Trading update: 6 months to 31 July
Checkit reports that, on a normalised basis, recurring revenue rose 23.4% YoY to £1.9m, whilst non-recurring revenue, on the same basis declined by 6.8% YoY to £4.3m. Normalised data is based on ownership of Checkit UK for the whole period - it was acquired on 14 May 2019.Facing the circumstances occasioned by the COVID-19 pandemic the Group continues to base planning on recurring revenues which have remained resilient, in contrast to a contraction in installation and project-based non-recurring revenue streams. Management also noted the impact of new installations and conversion to a subscription basis of Checkit UK calibration and maintenance contracts in the healthcare sector.
Cash control remained admirably strong, recording £14.3m at 31 January, £12.8m at the end of April and £13.4m at the close of Q2 in July.
This update introduces notes of optimism to counterbalance the uncertainties introduced by the COVID situation. Not just the self-evident strong cash and cost control, but also the resilience of recurring revenue streams and focus on healthcare as a promising demand vertical. All driven by ever increasing demand for remote and reliable monitoring.
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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