| 23 February 2023 |
System1 Group PLC (AIM: SYS1)
("System1", or "the Company", or "the Group")
Third Quarter Trading Update
System1 today issues an update on trading for the quarter ended 31 December 2022 (Q3).
Data revenue grew 18% on the comparable period to £3.4m, a quarterly record, (Q3 2022: £2.8m) representing 55% of Q3 revenue. Year-to-date Data revenue increased by 31% on the comparable period to £9.6m. As expected, the reduction in consultancy revenue narrowed from 46% in H1 to 21% in Q3 on the comparable period. Consequently, total Q3 revenue declined 4% on the comparable period last year to £6.2m from £6.5m (H1: -15%, YTD -12%).
Gross profit margin improved in Q3 compared with the first half-year, lifting the year-to-date margin to 82.7% (H1 2023:81.5%)
Q3 period-end cash, net of borrowings, was £5.1m, compared with £6.6m at 30 September 2022, due partly to high quarter-end working capital following a strong December. During the period the Company repaid all of its £2.5m revolving credit facility and we do not anticipate a reduction in net cash during the final quarter.
Capital Markets Day
As previously announced, the Company will hold a capital markets day at 2pm GMT on Tuesday 28th February. You can register at: https://www.investormeetcompany.com/system1-group-plc/register-investor
Investors who already follow SYSTEM1 GROUP PLC on the Investor Meet Company platform will automatically be invited.
Further information on the Company can be found at www.system1group.com.
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 |
|
| James Gregory, Chief Executive Officer | |
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| Chris Willford, Chief Financial Officer | |
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| Canaccord Genuity Limited (Nominated Adviser & Broker) | Tel: +44 (0)20 7523 8000 | |
| Simon Bridges / Andrew Potts | | |
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