REG - Checkit PLC - Interim Results
14/09/2023 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230914:nRSN3676Ma&default-theme=true
RNS Number : 3676M Checkit PLC 14 September 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF UK MARKET
ABUSE REGULATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT THIS INSIDE
INFORMATION IS NOW CONSIDERED TO BE WITHIN THE PUBLIC DOMAIN.
14 September 2023
Checkit plc
("Checkit" or the "Group")
Interim results for the six months ended 31 July 2023
Checkit plc (AIM: CKT) announces its unaudited results for the six months
ended 31 July 2023 (the "Period" or "H1 FY24").
Highlights
· Annual recurring revenue ("ARR"*) increased year on year by +24% to
£12.6m at period end (H1 FY23: £10.2m), including US ARR, which grew +41% to
£3.2m (H1 FY23: £2.3m)
· H1 recurring revenue increased by +22% to £5.4m (H1 FY23: £4.4m)
· Total Group revenue from continuing operations increased +19% to
£5.7m (H1 FY23: £4.8m**)
· Gross profit increased by +30% to £3.9m (H1 FY23: £3.0m). Improved
cost of sales efficiency resulted in improved gross margins of 69% (H1 FY23:
63%**)
· Operating efficiencies resulted in adjusted LBITDA*** from continuing
operations reducing by 47%to £1.9m (H1 FY23: £3.5m**)
· Cash at 31 July 2023 was £12.8m (31 January 2023: £15.6m)
· The Board is confident of delivering an operating performance ahead
of expectations in the current financial year***
Kit Kyte, Chief Executive Officer, commented:
"Checkit is on an accelerated track to profitability. We're scaling growth
through our land and expand model, while prioritising operational efficiency
and cost reduction. Despite the challenges in the wider economy, our diverse
customer base and a product suite that is built to deliver operational
efficiency uniquely positions us for market capture."
The Group's management team will host a live webinar which will include an
opportunity for questions at 12:00 (BST) today. The webinar can be accessed
via the news area of the website at https://www.checkit.net/news/
(https://www.checkit.net/news/) or by using this link:
https://www.investormeetcompany.com/checkit-plc/register-investor
(https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.investormeetcompany.com%2Fcheckit-plc%2Fregister-investor&data=05%7C01%7CHugh.Wooster%40checkit.net%7Cdd2fb3d65ff9412a06c708dae1a815bb%7Cc766b9048fbf43bea8450cab82a691e9%7C1%7C0%7C638070409271004915%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=utsFc9ht3y2TWaqsmaiiF6tmf%2F2JUOBjGHoyFJy0O1A%3D&reserved=0)
NOTES
* Annual Recurring Revenue ("ARR") is defined as the annualised value of
contracted recurring revenue from subscription services as at the period end,
including committed annual recurring revenue from new wins.
** Continuing operations only
*** Adjusted LBITDA is the loss on operating activities before depreciation
and amortisation, share based payment charges and non-recurring or special
items. Analysts' Adjusted LBITDA expectations for FY24 range from £3.7m to
£3.8m.
Checkit plc +44 (0) 1223 643 313
www.checkit.net
Kit Kyte (Chief Executive Officer)
Greg Price (Chief Financial Officer)
Singer Capital Markets (Nominated Adviser & Broker) +44 (0) 207 496 3000
Shaun Dobson / Harry Gooden / James Fischer
Chief Executive Officer's Statement
Amidst a continuing difficult economic environment, Checkit has performed in
line with our expectations in the first half of FY24, generating an overall
increase in ARR of 24% to £12.6m (FY22: £10.2m). Checkit has continued to
deliver against its land and expand strategy with an exclusive focus on higher
quality and higher value recurring revenue growth.
Sales bookings have benefitted from a number of small wins with potential for
future upsell, supported by a master service agreement signed with Compass
Contract Services (U.K) Limited ("Compass") for the provision of CAM and CWM
to their end users, primarily in the food services sector. Since signing the
MSA with Compass, Checkit has entered into 3 new contracts with Compass and is
in discussion over further opportunities.
We have also secured our largest contract renewal, with John Lewis plc, at
£6m total contract value over three years. Although the sales cycle has
lengthened as a result of customer caution in the current environment, our
pipeline remains strong. We continue to develop new customer relationships
globally with a focus on large multinational enterprise accounts and look for
complementary partnerships to accelerate our expansion.
