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System1 profit falls; sees early recovery signs in June

By BFN News | 09:15 AM | Tuesday 30 June, 2020

Marketing company System1 reported a fall in annual profit and said trading had remained subdued in April, though its sales pipeline had shown recovery signs in June. Pre-tax profit for the year through March dropped to £0.30m, down from £1.92m on-year. Revenue fell 5% to £25.5m. No dividend was proposed for the year and the company said it had suspended a proposed share buy-back. In the two months to end May, revenue and gross profit were down 36% and 38%, respectively, with the business incurring a pre-tax loss in those months of £0.7m. Cash net of debt facilities ended May at £3.9m compared with £4.1m at 31 March. System1 said its sales pipeline had in June shown early signs of recovering towards pre-pandemic levels and that its cost base was in line with its targets. 'Over the last two years we have reshaped much of the business, automated many of our products, raised our industry profile and created a management team capable of achieving our goal of becoming the world leader in predicting advertising effectiveness,' chief executive John Kearon said. 'Despite Covid-19, he coming year will see more innovation and more investment as we continue to automate, attract new clients and drive revenues.' At 9:15am: (LON:SYS1) System1 Group Plc share price was -2.5p at 92.5p Story provided by

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