A special divi of 26.1p & +24% PBT did little to prevent a slump in shares.
Companies: System1 Group
System1 shares have fallen 10% this morning after the Marketing and research group, until recently known as Brainjuicer, warned that current trading had been slower than expected.
The AIM-listed firm proposed a special dividend of 26.1p/share and reported a 24% increase in profit, but it did little to prevent a slump in shares.
Revenue grew 27% to £32.8m thanks to currency tailwinds that boosted earnings considerably. On a constant currency basis, revenues increased by a more modest 13%. Gross profit increased 29% to £27m and 15% on a constant currency basis.
CEO John Kearon said last year's results were strong with a good finish to Chapter 1 and the "perfect" set up for Chapter 2 as System1.
"During our first 16 years, as BrainJuicer, we built an international business challenging the market research industry - testament to which is being voted, 'Most Innovative Company' for the 6th year in a row...
In the next Chapter of growth, as System1, we're aiming to build a far bigger business challenging the marketing services industry, by being better able to produce and predict marketing that achieves profitable growth."
He added that in the short term trading had slowed and was slower than expected, but that the firm remained confident of making further progress over the year.
"In the short term, trading during Q1 of our new financial year has been a little slower than we expected and we are investing in some senior hires in the US, but we remain confident of making further progress over the year as a whole."