The inflationary pressures have been successfully navigated to date through
the application of price increases and extending the length of customer terms.
Checkit will continue to execute against its growth strategy and develop its
cutting-edge technology, whilst also applying increased focus on reducing
operating costs, preserving cash and accelerating its path to profitability.
The Augmented Worker - a platform to transform enterprise productivity
Checkit works with hundreds of organisations across the globe, ranging from
the Global Fortune 500 to single site public health providers. We automate
tasks to free up their frontline workers. We help them to do the right thing
in the right place at the right time, quickly and accurately. We give their
managers insights that pinpoint problems and drive improvements. The result:
higher productivity and quality and increased regulatory compliance.
We are on a mission to deliver technology that gets the most out of people,
augmenting their capacity to do what people are good at - problem solving,
customer service, decision making. We do this by:
· Integrating: connecting users to the real world using IoT sensors.
We process 14 billion readings a year, monitoring critical items like blood
and millions of pounds worth of food stocks.
· Assisting: prompting users with intuitive workflows and the
information they need to do their job, allowing them to collaborate in
real-time. Mobile apps prompt when an action is due or when an event detected
by a sensor needs action. They provide a library of guidance to be used as
needed.
· Managing: providing intelligence to help track compliance and
identify high and lowlights of performance across many locations. Advanced
data technology provides dashboards and uses artificial intelligence to help
optimise the performance of people, assets and processes.
Our proven, reliable, single-source digital solution drives fast and scalable
efficiencies across the entire frontline workforce. Checkit has helped
customers uncover operational insights that have led to transformational
reductions in cost and risk and improved employee, customer and patient
experience.
Growth strategy and ambitions
We are meeting market demand with an unrivalled end-to-end solution with
powerful AI and predictive analytics capabilities that provides meaningful
insights and enables our customers to make data driven decisions. We are on
track to deliver our longer-term objective: to become the market leader in
augmented work management for the deskless industry. We have successfully
converted Checkit into a pure-subscription business - with recurring revenues
now representing 95% of total revenue. This transition provides us with
visibility over future revenue, enabling us to deepen customer relationships
and opportunities to enhance contract values. We are improving our customer
value proposition through continued investment in our data platform, which has
the ability to integrate third party technology, to create a market leading AI
solution. This is reflected in our loyal customer base, with a gross retention
rate at 98%. Our sales and marketing strategy is focused around developing a
higher quality sales pipeline across our target sectors as well as further
expansion into the US. In the meantime, we remain focused on optimising our
operating costs to accelerate profitability and deliver value to our
investors. Going forward, we will consider compelling partner opportunities as
an additional scale opportunity. Of paramount importance will be our ability
to execute and scale the growth opportunity ahead of us whilst targeting
breakeven in FY26.
New business pipeline
The Group's focus is to continue building a high quality pipeline across food
retail, healthcare, facilities management, care homes and biopharma
verticals. Meanwhile, our "land and expand" sales strategy is focused on
the quality of our pipeline with increased traction into mid and large
enterprise accounts. The split of the sales pipeline by target organisation
size at the end of the half year between tier one (large enterprise), tier two
(enterprise) and tier three (mid-size) targets was 64%, 22% and 15%
respectively. Checkit's new customer pipeline in the US - a key growth market
- now includes a number of multi-site organisations across the healthcare,
food retail and hospitality sectors. The US is expected to become the largest
contributor to Group revenues.
Revenue growth
ARR 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.
Checkit's ability to grow with its 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
customers continue to see the productivity and efficiency benefits which the
Checkit platform enables, with the balance coming from new customer wins and
pricing.
The Group has also continued its strong performance in the US, with 41% growth
in ARR to £3.2m (H1 FY23: £2.3m).
ARR growth of 24% resulted in a consequent 22% growth in reported recurring
revenue of £5.4m (FY23: £4.4 m). Recurring revenue growth reflects bookings
achieved in FY23. A breakdown of H1 FY24 revenue from continued operations is
shown below.
Reported Revenue (£'m): Six months to
31 July 2023 31 July 2022 % Change
Actual Actual
ARR 12.6 10.2 +24%
Revenue
Recurring 5.4 4.4 +22%
Non-recurring 0.3 0.4 (21) %
Total Group 5.7 4.8 +19 %
* Net retention revenue ("NRR") is defined as the amount of recurring revenue
from existing customers retained over the period, excluding new wins in the
period. Gross retention revenue ("GRR") is defined as the amount of recurring
revenue from existing customers retained over the period, excluding new wins
or upsell / expansion in the period.
