System1 revenues broadly flat quarter-on-quarter

Advertising agency System1 said on Friday that quarterly revenues were broadly flat quarter-on-quarter.

System1 said total revenues for the three months ended 30 June was £6.5m, up 38% year-on-year but little changed from the previous quarter.

The AIM-listed group stated that data products represented around 28% of revenue in the quarter, compared with 15% in the final quarter of its previous trading year.

Cash balances grew to £10.1 m in the quarter, and profitability was in line with the company's expectations.

Looking forward, System1 said: "We expect double-digit year-on-year sales growth in H1 overall, despite a quiet start to the second quarter in the USA.

"The proportion of revenue from our data products continues to rise and will likely represent a third of the company's revenues in H1."

As of 1000 BST, System1 shares were down 4.48% at 320.0p.