter-on-quarter
reduction in total Group Revenue. The Group's H1 Revenue grew 22%
on last year to GBP12.3m.
Adjusted Operating Costs* grew as planned as the Group continued
to invest in automated products, technology and business
development, increasing by 10% over the comparable period to
GBP9.0m.
Adjusted Pre-tax Profits are expected to be some GBP1.3m in H1,
approximately GBP0.9m higher than in the comparable period.
Statutory Pre-tax Profits are expected to be GBP1.3m compared with
a loss of GBP0.4m in the first half of last financial year.
Period end cash, net of borrowings, was GBP7.3m, compared with
GBP6.5m at end-March 2021.
We have been delighted by the continuing adoption by both new
and existing customers of System1's repeatable, fast-turnaround and
scalable data products as they displace the historic large bespoke
consultancy projects that dominated the Group's activity until H2
last year. We believe that the growth in data revenues signals
tangible progress towards our strategic goals, and that these
revenues will in due course more than offset the reduction in
bespoke consultancy projects as more customers switch to using our
automated data products.
In line with previous communications, the Group intends after
the interim results announcement to initiate a share buyback
programme to repurchase its shares over an extended period, in
order to enhance shareholder returns and to satisfy obligations in
relation to employee share schemes.
The Company can be found at www.system1group.com .
* Adjusted Operating Costs exclude impairment, interest, share
based payments, bonuses, severance costs and government support
related to the Covid pandemic. Adjusted figures exclude items,
positive and negative, that impede easy understanding of underlying
performance.
This announcement contains inside information for the purposes
of article 7 of the Market Abuse Regulation (EU) 596/2014 as
amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement,
this information is now considered to be in the public domain.
For further information, please contact:
System1 Group PLC Tel: +44 (0)20 7043
1000
John Kearon, Founder and Executive President
Chris Willford, Chief Financial Officer
Canaccord Genuity Limited Tel: +44 (0)20 7523
8000
Simon Bridges / Andrew Potts
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END
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