Operating performance
Checkit's adjusted LBITDA for H1 FY24 of £1.9m reflects a reduction of 47%
vs. the prior year (H1 FY23: £3.6m). This reflects both the strong growth in
revenue in the period, as well as unit cost efficiencies achieved.
Gross profit increased from £3.0m to £3.9m, with gross margins improving
from 63% to 69%, reflecting the increased efficiency in hardware costs and
procurement savings in platform costs. Despite the increase in revenue,
delivery cost was flat year on year, as the Group was able to support its
customers with existing headcount.
Operating expenses in the period decreased by £0.7m to £5.8m, a reduction of
12%. New product development spend totalled £1.8m in H1 FY24 (H1 FY23:
£2.0m), of which £0.9m was capitalised (H1 FY23: £0.9m). Savings year on
year reflected the initiative to bring all work in-house, ceasing the use of
outsourced software development capacity, which resulted in increased
productivity.
The Group is reviewing the opportunities presented by outsourcing for other
areas of the business and plans to offshore part of its customer support team
in H2. This is expected to increase the quality and performance of its
service, while delivering operational savings. This builds on the operational
efficiencies already delivered from automated call handling and improved
systems.
Cash
Cash at 31 July 2023 was £12.8m (£15.6m at 31 January 2022).
In H1 FY24, Checkit has followed a programme of controlled investment, with
the intention of achieving further ARR growth alongside an accelerated path to
profitability.
Cash outflows reduced significantly in the period, by almost 40% to £2.9m (H1
FY23: £4.7m). This is in spite of an increase in inventory of £1.0m, as the
Group ensures its supply chain remains resilient in face of global competition
for components.
The Group continues to benefit from a strong balance sheet and, in light of
market conditions, will continue to execute against its growth strategy and
develop its technology, whilst also driving further operating efficiencies on
its path to profitability.
Product
Checkit's products help organisations to do frontline work better, giving
workers and managers tools that "augment" their capabilities. We use AI and
analytics to guide improvements and identify opportunities, IoT sensors to
automate previously manual tasks and apps to support and record workflows. To
date, applications have focused on food service operations and ensuring
compliance in the storage of medical products and samples. However, our
capabilities are applicable across industries. Our collaborative workflow
has, for example, recently been adopted by facilities managers in care homes
to ensure that high levels of safety are ensured and maintenance is performed
efficiently. We are currently investigating applications and developing
propositions in further sectors.
We have increased investment in our data platform over the last year and are
now applying the resulting capabilities, testing machine learning models to
help managers take proactive steps to improve their operational
efficiency. The resulting features are expected to set us apart from
competitors and to increase the value created for customers. Our R&D team
is now working on applying the rapid developments in broader AI technologies,
including large language models, to our customers' problems.
As our solutions are sold further afield, it is essential that third parties
are able to implement our sensor solutions without direct Checkit
involvement. Accordingly, we have invested in simplifying installation
procedures and are using Checkit workflow tools to guide and manage
installations.
Elsewhere, we have continued to invest in improving our app functionality
across iOS and Android, as well as further improving our resilience and
performance to support our growth.
Outlook
We continue to execute against our growth strategy, with an exclusive focus on
high quality, high value subscription revenues in our target verticals and
geographies. The picture for the business remains positive; high net revenue
retention rates underpin our land and expand strategy and continued contract
momentum. With an accelerated focus on operational efficiency, the Board is
confident in delivering an operating performance for FY24 ahead of current
market expectations.
