Checkit - ARR growth in a more cautious market
Despite a challenging market environment, Checkit has grown annualised recurring revenue (ARR) by 48% y-o-y to £10.2m at the end of H123 and looks on track to meet our FY23 forecasts. Having made the strategic decision to focus on its platform for deskless workers, Checkit’s H123 recurring revenue grew 44% to make up 82% of total revenue. The company plans to accelerate its path to profitability; we maintain our forecasts pending further detail on these plans.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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