House in order
Checkit plc today announced FY20 Preliminary Results following restructuring, the highlights of which were: the sale of Bulgin and return of £81.0m to shareholders; acquisition of Next Control Systems for £8.8m, subsequently renamed Checkit UK Ltd.; renaming of Elektron Technology plc as Checkit plc; and a renewed focus on cloud-based Software-as-a-Service operational management solutions.In line with the 14 April 2020 Trading Update on the impact of the COVID-19 pandemic on operations, Checkit has withdrawn outlook guidance. However, there are positive signs arising from: an emphasis on profitable recurring income from Connected Workflow Management (CWM) and Connected Automated Monitoring (CAM) operations; focus on larger enterprise customers such as BP, a FY20 contract win; development of SaaS-based revenue (reported at 30% of revenue); close ties with the NHS; new business opportunities.
In line with the company announcement on guidance we suspend forecasts, whilst noting a current enterprise valuation which stands at a 41% discount to FY20 revenue and 34% discount to the purchase price of Checkit UK Limited.
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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