Consolidated statement of comprehensive income
unaudited interim results to 31 July 2023
Unaudited Restated* Unaudited Audited
Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Revenue (Note 2) 5.7 4.8 10.3
Cost of sales (1.8) (1.8) (3.8)
Gross profit 3.9 3.0 6.5
Operating expenses (5.8) (6.5) (12.9)
Adjusted LBITDA** (1.9) (3.5) (6.4)
Depreciation and amortisation (0.6) (0.4) (1.0)
Share-based payment charge (0.2) (0.1) (0.2)
Non-recurring or special items (Note 3) - (0.5) (4.8)
Operating loss (2.7) (4.5) (12.4)
Finance income 0.2 - 0.1
Loss before taxation (2.5) (4.5) (12.3)
Taxation (Note 4) 0.1 0.1 0.3
Loss from continuing operations (2.4) (4.4) (12.0)
Loss from discontinued operations (Note 5) - (0.2) (0.3)
Loss for the period attributable to equity shareholders (2.4) (4.6) (12.3)
Other comprehensive expense
Exchange differences on translation of foreign operations - - -
Total other comprehensive income - - -
Total comprehensive expense for the period attributable to equity shareholders (2.4) (4.6) (12.3)
Loss per share (Note 6)
Continuing (2.3)p (4.1)p (11.2)p
Discontinued - (0.2)p (0.3)p
The accompanying notes form an integral part of this consolidated interim
financial information.
* See Note 8.
** Adjusted loss before interest, tax, depreciation and amortisation
"LBITDA" is calculated by taking operating profit and adding back depreciation
and amortisation, share-based payment charges and non-recurring or special
items.
Consolidated balance sheet
unaudited at 31 July 2023
Unaudited Unaudited Audited
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Assets
Non-current assets
Goodwill arising on acquisition 0.2 4.5 0.2
Capitalised development costs 3.7 2.3 3.0
Other intangible assets 0.6 0.9 0.8
Property, plant and equipment 0.8 1.0 0.9
Total non-current assets 5.3 8.7 4.9
Current assets
Inventories 3.4 2.0 2.4
Trade and other receivables 3.1 4.1 4.5
Cash and cash equivalents 12.8 19.5 15.6
Total current assets 19.3 25.6 22.5
Total assets 24.6 34.3 27.4
Current liabilities
Trade and other payables 7.0 6.8 7.5
Lease liabilities 0.2 0.3 0.3
Total current liabilities 7.2 7.1 7.8
Non-current liabilities
Long-term provisions 0.4 0.3 0.4
Lease liabilities 0.3 0.4 0.3
Deferred tax - - -
Total non-current liabilities 0.7 0.7 0.7
Total liabilities 7.9 7.8 8.5
Net assets 16.7 26.5 18.9
Equity attributable to equity holders of the parent
Called-up share capital 5.4 5.4 5.4
Share premium 23.3 23.3 23.3
Capital redemption reserve 6.4 6.4 6.4
Other reserves 0.5 0.2 0.3
Retained earnings (18.9) (8.8) (16.5)
Total equity 16.7 26.5 18.9
The accompanying notes form an integral part of this consolidated interim
financial information.
Consolidated statement of changes in equity
unaudited interim results to 31 July 2023
Share Share Capital Other Retained Total
capital premium redemption reserves earnings £m
£m £m reserve £m £m
£m
At 1 February 2022 5.4 23.3 6.4 0.1 (4.2) 31.0
Loss for the period - - - - (4.6) (4.6)
Total comprehensive income/(expense) for the period - - - - (4.6) (4.6)
Share-based payments - - - 0.1 - 0.1
Transactions with owners - - - 0.1 - 0.1
At 31 July 2022 5.4 23.3 6.4 0.2 (8.8) 26.5
Loss for the period - - - - (7.7) (7.7)
Total comprehensive income/(expense) for the period - - - - (7.7) (7.7)
Issue of new shares - - - 0.1 - 0.1
Transactions with owners - - - 0.1 - 0.1
At 1 February 2023 5.4 23.3 6.4 0.3 (16.5) 18.9
Loss for the period - - - - (2.4) (2.4)
Total comprehensive income/(expense) for the period - - - - (2.4) (2.4)
Share-based payments - - - 0.2 - 0.2
Transactions with owners - - - 0.2 - 0.2
At 31 July 2023 5.4 23.3 6.4 0.5 (18.9) 16.7
The accompanying notes form an integral part of this consolidated interim
financial information.
