Business
Trading update notice of results & contract
Trading update notice of results & contract.
About this update from Checkit Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF UK MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE INFORMATION IS CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.\n \n10 August 2023\n \nCheckit plc\n(\"Checkit\" or the \"Group\")\n \nTrading update, notice of interim results and contract renewal\n \nCheckit plc (AIM: CKT), the intelligent operations platform for the deskless worker, provides an unaudited trading update for the six months ended 31 July 2023 (\"H1 FY24\") and announces the renewal of a significant contract. The Group will publish its interim results on 14 September 2023.\n \n \n\n\n\n(£'m) Reported\n\n\nSix months to\n\n\n\n\n \n\n\n31 July 2023\nActual\n\n\n31 July 2022\nActual\n\n\n% Change\n\n\n\n\nARR\n\n\n12.6\n\n\n10.2\n\n\n24%\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\nRevenue\n\n\n \n\n\n \n\n\n \n\n\n\n\n Recurring\n\n\n5.4\n\n\n4.4\n\n\n+22%\n\n\n\n\n Non-recurring\n\n\n0.3\n\n\n0.4\n\n\n(21) %\n\n\n\n\nTotal Group\n\n\n5.7\n\n\n4.8\n\n\n19 %\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n \n \n \n \n \n \n \n \n \n \n \nARR growth has continued to grow in line with market expectations during H1 FY24, despite the uncertain economic environment, driven by consistent execution of our \"land and expand\" strategy, as well as high net retention rates.\n \nCheckit's ability to grow with our customers is seen in a net retention rate of 113% and a gross retention rate of 98%. Over 50% of H1 FY24 ARR growth resulted from upsell and cross sell within our current customer base, as they continue to see the productivity and efficiency benefits which Checkit platform enables, with the balance coming from new customer wins and pricing.\n \nThe Group has also continued its strong performance in the US, with 41% growth in ARR to £3.2m (H1 FY23: £2.3m).\n \nRecurring revenue growth reflects bookings achieved in FY23. Recurring revenue accounted for 95% of total revenue in H1 FY24.\n \nCash\n \nNet cash at 31 July 2023 was £12.8m (31 January 2023: £15.6m).\n \nIn H1 FY24, Checkit has followed a programme of controlled investment, with the intention of achieving further ARR growth alon...