Checkit - Edison Group

Overview
Price performance
Financials
Research
Sector insights
Thematics

Checkit optimises the performance of people, processes and physical assets with its intelligent operations software. It is headquartered in Cambridge, UK, and has operations centres in Fleet, UK, and Tampa, US.

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.

Latest Insights

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TMT |
edison tv

25.04.24

Checkit – executive interview

TMT |
Update

25.04.24

Checkit — Signposting the path to profitability

TMT |
Flash note

15.04.24

Checkit — New product launch and contract wins

TMT |
Update

15.02.24

Checkit — FY24 revenue and ARR in line, EBITDA ahead

Sector

TMT

Equity Analyst

Katherine Thompson

Katherine Thompson

Director

Key Management

Greg Price

CFO
Keith Daley

Chairman
Kit Kyte

CEO

Balance Sheet

Forecast net cash (£m)

5.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	(9.3)	(17.0)	(26.4)
Relative	(10.9)	(22.0)	(28.1)
52 week high/low	30.5p/18.5p

Financials

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.

Y/E Jan	Revenue (£m)	EBITDA (£m)	PBT (£m)	EPS (fd) (p)	P/E (x)	P/CF (x)
2023A	10.3	(6.4)	(7.3)	(6.9)	N/A	N/A
2024A	12.0	(3.4)	(4.2)	(4.0)	N/A	N/A
2025E	14.2	(2.3)	(3.4)	(3.1)	N/A	N/A
2026E	16.9	(0.9)	(2.5)	(2.3)	N/A	N/A

Research

Update

TMT

16.02.23

Checkit — FY23 ARR ahead of expectations

Flash note

TMT

05.01.23

Checkit — US contract wins and major renewal

TMT

edison tv

Checkit – executive interview

Update

TMT

15.09.22

Checkit — Moderating costs to accelerate breakeven

Update

TMT

11.08.22

Checkit — ARR growth in a more cautious market

Update

TMT

28.04.22

Checkit — Growth strategy on track

Update

TMT

17.02.22

Checkit — FY22 ARR growth of 44%

Flash note

TMT

01.02.22

Checkit — Three-year contract with Biomat in the US

Outlook

TMT

17.12.21

Checkit — SaaS software for the deskless workforce

Flash note

TMT

28.10.21

Checkit — BP contract expands relationship on a global scale

edison tv

TMT

05.10.21

Is it time to invest in the deskless revolution?

Update

TMT

17.09.21

Checkit — Bringing visibility to deskless worker operations

Update

TMT

12.08.21

Checkit — Further growth in recurring revenues

Update

TMT

26.07.21

Checkit — Highlighting the opportunity

Update

TMT

13.05.21

Checkit — Promising start to the year

Update

TMT

29.04.21

Checkit — On the front foot

edison tv

TMT

11.02.21

Checkit – executive interview

Update

TMT

11.02.21

Checkit — 33% growth in recurring revenue

Update

TMT

04.02.21

Checkit — Building foundations in the US

Initiation

TMT

01.12.20

Checkit — Smarter operations management

Further insights

insight

23.09.21

Seven things every investor needs to know about Checkit

Analyst of the week

Katherine Thompson

Katherine Thompson

Director

kthompson@edisongroup.com 020 3077 5730

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