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Market Cap£22m

Last Close 20p

Checkit optimises the performance of people, processes and physical assets with connected digital solutions. The company is headquartered in Cambridge, UK, and has operations centres in Fleet, UK, and Tampa, US.

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Investment summary

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 for FY23/24 on the back of company plans to accelerate the path to profitability, and we note our end FY24 forecast for net cash of £9.5m.

Y/E Jan
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2021A 13.2 (2.5) (3.1) (5.2) N/A N/A
2022A 13.3 (4.2) (4.7) (7.0) N/A N/A
2023E 11.2 (7.8) (8.8) (8.1) N/A N/A
2024E 14.0 (5.1) (6.6) (6.1) N/A N/A
Industry outlook

With its workflow management software, Checkit is focused on connecting and empowering deskless mobile workers who are not able to use desktop software in their day-to-day working environment. Only a small proportion of the current enterprise software market is designed for this group of workers. Checkit’s sweet spot is supporting workers who perform a combination of routine tasks and infrequent but important tasks where the volume and variety of tasks is such that it is difficult to build a targeted application.

Last updated on 15/09/2022
Content on Checkit
Checkit – Moderating costs to accelerate breakeven
TMT | research Update | 15 September 2022
checkitimage use this one
Checkit – ARR growth in a more cautious market
TMT | research Update | 11 August 2022
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Checkit – Growth strategy on track
TMT | research Update | 28 April 2022
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Share price graph
Balance sheet
Forecast net cash (£m) 15.2
Forecast gearing ratio (%) N/A
Price performance
Actual (14.9) (42.9) (63.3)
Relative* (11.6) (43.3) (62.8)
52-week high/low 58.0p/19.0p
*% relative to local index
Key management
Keith Daley Chairman
Kit Kyte CEO
Greg Price CFO