System1 Group PLC - Trading Update
System1 Group PLC (AIM: SYS1)
("the Company" or "System1")
System1, the marketing services group, issues the following update on trading for the six months to
Overall, the first half of the current year (H1) saw a marked reduction in sales compared to the prior year, due partly to the impact of Covid-19 on the business of many of our clients. The downturn was particularly pronounced in the US, against a very strong H1 2019/20, while the
The Company is reviewing its office footprint for lease impairment in view of the ongoing Covid-19 pandemic and new ways of working. This review may give rise to an impairment charge, but any such adjustment will be a non-cash charge and will be confirmed at the release of Interim Results.
Operating Costs were managed down as part of System1's Covid-19 response, and the business took advantage of some government support schemes, notably in the US and the
Group Pre-tax Profits (excluding any impairment charges) are expected to be some
System1's financial position remains strong. Despite lower profits, period end net cash was
Given continued uncertainty over the medium- and longer-term impact of Covid-19, we are continuing to suspend financial guidance for the time being. No 2020/21 interim dividend will be paid (prior year 1.1p).
The Company can be found at www.system1group.com.
For further information, please contact:
System1 Group PLC
Tel: +44 (0)20 7043 1000
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Canaccord Genuity Limited
Tel: +44 (0)20 7523 8000
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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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