Business
Checkit : Annual Report and Accounts 2024-25
Checkit : Annual Report and Accounts
About this update from Checkit Plc
[{"type":"text","content":"\n \n Powering Predictive Operations\n \n \n Annual Report and Accounts 2025\n \n \n ii Strategic report\n Checkit's mission is to eliminate operational waste by evolving standard operating procedures into Predictive Operations, thereby ensuring compliance, maximising productivity, and unlocking new value opportunities at scale.\n \n \n Our business model combines a Cloud-based Platform, Integrated sensors, and Mobile capabilities.\n \n \n \n The Checkit Platform provides the capabilities and intelligence to drive automation, analytics, and operational predictability.\n \n \n Integrated sensors capture real-time data from physical\n environments, enabling seamless data logging, precise accuracy, and operational scalability of use cases and automation.\n \n \n Mobile capabilities enable a connected frontline workforce, aligning operational procedures and protocols while delivering value\n to customers with\n \n \n simplicity in mind.\n Our value proposition derives from combining predictability through data-driven insights, scalability via integrated sensors and use cases, and simplicity through intuitive mobile applications - enabling customers to establish, evolve, and expand Predictive Operations.\n \n \n \n 1\n \n \n \n \n Financial highlights\n \n \n \n Total Revenue\n \n \n £14.1m +17%\n (FY24: £12.0m)\n \n \n \n Recurring revenue\n \n \n £13.1m +17%\n (FY24: £11.2m)\n \n \n \n Adjusted LBITDA3\n £2.3m +33%\n (FY24: loss of £3.4m)\n \n \n \n Group bookings4\n £2.1m +33%\n (FY24: £1.6m)\n \n \n \n Annual Recurring Revenue (ARR)1\n £14.4m +8%\n (FY24: £13.3m)\n \n \n \n Net cash\n \n \n £5.1m\n \n \n (FY24: £9.0m)\n \n \n Contents\n \n \n Strategic report\n \n \n Highlights 1\n \n \n Company overview 2\n \n \n Investment case 4\n \n \n Non-Executive Chairman's statement 6\n \n \n Chief Executive Officer's review 7\n \n \n Market Overview 10\n \n \n Platform Overview 12\n \n \n Business model 14\n \n \n Business strategy 16\n \n \n Financial review 18\n \n \n Chief People Officer's review 20\n \n \n Strategy in action 22\n \n \n Environment, Social and Governance (ESG) 26 Stakeholder engagement and Section 172 30\n \n \n Principal risks and uncertainties 32\n \n \n Operational highlights\n \n \n Progress towards profitability\n \n \n Cash consumption reduced by 40% driven by revenue growth of 17%, and an increase in gross mar...