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System1 Group PLC on Friday hailed a strong US performance as it reported buoyant growth in first-quarter revenue. Chief Executive James Gregory said: ‘Customer demand was exceptionally strong in the first quarter, somewhat ahead of our own expectation. It’s early in the year but this strong first quarter performance puts us firmly on track for sustainable growth and to achieve our full-year expectations.’ The London-based owner of a marketing decision-making platform said revenue in the first quarter of the financial year to March 31 was £9.2 million, up 53% from £6.2 million a year prior. Platform revenue climbed 74% to £8.6 million from £4.9 million a year ago. Non-platform revenue fell 30%, in line with company expectations, to £900,000 from £1.3 million. Growth in revenue was driven mainly by the US where total revenue rose by 94% to £3.3 million, and US Platform revenue more than doubled to £2.9 million. System1 highlighted a strong new business performance in the quarter with over 75 new client wins. The company said all geographic regions were well up on a year prior, except for Latin America, which was slightly down. System1 said the gross profit margin of 87% was in line with the same period last year and ahead of its 85% benchmark. A company-compiled consensus sees financial 2025 revenue of £36.5 million and pretax profit of £4.4 million. Shares in System1 were up 9.9% to 752.50 pence in London on Friday. Copyright 2024 Alliance News Ltd. All Rights reserved.
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