Checkit - FY23 ARR ahead of expectations
Checkit’s FY23 trading update confirmed that year-end annual recurring revenue (ARR), FY23 reported revenue and year-end net cash beat our forecasts. ARR increased 28% y-o-y despite the challenging economic environment, as the company made good progress signing up new customers and expanding existing contracts. With 93% recurring revenue for continuing operations, the transition to a subscription-based model is complete. We will review our forecasts following FY23 results on 27 April.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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