Checkit - 33% growth in recurring revenue
Checkit saw better-than-expected performance in Q421 and closed the year ahead of our forecasts. In FY21, Checkit Connect grew 13% y-o-y on a pro-forma (PF) basis while Checkit BEMS saw business rebound in H2 after lockdown restrictions in the construction sector were relaxed. The company made good progress with its strategy to build its subscription contract base: recurring revenue grew to 39% of FY21 revenue, up from 30% for FY21 PF. We have revised our forecasts to reflect better-than-expected trading in FY21 and the recent acquisition of Tutela in the US.Elektron Technology is a global business that designs, manufactures and markets products that connect, monitor and control. Co. has three business segments: Bulgin, which products are sealed connectors for the demanding environments, and custom product and system development; Instrumentation, Monitoring and Control, which key products are ophthalmic instruments, nanopositioning and sensing equipment, and materials testing equipment; and Checkit, which key products are cloud-based work management software based on interactive checklists, and smart wireless sensors for continuous automated monitoring.
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