REG - itim Group PLC - New Contract Wins - £1.8m increase in ARR

ITIMAnnouncement

13/04/2022 07:00

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RNS Number : 1660I  itim Group PLC  13 April 2022

13 April 2022

 

itim Group plc

 

("itim" or "the Company" and together with its subsidiaries "the Group")

 

New Contract Wins - £1.8m increase in ARR

 

itim Group plc, a SaaS based technology company that
enables store-based retailers to optimise their businesses to improve
financial performance, is pleased to announce three new customer wins and
extensions of existing contracts for an increase in Annual Recurring Revenue
("ARR") of £1.8 million.

 

Summary of Customer Wins

itim has been retained by a London Stock Exchange listed British fashion
retailer to provide a full omni-channel platform. itim has also won a contract
with an electronics retailer in support of their omni-channel strategy and a
Brazilian pharmaceutical company has signed up itim to aid and assist them
with price optimisation.

 

itim's software is in demand in five particular areas which are all critical
to Omni-channel retailing, namely unified commerce platform (omni-channel
retailing), price optimisation, integrated order management, stock and range
optimisation and supplier collaboration.

 

At the time of IPO, the Group set out its target of achieving a total of £14
million in ARR by the end of December 2022 an uplift of £2.9 million in the
year. The Group is pleased to have reached a material amount of this target by
the end of the first quarter. In addition, the Group is witnessing
considerable growth internationally which now accounts for over 35% of the
Group's revenues.

 

The execution of these contracts is in line with the Company's financial
expectations for the current financial year.

 

Ali Athar, Chief Executive Officer, commented:

"We are delighted to have secured these contract wins with considerable brands
in the fashion, electronics and pharmaceutical industries and it is testament
to our offering to be trusted by these companies. Additionally, demand for our
services and products continues to grow across our existing customer base,
with customers like Majestic Wine, Blakemore, and COOP (Brazil) continuing to
add extensions to their business whilst we continue to expand our pipeline of
new prospects."

 

Enquiries:

 

 Itim Group plc                   Ali Athar, CEO      0207 598 7700

                                  Ian Hayes CFO

 WH Ireland (NOMAD & Broker)      Katy Mitchell       0207 220 1666

                                  Harry Ansell

                                  Darshan Patel

 IFC Advisory                     Graham Herring      0207 3934 6630

                                  Florence Chandler

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

ABOUT ITIM

itim was established in 1993 by its founder, and current Chief Executive
Officer, Ali Athar. itim was initially formed as a consulting business,
helping retailers effect operational improvement. From 1999 the Company began
to expand into the provision of proprietary software solutions and by 2004 the
Company was focused exclusively on digital technology. itim has grown both
organically and through a series of acquisitions of small, legacy retail
software systems and associated applications which itim has redeveloped to
create a fully integrated end to end Omni-channel platform.

 

 

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