Checkit - Moderating costs to accelerate breakeven
During H123 Checkit made further progress in its transition to a 100% subscription business, achieving 82% recurring revenue and a 48% y-o-y increase in annual recurring revenue (ARR). The pipeline has grown and includes material opportunities with enterprise customers for which conversion timing is uncertain. As customers have become more cautious, sales cycles have lengthened, and we conservatively reduce our ARR and revenue forecasts. Despite this, we have improved our EBITDA loss forecasts for FY23/24 on the back of company plans to accelerate the path to profitability, and we note our end FY24 forecast for net cash of £9.5m.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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