System1 Group PLC – Interim Results

System1 Group PLC – Interim Results

System1, the marketing services group, today announces its results for the six-month period ended 30 September 2019 (“H1”).

 

6 months ended 30 September

Unaudited

2019

2018

£m

Restated for IFRS 16*

Previously reported*

Revenue

13.73

13.18

13.18

Gross Profit

11.59

10.80

10.80

Underlying Overheads

(9.19)

(8.90)

(8.88)

Normalised Profit Before Tax

2.40

1.90

1.92

Ad Ratings operating costs

(1.10)

(1.09)

(1.09)

Share Based Payments

0.10

Exceptional Credit

0.25

0.25

Profit Before Tax

1.40

1.06

1.08

 

 

Highlights

4% growth in Revenue to £13.73m (2018/19: £13.18m), 2% in constant currency

7% growth in Gross Profit to £11.59m (2018/19: £10.80m), 4% in constant currency

26% growth in Normalised Profit Before Tax (excluding Ad Ratings costs) to £2.40m (2018/19: £1.90m*)

33% growth in Profit Before Tax (including Ad Ratings costs) to £1.40m (2018/19: £1.06m*)

34% growth in Profit After Tax (including Ad Ratings costs) to £0.89m (2018/19: £0.67m*)

33% growth in diluted Earnings Per Share to 6.9p (2018/19: 5.2p*)

£1.17m investment in Ad Ratings, of which £0.23m has been capitalised and £0.94m expensed (the £1.10m of Operating Expenditure in the table above includes £0.16m of amortisation)

£4.10m Cash at 30 September 2019 and no debt (31 March 2019: £4.32m and no debt)

Maintaining interim dividend at 1.1 pence (2018/19: 1.1 pence)

 

* The Company has implemented IFRS 16 (leases) and as a result restated its prior year results.

 

 

Commenting on the Company’s results, John Kearon, CEO of System1, said:

“We continue to build out our new world class Agency by leveraging our unique, Advertising Effectiveness IP, data and services.  At a time of much change sales, profits and industry profile are growing steadily.”

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