System1 Group PLC (AIM:
SYS1)
("System1", or "the
Company", or "the Group")
First Quarter Trading
Update
Following last week's FY24 Final
Results announcement, System1, the marketing decision-making
platform www.system1group.com
today issues an update on trading for the first
quarter of the financial year ending 31 March 2025 (Q1
FY25).
|
Revenue £ million -
unaudited
|
Q1
|
Q1
|
Q1
|
|
|
FY25
|
FY24
|
%
YoY
|
|
Predict Your (data)
|
6.8
|
4.0
|
68%
|
|
Improve Your (data-led
consultancy)
|
1.8
|
0.9
|
104%
|
|
Platform Revenue
|
8.6
|
4.9
|
74%
|
|
Other consultancy
(non-platform)
|
0.9
|
1.3
|
-30%
|
|
Total Revenue
|
9.5
|
6.2
|
53%
|
Total Q1 FY25 Revenue of £9.5m was
53% higher than the equivalent quarter last year, with Platform
Revenue growing by 74% to £8.6m and non-platform consultancy
falling by 30%, in line with our expectations, to £0.9m. Growth in
Revenue was driven mainly by the US where US Total Revenue rose by
94% to £3.3m and US Platform Revenue by 164% to £2.9m. Platform
Revenue comprised 90% of Total Revenue in Q1 FY25 (FY24: 79%). New
business performance was strong in the quarter with over 75 new
client wins. All geographic regions were well up on Q1 FY24 except
LatAm which was slightly down.
We achieved an 87% gross profit
margin in Q1 FY25, in line with the same period last year and ahead
of our 85% benchmark.
Planned tax and bonus payments
resulted in a net £1.5m cash outflow in the quarter with net cash
at end of June of £8.1m.
Commenting on the results, CEO James
Gregory said:
"Customer demand was exceptionally
strong in the first quarter, somewhat ahead of our own expectation.
It's early in the year but this strong first quarter performance
puts us firmly on track for sustainable growth and to achieve our
full year expectations1."
Further information on the Company
can be found at www.system1group.com.
1. For the purpose of this
announcement, the Group believes market consensus for FY25 to be
revenue of £36.5m, and profit before tax of
£4.4m.
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
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Tel: +44 (0)20 7043 1000
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James Gregory, Chief Executive
Officer
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Chris Willford, Chief Financial
Officer
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Canaccord Genuity Limited (Nominated Adviser &
Broker)
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Tel: +44 (0)20 7523 8000
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Simon Bridges / Andrew Potts / Harry
Rees
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