REG - Checkit PLC - New Product Launch and Contract Wins

CheckitAnnouncement

15/04/2024 07:00

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RNS Number : 5204K  Checkit PLC  15 April 2024

15 April 2024

 

Checkit plc

("Checkit" or the "Group)

 

 New Product Launch and Contract Wins

 

Checkit (AIM: CKT), the augmented workflow and smart sensor automation company
for frontline workers, is pleased to announce a new product launch and
contract wins in the UK.

 

New Product Launch

 

Checkit announces the launch of a new product, Asset Intelligence. This
product module applies advanced analytics and Machine Learning to IoT data
which will help enhance customer sustainability, reduce costs, and improve
revenue.  Asset Intelligence analyses the condition of monitored appliances
to predict issues before they escalate. It also identifies operational
inefficiencies and provides greater visibility of asset performance.

 

Pre-launch trials with multiple customers have demonstrated a positive impact
on energy consumption, asset lifecycle costs, and operational efficiency.
Analysis, based on trials to date, indicate customers should expect at least a
50% improvement on their ROI of Checkit's IoT sensors and substantial
reductions in CO2.  Asset Intelligence will be promoted as an additional
chargeable service to our existing customer base during this financial year
and is a competitive differentiator.

 

Contract Wins

 

The Group announces new contract wins from two existing customers worth a
minimum of £417,000 in total lifetime revenue over their three year terms.

 

Checkit has signed a new contract with an integrated energy company, to
provide real time operations management capability to 50 franchisees in the UK
worth c.£252,000 over three years which will be installed in tranches over
the course of FY25. The franchise operations for this customer represents an
opportunity of twice the number of existing company owned locations globally,
and Checkit expects further expansion of business with this customer during
FY25.

 

In addition, Checkit has signed contracts with a combined minimum value of
£165,000 over their three year terms with a multinational outsourced food
service company for the provision of its CAM and CWM products to end users in
four additional locations. These new contracts follow on from three contracts
signed at the end of last year.  Since the beginning of the calendar year
Checkit has added five additional projects to its pipeline with this customer.

 

Commenting on the news Kit Kyte, Chief Executive Officer, said:

 

"The release of Asset Intelligence marks an exciting chapter in the evolution
of our product offering and our integrated end-to-end platform. We expect
Asset Intelligence to provide a strong catalyst for future software growth.
Asset Intelligence demonstrates the power of Machine Learning on the
proprietary data sets provided by our platform and sensor ecosystem, to
deliver meaningful savings and sustainability benefits to our customers.

 

The contracts won represent a positive start to FY25 and demonstrate the
success of our 'land and expand' strategy. They have potential to be
replicated globally."

 

For further information, please visit www.checkit.net (http://www.checkit.net)
or contact:

 

 Checkit plc                                              +44 (0) 1223 643313

 Kit Kyte (Chief Executive Officer)

 Greg Price (Chief Financial and Operations Officer)

 Singer Capital Markets (Nominated Adviser & Broker)      +44 (0) 20 7496 3000

 Shaun Dobson / Harry Gooden / James Fischer

 Tavistock (Financial PR)                                 +44 (0) 20 7920 3150

 Lulu Bridges / Katie Hopkins / Simon Hudson

 

 

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