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System1 Group PLC shares surged after it reported strong growth in both annual revenue and profit on Wednesday. Shares in System1 ended up 27% at 660.00 pence each on Wednesday in London. The London-based owner of a marketing decision-making platform saw pretax profit more than triple to £3.1 million in the year ended March 31, from £719,000 last year. ‘Our success last year was underpinned by 260 new client wins and our scalable growth model,’ said Chief Executive Officer James Gregory. Revenue amounted to £30.0 million, up 28% from £23.4 million. The company said it will retain momentum in financial 2025, having achieved its second consecutive year of 40% platform revenue growth. Gregory added: ‘In the coming year we will step up investment in attracting, winning and retaining customers in order to continue our growth trajectory. The new financial year has started strongly, particularly in the US, and we anticipate an increase of 50% in [first quarter] total revenue with platform revenue up 70% versus [first quarter fiscal year 2024]. As a result we continue to expect strong double-digit revenue growth for the financial year as a whole.’ It proposed a 5.0 pence per share dividend, having not paid one in the prior financial year. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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