Checkit PLC Trading Update and Notice of Interim Results (3720I)
12 Agosto 2021 - 1:00AM
UK Regulatory
TIDMCKT
RNS Number : 3720I
Checkit PLC
12 August 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF UK MARKET ABUSE REGULATION . UPON THE PUBLICATION OF THIS
ANNOUNCEMENT THIS INSIDE INFORMATION IS CONSIDERED TO BE WITHIN THE
PUBLIC DOMAIN.
12 August 2021
Checkit plc
("Checkit" or the "Group")
Trading update and Notice of Interim Results
Checkit plc (AIM: CKT) announces an unaudited trading update for
the six months to 31 July 2021:
Revenue (GBP'm): Three months Three months Six months to (HY)
to (Q1) to (Q2)
30 Apr 30 Apr 30 July 30 July 30 July 30 July % Change
2021 2020* 2021 2020* 2021 2020*
Checkit Connect:
Recurring 1.4 1.1 1.5 1.1 2.9 2.2 +32%
(35)
Non-recurring 0.3 0.6 0.3 0.3 0.6 0.9 %
Total Checkit
Connect 1.7 1.7 1.8 1.4 3.5 3.1 +12%
Checkit Connect
US (Tutela
LLC)**:
Recurring 0.1 0.1 0.1 0.1 0.2 0.2 +13%
Non-recurring 0.3 0.2 0.4 0.5 0.7 0.7 (7) %
Total US 0.4 0.3 0.5 0.6 0.9 0.9 (2) %
Total Checkit
BEMS (Non-recurring) 2.2 1.7 1.3 1.3 3.5 3.0 +19%
Checkit Group:
Recurring 1.5 1.2 1.6 1.2 3.1 2.4 +31%
Non-recurring 2.8 2.5 2.0 2.1 4.8 4.6 +4%
Total Group 4.3 3.7 3.6 3.3 7.9 7.0 +13%
* Prior year revenue has been normalised to illustrate sales
that would have been included in the Group's financial results had
Tutela LLC, which was acquired on 4 February 2021, been fully owned
by the Group throughout both periods. Excluding the acquisition of
Tutela LLC, prior year Group revenue was GBP6.4m
** Checkit Connect US is introduced as a new reporting unit and
is shown in GBP on a statutory reported basis at an average rate of
1.39 USD/GBP (2020: 1.25 USD/GBP)
Overall Group revenue grew by 13% and recurring revenue by 31%
compared to the prior year on a normalised* basis.
Annual recurring revenue (ARR) saw an increase of GBP0.9m (+16%)
in the half year to close at a run rate of GBP6.6m, predominantly
driven by new subscription contracts going live with customers.
Checkit Connect
This segment is the growth engine of the Group and receives all
the investment in new product development.
Reported recurring revenue growth continues to reflect the
benefits of year-on-year ARR growth realised in the quarter.
Increased spending on the Group's sales, marketing and product
has reinforced Checkit's value proposition, particularly in the
Healthcare and Food Retail industries, where Checkit is seeing
early signs of success in terms of pipeline growth and new customer
bookings as COVID-19 restrictions ease.
The decline in non-recurring revenue compared to the first half
of FY21 is primarily driven by timing and the on-going
repositioning towards a subscription-based pricing model adopted
across the Group during FY21.
Checkit US (Tutela LLC)
Checkit US has been introduced for FY22 reporting purposes and
reflects the performance of the newly created US based business
unit incorporating the acquisition in Q1 of Tutela LLC. It should
be regarded as a subsegment of Checkit Connect.
While US revenue declined slightly by 2% in the first half, this
included 13% growth in recurring revenue, which was driven by new
subscriptions.
The US market is starting to scale up by recording net new
business success in the Healthcare sector and through on-going
pricing conversions of existing customers into a subscription-based
model. The Food Retail and reviving Hospitality sectors are also a
focus for new business.
Checkit BEMS (building energy management systems)
The focus of this business segment will increasingly be on smart
building technology through the Checkit Connect platform and when
its transformation is complete, it is expected that this business
unit will be merged with Checkit Connect.
Checkit BEMS sales grew by 19% compared to the prior year. This
was due to a one-off significant project delivered in Q1. Its
revenues are expected to decline in the second half as a result of
being more selective in pricing contracts. The Board considers that
its traditional projects and maintenance business (which has
historically generated low margins) has peaked as a percentage of
revenue.
Cash
Cash as at 31 July 2021 was GBP8.5m (31 January 2021:
GBP11.5m).
Notice of Interim Results
The Group expects to issue its interim results on Thursday 16
September 2021.
Contacts:
Checkit plc +44 (0) 1223 643313
www.checkit.net
Kit Kyte (Chief Executive Officer)
Singer Capital Markets (Nominated Adviser & Broker) +44 (0)
20 7496 3000
Shaun Dobson / Rachel Hayes / George Tzimas
Forward looking statements
This announcement contains forward looking statements with
respect to the business, strategy and plans of Checkit plc and its
current goals and expectations relating to its future financial
condition and performance. Statements that are not historical
facts, including statements about Checkit or management's beliefs
and expectations, are forward looking statements. By their nature,
forward looking statements involve risk and uncertainty because
they relate to events and depend on circumstances that will occur
in the future. Checkit's actual future results may differ
materially from the results expressed or implied in these
forward-looking statements as a result of a variety of factors
among other things, the economic and business circumstances
occurring from time to time in the countries, sectors and business
segments in which the Group operates. The forward-looking
statements contained in this announcement are made as of the date
hereof, and Checkit undertakes no obligation to update any of its
forward-looking statements.
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END
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