System1 Group
SYS1 · AIM · Media · mcap £44m · 340.0p 4 open situations →
Open · 4
FY26 guidance delivery
FY26 guidance held through a weak H1 and recovered in H2. FY27 EBITDA expectations rose above consensus on 16 March 2026, and FY26 results on 8 July 2026 were in line. On 10 September 2026 the Board confirmed consensus after 5M revenue +11%. On 24 September 2026 it raised FY27 adjusted PBT guidance to about £5.0m from £4.2m, with revenue in line; 5M adjusted PBT was £2.1m.
- Net revenue retention
- 80% vs 72% in March 2026 10 Sep 2026 ↗
- Cash
- £11.2m at end August 2026 (March 2026: £12.4m) 10 Sep 2026 ↗
- 5M profit
- Adjusted PBT £2.1m vs £0.3m in 5M FY26 24 Sep 2026 ↗
- FY27 PBT guidance
- About £5.0m, 19% above consensus £4.2m; second increase this year 24 Sep 2026 ↗
- FY27 revenue
- Expected in line with consensus £38.8m 24 Sep 2026 ↗
- Cost drivers
- Workflow standardisation, systems, resource optimisation, AI and automation, discretionary costs 24 Sep 2026 ↗
Next: half year trading update
- 24 Sep 2026 FY27 profit guidance raised again to £5.0m
- 24 Sep 2026 FY27 profit guidance raised to £5.0m
- 10 Sep 2026 5M FY27 ahead of prior year; consensus held
- 8 Jul 2026 FY26 results confirmed in line; FY27 outlook positive
Brave Bison strategic stake
Part of Possible offer – approach
Brave Bison bought John Kearon's 23% stake in March 2026 and holds 27.85%. It made a possible offer on 10 July 2026, rejected by the board on 13 and 17 July. On 24 September 2026 System1 published 5M and FY27 profit forecasts under Rule 28.1, reported on by HaysMac and Canaccord Genuity. The forecast assumes the offer does not become unconditional.
- Discount
- 4.9% discount on 16 July 2026 closing prices (Brave Bison 87.5p, System1 325.0p) 17 Jul 2026 ↗
- Board view
- Rejected possible offer on 13 and 17 July 2026 as undervaluing System1 24 Sep 2026 ↗
- Bidder
- Brave Bison Group plc, holding 27.85% of System1 24 Sep 2026 ↗
- Status
- No certainty an offer will be made 24 Sep 2026 ↗
- Shareholder support
- Statements on shareholder feedback withdrawn on 17 July 2026 at the Takeover Panel's request (Rule 19.3 Note) 17 Jul 2026 ↗
- Forecast reports
- HaysMac and Canaccord Genuity reports on profit forecasts, 24 September 2026 24 Sep 2026 ↗
Next: Brave Bison decision on a firm offer
- 24 Sep 2026 Offer period; forecasts reported under Rule 28.1
- 24 Sep 2026 Offer period; profit forecasts published under Rule 28.1
- 17 Jul 2026 Shareholder-support statements withdrawn at Takeover Panel's request
- 17 Jul 2026 Possible offer rejected again by board
Possible offer
Includes Brave Bison strategic stake – Offer period; forecasts reported under Rule 28.1
- 23 Sep 2026 approach
- 17 Jul 2026 approach
Cost optimisation and efficiency plan
The cost plan began in FY26 with restructuring of the organisation and go-to-market. The results confirm £1m of annualised savings and £0.5m of restructuring costs. The company says completed investments and cost discipline position it for an improved EBITDA margin.
- One-off costs
- £0.5m restructuring costs in FY26
- Annual savings
- About £1m annualised
- Target
- Improved EBITDA margin in FY27
Next: FY27 margin delivery
- 8 Jul 2026 Savings delivered; margin benefit expected FY27
- 21 Apr 2026 Savings implemented in H2 FY26
- 16 Mar 2026 under way; one-off costs in FY26
Closed · 3
Company filings. Not investment advice.