Consolidated statement of cash flows
unaudited interim results to 31 July 2023
Unaudited Unaudited Audited
Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Net cash flows from operating activities
Loss before taxation
- From continuing operations (2.5) (4.5) (12.3)
- From discontinued operations - (0.2) (0.3)
Adjustments for:
Depreciation 0.2 0.2 0.5
Amortisation 0.4 0.6 1.0
Impairment of intangible assets and goodwill - - 4.3
Finance income (0.2) - -
Share based payments 0.2 0.1 0.2
Operating cash flows before working capital changes (1.9) (3.8) (6.6)
Decrease/(increase) in trade and other receivables 1.4 (1.2) (1.7)
Increase in inventories (1.0) (0.2) (0.6)
(Decrease)/increase in trade and other payables (0.5) 1.6 2.3
Operating cash flows after working capital changes (2.0) (3.6) (6.6)
Increase in provisions - - 0.1
Cash used in operations (2.0) (3.6) (6.5)
Tax credit received 0.1 - 0.1
Net cash outflows from operating activities (1.9) (3.6) (6.4)
Investing activities
Interest received on bank deposits 0.2 - 0.1
Purchase of property, plant and equipment (0.1) - (0.2)
Investment in product development projects (0.9) (0.9) (1.8)
Investment in other intangibles - (0.2) (0.2)
Purchase of business (net of cash acquired) - - -
Disposal of businesses (net of cash sold) - 0.2 0.2
Net cash used in investing activities (0.8) (0.9) (1.9)
Financing activities
Issue of new shares - - -
Repayment of contract lease liabilities (0.1) (0.2) (0.3)
Net cash (used in)/generated by financing activities (0.1) (0.2) (0.3)
Net (decrease)/increase in cash and cash equivalents (2.8) (4.7) (8.6)
Cash and cash equivalents at the beginning of the period 15.6 24.2 24.2
Cash and cash equivalents at the end of the period 12.8 19.5 15.6
The accompanying notes form an integral part of this consolidated interim
financial information.
Notes to the unaudited interim results
to 31 July 2023
1. Accounting policies
The unaudited interim Group financial information is for the six months ended
31 July 2023 and does not comprise statutory accounts within the meaning of
S.435 of the Companies Act 2006. The unaudited interim Group financial
statements have been prepared in accordance with the AIM rules. This report
should be read in conjunction with the Group's Annual Report and Accounts for
the year ended 31 January 2023, which have been prepared in accordance with
UK-adopted International Accounting Standards in conformity with the
requirements of the Companies Act 2006 as applicable to companies reporting
under those standards. Fixed annual charges are apportioned to the interim
period on the basis of time elapsed. Other expenses unless disclosed otherwise
are accrued in accordance with the same principles used in the preparation of
the annual accounts.
2. Segmental reporting - continuing operations
Revenues
The following table presents the different revenue streams of Checkit:
Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Recurring revenues from subscription services 5.4 4.4 9.6
Consultancy & other services 0.3 0.4 0.7
Total 5.7 4.8 10.3
The Group considers its operations to be in the following geographical
regions:
Geographic Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
United Kingdom 4.1 3.7 7.5
Rest of Europe 0.1 0.1 0.2
The Americas 1.5 1.0 2.6
Total 5.7 4.8 10.3
3. Non-recurring or special items
Non-recurring or special items are disclosed separately to improve visibility
of the underlying business performance.
Management has defined such items as costs associated with the acquisition or
disposal of businesses, restructuring, impairment of goodwill, amortisation of
acquired intangible assets and other non-recurring items incurred outside the
normal course of business.
Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Cash items
Restructuring and integration costs - - -
- - -
Non-cash items
Impairment of goodwill - - 4.3
Amortisation of acquired intangible assets - 0.5 0.5
- 0.5 4.8
Total non-recurring or special items - 0.5 4.8
4. Taxation
The tax credit on the loss from continuing operations before taxation has been
estimated at £0.1m (H1 FY23: £0.1m; FY23: £0.3m). The Group has in excess
of £28m of tax losses carried forward.
5. Discontinued operations
During the year ended 31 January 2023, the Group discontinued its activity in
Building Energy Management Systems. Consequently, the results from this
revenue stream are included as discontinued operations.
Half year to Half year to Year to
31 July 31 July 31 January
2023 2022 2023
£m £m £m
Revenues - 0.6 0.6
Expenses - (0.8) (0.9)
Profit before tax - (0.2) (0.3)
Attributable tax - - -
Profit after tax - (0.2) (0.3)
Profit from discontinued operation attributable to equity shareholders - (0.2) (0.3)
Foreign currency reserve reclassification - - -
Other comprehensive income from discontinued operations - (0.2) (0.3)
6. Earnings per share
Earnings per share (EPS) is the amount of post-tax profit attributable to each
share (excluding those held by the Company).
