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System1 posts first-half loss as sales slide 26%
StockMarketWire.com
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Market research group System1 posted a first-half loss, though it said its performance had improved in the second quarter.
Pre-tax losses for the six months through September amounted to £0.4 million, compared to a profit of £1.4 million year-on-year. Revenue fell 26% to £10.1 million.
System1 did not declare an interim dividend, as previously guided.
Chief executive John Kearon said the company had experienced a sharp downturn in sales in the early months of the financial year, particularly in the US.
'Client and market feedback give us confidence that our new products and infrastructure will provide a platform for accelerated growth over the years to come,' he said.
'Revenue and adjusted profitability have recovered substantially since the first quarter. Our sales pipeline remains strong in the UK and is improving in the US.'
'These trends provide grounds for optimism. However, continued uncertainty over the medium- and longer-term impact of Covid-19 on the major economies in which System 1 operates, heightened by renewed "lock-down" measures, leads us to continue to suspend financial guidance.'
At 9:24am: (LON:SYS1) System1 Group Plc share price was 0p at 115p
Story provided by StockMarketWire.com
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