REG - System1 Group PLC - Trading Update

System1Announcement

27/09/2023 07:00

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RNS Number : 7456N  System1 Group PLC  27 September 2023

 

     27 September 2023

 

 

System1 Group PLC (AIM: SYS1)

 ("System1", or "the Company", or "the Group")

Trading Update for the Annual General Meeting

 

System1, the marketing decision-making platform www.system1group.com
(http://www.system1group.com) is today providing a Trading Update to coincide
with the Company's AGM.

 

With three trading days left in FY24 H1, it is pleasing to report Platform
revenue is approximately 40% above the comparable period in FY23, albeit 2022
was affected by customers' budgetary response to the Ukraine invasion and
associated economic shocks.

 

Total revenue for FY24 H1 is expected to be approximately 25% higher than the
comparable period in FY23. Second quarter revenue is set to surpass the recent
FY23 Q4 peak and deliver double-digit growth on Q1 FY24.

 

Overall, FY24 H1 Platform revenue is expected to show low double-digit growth
on the second half of FY23, and total revenue is projected to rise modestly
despite a reduction in bespoke consultancy revenues.

 

The improved gross profit margins achieved in H2 FY23 have been sustained in
the current year to date, providing a strong base for a profitable year.

 

OUTLOOK

The Company expects to release its Q2 revenue numbers on 24 October 2023 and
publish interim results on 6 December 2023.

 

The Board is encouraged by trading in FY24 H1 and believes that the Group is
well set to outperform the current consensus(1) numbers for Revenue and
Adjusted Profit Before Taxation(2) for the current financial year.

 

Chairman Rupert Howell commented: "The sustained improvement in performance
over the past 9 months reflects the clarity on strategy achieved in last
year's review of strategic options and the executive team's focus on
delivering the plan."

 

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.

 

(1) Current consensus for FY24: Revenue £25.7m, Adjusted Profit Before
Taxation £0.9m

(2) Statutory Profit Before Taxation excluding share-based payment
charges/credits

 

 

For further information, please contact:

 System1 Group PLC                                            Tel: +44 (0)20 7043 1000
 James Gregory, Chief Executive Officer
 Chris Willford, Chief Financial Officer

 Canaccord Genuity Limited (Nominated Adviser & Broker)       Tel: +44 (0)20 7523 8000

 Simon Bridges / Andrew Potts

 

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