Basic EPS measures are calculated as the Group profit for the period
attributable to equity shareholders divided by the weighted average number of
shares in issue during the period.
Diluted EPS takes into account the dilutive effect of all outstanding share
options priced below the market price, in arriving at the number of shares
used in its calculation. However, in this case, as set out in IAS 33, the
potential ordinary shares cannot be treated as dilutive as their conversion to
ordinary shares would decrease loss per share from continuing operations,
resulting in basic and diluted measures being the same.
Key 31 July 31 July 31 January
2023 2022 2023
Million Million Million
Weighted average number of ordinary shares for the purposes of basic earnings A 108.0 108.0 108.0
per share
(Loss)/earnings for the period Key 31 July 31 July 31 January
2023 2022 2023
Million Million Million
Loss for the period B (2.4) (4.6) (12.3)
Loss from discontinued operations, net of tax C - 0.2 0.3
Continuing loss for the period D (2.4) (4.4) (12.0)
Total non-recurring or special items net of tax - 0.4 4.5
Continuing loss adjusted for EPS E (2.4) (4.0) (7.5)
Key 31 July 31 July 31 January
2023 2022 2023
Continuing EPS measures
Basic and diluted D/A (2.3)p (4.1)p (11.2)p
Adjusted continuing EPS measures
Basic and diluted E/A (2.3)p (3.7)p (6.9)p
Discontinued EPS measures
Basic and diluted (C)/A - (0.2)p (0.3)p
Total EPS measures
Basic and diluted B/A (2.3)p (4.3)p (11.5)p
7. Contingent liabilities
Further to the note included in the annual report for the year ended 31
January 2023, Checkit plc and HMRC continue to be in correspondence regarding
matters of input tax recoverability. The matter remains ongoing and no VAT
assessment has been made. The total amount of input tax claimed since VAT
registration in July 2019 to August 2022 is £1.2m. The focus of
correspondence relates to Checkit plc's intention to make taxable charges of
management fees to its subsidiaries at the time. Specialist tax advice has
been sought throughout the correspondence and management does not consider
there to be merit in HMRC's position. Given the uncertainty and materiality of
the issue, we do not consider it appropriate at this stage to provide for this
and continue to disclose it as a contingent liability.
8. Restatement
To align the presentation of discontinued operations in the consolidated
statement of comprehensive income as at 31 July 2022 with the treatment in the
audited accounts as at 31 January 2023, revenue and cost of sales have been
reduced by £0.6m and operating expenses have been reduced by £0.8m, with the
overall loss from continuing operations reducing by £0.2m. The overall loss
for the period attributable to equity shareholders remains unchanged as a
result of this reclassification.
9. Cautionary statement
This interim financial information has been prepared only for the shareholders
of Checkit plc as a whole and its sole purpose and use is to assist
shareholders to exercise their governance rights. Checkit plc and its
Directors and employees are not responsible for any other purpose or use or to
any other person in relation to this report.
The report contains indications of likely future developments and other
forward-looking statements that are subject to risk factors associated with,
among other things, the economic and business circumstances occurring from
time to time in the countries, sectors and business segments in which the
Group operates. Key risks and their mitigation have not changed materially in
the period from those disclosed on pages 28 to 31 of the annual financial
statements for the year ended 31 January 2023.
These and other factors could adversely affect the Group's results, strategy
and prospects. Forward-looking statements involve risks, uncertainties and
assumptions. They relate to events and/or depend on circumstances in the
future which could cause actual results and outcomes to differ materially from
those currently anticipated. No obligation is assumed to update any
forward-looking statements, whether as a result of new information, future
events or otherwise.
10. Other information
The financial information in this statement does not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. The
financial information in respect of the year ended 31 January 2022 has been
extracted from the statutory accounts, which have been filed with the
Registrar of Companies. The independent auditor's report on those accounts was
unqualified and did not contain a statement under Sections 498(2) or 498(3) of
the Companies Act 2006.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR ZZGMLVFFGFZMRecent news on Checkit
See all newsREG - Checkit PLC - Director/PDMR Shareholding
AnnouncementREG - Checkit PLC - Final Results
AnnouncementREG - Checkit PLC - Notice of Results and Investor Presentation
AnnouncementREG - Checkit PLC - New Product Launch and Contract Wins
AnnouncementREG - Checkit PLC - Director/PDMR Shareholding
Announcement