System1 makes progress against strategic goals
By Josh White
Date: Thursday 13 Jul 2023
(Sharecast News) - Marketing and research company System1 reported significant progress in its strategic objectives on Thursday, with substantial growth in its standard 'Predict Your' and 'Improve Your' products compared to the first quarter of the 2023 financial year.
The AIM-traded firm said that in terms of revenue, the Predict Your (data) segment demonstrated growth of 36% for the three months ended 30 June when compared to the same quarter last year, reaching £4m.
Additionally, Improve Your (data-led consultancy) revenue increased 15% over the same period, amounting to £0.9m.
Those results contributed to a total platform revenue of £4.9m, marking overall growth of 32%.
Total group revenue experienced a positive trend as well, growing £0.9m, or 18%, year-on-year, including a £0.2m reduction in non-platform consultancy.
The board said the quarter was marked by notable customer wins for System1, as it secured partnerships with a publicly-traded international oil and gas company, a leading worldwide employment website, a major global chocolate manufacturer, and a significant provider of search and advertising services on the internet - all in the US.
In Europe, System1 commenced collaborations with a multinational manufacturer of luxury vehicles, a prominent short-haul airline, and an international business software company.
System1 said it also made significant progress in forming strategic partnerships during the quarter.
The company said it collaborated with four new partners, resulting in the publication and presentation of four separate thought leadership pieces on creative effectiveness.
Those partnerships were established with Pinterest, focusing on digital advertising in Europe; Finecast, specialising in addressable TV advertising in the US, UK, Canada, and Australia; Teads, concentrating on mobile advertising in the US and UK; and JCDecaux, specializing in out-of-home advertising in the US and UK.
In line with the plans it announced in the last quarter, System1 also said it had successfully launched two new variants of its 'Test Your Ad' product.
TYA Digital was introduced in May, following the earlier release of TYA Audio in April.
While it was still early days for both products, System1 said the initial customer response had been positive and promising.
"The sales momentum in the platform business continues, with first quarter Predict Your revenue beating last year's comparable number by 36% and total platform revenue up 32%," said chief executive officer James Gregory.
"I am also pleased to see System1's new product and fame-building initiatives attract new customers and partners."
System1 said it would release its preliminary results for the year ended 31 March on 1 August.
At 0808 BST, shares in System1 Group were flat at 160p.
Reporting by Josh White for Sharecast.com.
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