Checkit is listed on the AIM segment of the London Stock Exchange and has a market capitalisation of approximately £41m. The company’s suite of software automates manual tasks to improve productivity, provide better management insights, increases regulatory compliance and helps mitigate customers against inflationary pressures. The company is in the process of transitioning to a pure SAAS business.
Full year results to 31 January 2022 were published on 28th April and we were delighted to have Kit Kyte, CEO, Greg Price CFO and Will Maunder-Taylor, VP of Global sales present and talk about the company’s prospects. A recording of the webinar is available here.
Kit started with the highlights from a very successful year. The first figure to be mentioned was the value of the pipeline which stood at £15.4m at the year end. Bearing in mind their contracts have a minimum length of 3 years this represents a total contract value of at least £45m and provides management with confidence in growth going forward. In the last financial year growth in ARR was 43% to £8.2m and forecasts for this year are for growth of 46%. Management commented in the RNS that they are performing in line with market expectations. Sales bookings during the year were £3.5m ARR, again a significant improvement on last year. Overall revenues fell by 7% to £13.3m but this reflects the transitions to a pure SAAS business and the exiting of one-off sales. The company ended the year with net cash of £24.2m after completing a £21m fund raise.
For the newcomers to Checkit, Kit went on to describe the company in more detail. Checkit is a platform which enables deskless workers to carry out their work in a digital manner. It comprises of IoT devices (sensors, tablets), augmented by an IT infrastructure. Checkit brings the deskless worker in the 21st century and provides management insightful real time operational data to help them manage their business.
Checkit has a clearly differentiated product in the marketplace. They provide clients with an end-to-end solution, are a listed and regulated entity and have deep domain knowledge across their 3 core verticals of healthcare, food retail and franchise.
The deskless industry is large, estimated to comprised almost 2.7bn people. Over 73% of deskless workers still record tasks on paper and have been underserved by technology. This is inefficient, unproductive and demoralising for employees. It also…
