checkitimage use this one



Market Cap£38.1m

Last Close 61p

Checkit optimises the performance of people, processes and physical assets with connected digital solutions. It is headquartered in Cambridge, UK and has its operations centre in Fleet, UK.

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Investment summary

Checkit reported 23% y-o-y revenue growth for Q122. Normalising for the acquisition of Checkit US at the start of the quarter, group revenue increased 15% y-o-y. Recurring revenue made up 35% of total revenue, up from 32% in Q121 (normalised), as Checkit continues to transition customers to subscription contracts. The company is accelerating investment in sales, marketing and product to drive customer acquisition. Q122 annual recurring revenue (ARR) grew 7% q-o-q and, while early in the year, is on track to meet our 34% growth target for FY22. We maintain our estimates.

Y/E Jan
Revenue (£m)
PBT (£m)
EPS (fd) (p)
P/E (x)
P/CF (x)
2020A 9.8 (4.9) (6.4) (4.0) N/A N/A
2021A 13.2 (2.5) (3.1) (5.2) N/A N/A
2022E 15.2 (3.9) (4.5) (7.2) N/A N/A
2023E 17.8 (2.0) (2.7) (4.3) 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 21/06/2021
Content on Checkit
Checkit – Promising start to the year
TMT | Update | 13 May 2021
checkitimage use this one
Checkit – On the front foot
TMT | Update | 29 April 2021
checkitimage use this one
Checkit – executive interview
TMT | Edison TV | 11 February 2021
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Share price graph
Balance sheet
Forecast net cash (£m) 11.5
Forecast gearing ratio (%) N/A
Price performance
Actual 0.0 22.0 71.8
Relative* (0.6) 15.9 48.8
52-week high/low 65.0p/37.5p
*% relative to local index
Key management
Keith Daley Chairman
Aylsa Muir CFO