Update: Strong in key US market, dull UK
BrainJuicer’s (BJU) trading update shows it continuing to make good progress in the US, home market of its most important clients, but having a tougher run in the UK, where additional overhead and one-off costs have been taken on to scale up the business. Visibility is a perennial issue, but management believes that FY15 forecasts remain achievable. The implied half-year revenue and profit splits are within the historic ranges. It has strong cash flow (net cash of £5.3m at end June) and the shares remain on an EV/EBITDA discount of over 20% to peers despite the higher margin.System1 Group provides marketing and market research consultancy services. Through its subsidiaries, Co. is engaged in the provision of online market research services, apart from System1 Agency Limited which provides advertising agency services.
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