The information contained within this announcement is deemed
by the Company to constitute inside information pursuant to Article
7 of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as
amended.
31 January 2024
Skillcast Group
plc
("Skillcast", the
"Group", or the
"Company")
Full Year Trading
Update
Strong growth in ARR -
increasing by 37%
Skillcast Group plc, the provider
of SaaS compliance platforms and
off-the-shelf e-learning, is pleased to
announce a trading update for the year ended 31 December 2023, a
further year of strong growth in annualised
recurring revenue ("ARR")*.
The Group's revenue for 2023 is
expected to be c. £11.3 million, 15% higher than the previous year
(2022: £9.8 million). The revenue growth is entirely organic and
driven by strong growth in recurring subscription revenues, which
increased by 28% to £8.5 million (2022: £6.7 million). Recurring
subscription revenues represented 76% of total Group revenues in
2023 (2022: 68%). Professional services revenues were 12% below the
previous year at £2.8 million (2022: £3.1 million).
The ARR* grew by 37% from £6.8
million in December 2022 to £9.3 million in December 2023, driven
by new customer acquisition and sales of new products. This,
combined with a strong pipeline of new business, means that the
Group is well positioned to continue to achieve its revenue
objectives over the next year.
LBITDA is expected to be no higher
than £0.8 million (2022 LBITDA: £0.3 million).
The Group's net cash position at 31
December 2023 was £7.2 million (31 December 2022 net cash: £7.7
million). This represents c. 8p per ordinary share in the
Company.
The Company expects to announce its
full year results and recommend a final dividend for the year ended
31 December 2023 in April 2024.
Vivek Dodd, CEO of Skillcast,
said:
"We are delighted with our
performance in 2023. Our SaaS subscriptions ARR growth rate
accelerated from 16% in 2022 to 37% in 2023. This validates our
two-year plan to accelerate our technology and sales investment
since our IPO in December 2021. We now have the products and
key personnel to sustain growth and return to profitability in the
second half of 2024. We look forward to sharing more when we
announce our full-year results in April."
* ARR is calculated by annualising
revenue recognised in a given month from all client subscriptions
on annual contracts
For
further information, please contact:
Skillcast Group plc
Richard Amos, Chairman
Vivek Dodd, CEO
Richard Steele, CFO
|
+44 (0) 207 929 5000
|
Allenby Capital Limited (Nominated Adviser and
Broker)
James Reeve / Piers Shimwell
(Corporate Finance)
Jos Pinnington / Tony Quirke
(Corporate Broking and Sales)
|
+44 (0) 203 328 5656
|
About Skillcast Group plc
Skillcast helps companies build
ethical, inclusive, and resilient workplaces. It provides content
and technology to digitise and streamline compliance processes and
manage them from a single compliance portal. Its product range
includes a Learning management system with comprehensive
off-the-shelf compliance course libraries, a Policy hub, Staff
declarations, Anonymous surveys, CPD tracking, and compliance
registers for gifts, expenses, PA dealing,
whistleblowing.