reports
Form 8.3 - Checkit PLC
Apex Fundrock Limited (MISL) Form 8.3 - Checkit PLC 11-Feb-2025 / 10:51 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries ...
- Richard Williamson
Checkit - Contract expansions drive order intake
In H125, Checkit reported year-on-year growth in annual recurring revenue (ARR) of 9%, with strong order intake partially offset by higher churn. Existing customers contributed more than half of ARR growth, evidence of the land and expand strategy at work. The company maintains its short- and medium-term outlook, including its target to reach EBITDA break-even in FY27, with the narrowing H125 EBITDA loss confirming progress towards this. We maintain our ARR, revenue and EBITDA forecasts and redu...
- Richard Williamson
Checkit - No intention to bid for Crimson Tide
On 26 June, Checkit announced that it did not intend to make a formal bid for Crimson Tide. Since Checkit’s original and revised all-equity proposals, another bidder, Ideagen, has expressed an intention to make an all-cash bid at a significantly higher price. Checkit will now refocus on organic growth and working towards profitability. Separately, an input VAT dispute with HMRC has concluded in Checkit’s favour, removing the related contingent liability.
Form 8.3 - Apex Fundrock Limited : Form 8.3 - OPD - Checkit PLC
Apex Fundrock Limited (MISL) Form 8.3 - Apex Fundrock Limited : Form 8.3 - OPD - Checkit PLC 10-Jun-2024 / 12:43 GMT/BST FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: Chelverton Asset Management (b) Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, t...
- Richard Williamson
Checkit - Potential bid for Crimson Tide
Checkit has announced a formal approach to the board of Crimson Tide, an AIM-listed provider of workflow management software, regarding a possible all-share offer for the company at a value of £12m. The Checkit board has attempted to engage the Crimson Tide board in constructive discussions several times over the last four years but discussions have never progressed. The company is announcing the terms of a possible offer to facilitate direct discussions with the shareholders of both companies b...
- Richard Williamson
Checkit - Signposting the path to profitability
In a tough trading environment, Checkit managed to grow FY24 revenue by 17% and reduce EBITDA losses by nearly half. The company has had a positive start to FY25 with new contract wins and the launch of a new module. Focus on growth from its existing customer base combined with strict cost control is helping Checkit to make steady progress towards its target of positive EBITDA and cash generation in FY27.
- Richard Williamson
Checkit - New product launch and contract wins
Checkit has won contracts with two customers worth at least £417k over the three-year lives of the contracts, confirming its ability to upsell to its existing customer base and supporting our forecasts. Having trialled the new technology with multiple customers, Checkit has launched its Asset Intelligence module, which uses advanced analytics and machine learning to enhance customer sustainability, reduce costs and increase revenue.
- Richard Williamson
Checkit - FY24 revenue and ARR in line, EBITDA ahead
Checkit’s FY24 trading update confirmed that revenue and year-end annual recurring revenue (ARR) were in line with our forecasts, up 17% and 16% respectively. Better cost control resulted in a smaller EBITDA loss than expected, highlighting good progress towards reaching profitability. Product development is focused on expanding into new verticals and enhancing the platform with tools to turn data into actionable insights.
- Richard Williamson
Checkit - Making good progress towards profitability
Checkit reported annual recurring revenue (ARR) growth of 24% y-o-y in H124, with more than half of the growth from upsells and cross-sells to its existing customer base. Revenue was 19% higher y-o-y and EBITDA losses nearly halved y-o-y. We have upgraded our FY24 EBITDA forecast on better gross margins and operating efficiencies. Recent contract wins provide upsell potential and the recent John Lewis contract renewal highlights the stickiness of the technology.
- Richard Williamson
Checkit - Trading on track in tough environment
Checkit made good progress in H124, growing annual recurring revenue (ARR) by 24% y-o-y and revenue by 19% y-o-y. Net revenue retention of 113% highlights the company’s ability to cross-sell and upsell, and the recent contract renewal with John Lewis and master service agreement with Compass provide further expansion opportunities. We maintain our forecasts.
- Richard Williamson
Checkit - Adapting growth strategy to market conditions
Over the last few years, Checkit has evolved its business to a subscription-based revenue model and adapted its operations to drive and support growth. Providing intelligent operations software for deskless workers, Checkit is focused on driving adoption of its software by large, multinational enterprises. Recent contract wins and upsells in the US show progress towards the target of generating the majority of annualised recurring revenue (ARR) in the US.
- Richard Williamson
Checkit - Land-and-expand focus paying off
Having completed its transition to a subscription-based revenue model during the year, Checkit grew recurring revenue by 41% and total revenue by 22% in FY23. Year-end annual recurring revenue (ARR) was 28% higher y-o-y as the company successfully executed on its land-and-expand strategy. As flagged last year, the focus on accelerating profitability has slowed cash consumption. Management anticipates meeting current market expectations for FY24; our FY24 forecasts are substantially unchanged ...
- Richard Williamson
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.
- Richard Williamson
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 f...
- Richard Williamson
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.
- Richard Williamson
Checkit - Growth strategy on track
Checkit made good progress during FY22 with its strategy to transition to a pure SaaS business. Annualised recurring revenue (ARR) grew 44% y-o-y, helped by new customer wins and expansion of existing contracts, with recurring revenue reaching 75% of total revenue in Q422 compared to 51% for the full year. Management expects to meet market expectations for FY23; our FY23 forecasts are substantially unchanged and we introduce FY24 forecasts that factor in ARR growth of 32%.
Checkit Sees 43% Leap in Annual Recurring Revenue as Demand Rises for ...
CAMBRIDGE, England--(BUSINESS WIRE)-- Checkit plc has announced a 43% increase in annual recurring revenue (ARR) in its latest set of unaudited preliminary results. ARR rose to £8.2m for the financial year ending 31 January 2022, compared with £5.8m in the previous period. The company has welcomed the results as a clear indication of growing demand for its end-to-end intelligent operations platform, which combines sensors, workflow management, powerful AI and data analytics to provide customers with a complete view of their people, assets, and buildings. The results also underline to company...
Checkit Announces IoT Partnership With Norwegian Tech Company Disrupti...
CAMBRIDGE, England--(BUSINESS WIRE)-- Checkit, the leader in intelligent operations technology for deskless workforces, today announced that it has entered into a strategic partnership to integrate Disruptive Technologies’ sensor hardware into its intelligent operations platform. The Checkit platform enables healthcare, hospitality and retail organisations to digitise their deskless operations, and to capture and analyse data to drive continuous improvement, productivity, cost reduction and compliance. Using digital workflows and sensors, Checkit provides business leaders with real-time insig...
- Richard Williamson
Checkit - FY22 ARR growth of 44%
Checkit’s FY22 trading update confirmed it closed the year broadly in line with our revenue forecasts and, due to several contracts signed close to year end, beat our annualised recurring revenue (ARR) forecast with 44% y-o-y growth to £8.2m, versus our £7.6m forecast. We maintain our estimates for FY22 and FY23, noting the higher level of ARR at year-end supports our FY23 revenue growth forecast.
- Richard Williamson
Checkit - FY22 ARR growth of 44%
Checkit’s FY22 trading update confirmed it closed the year broadly in line with our revenue forecasts and, due to several contracts signed close to year end, beat our annualised recurring revenue (ARR) forecast with 44% y-o-y growth to £8.2m, versus our £7.6m forecast. We maintain our estimates for FY22 and FY23, noting the higher level of ARR at year-end supports our FY23 revenue growth forecast.
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