System1 warns investors of 'slower than expected' trading
Marketing and brand consultancy firm System1 warned investors of "slower than expected" first half trading on Monday.
FTSE AIM All-Share
763.78
11:55 01/05/24
Media
11,751.28
11:55 01/05/24
System1 Group
470.00p
10:50 01/05/24
System1 said its gross profit, the firm's main top-line performance indicator, was 9% lower than it had been a year earlier mainly as a result of the non-recurrence of large one-off innovation projects due to significant reductions in client spending and a progressively more competitive market.
The London-based company estimated its pre-tax profit to have been in the realm of £800,000 for the six months leading to 30 September as opposed to the £2.8m it had recorded over the same period twelve months prior.
"We remain cautious about our prospects over the remainder of the financial year due to our usual lack of revenue visibility," the Monday trading update read.
System1 was set to announce its full interim results on 27 October.
As of 0900 BST, shares had dipped 2.70% to 523.00p.