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.
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Greg Price
CFO
Keith Daley
Chairman
Kit Kyte
CEO
Forecast net cash (£m)
9.5
Forecast gearing ratio (%)
N/A
% | 1M | 3M | 12M |
---|---|---|---|
Actual | 38.1 | 28.9 | 34.9 |
Relative | 31.7 | 29.4 | 29.2 |
52 week high/low | 34.0p/14.0p |
Checkit reported annual recurring revenue (ARR) growth of 24% y-o-y in H124, with more than half of the growth from upsells and cross-sells to its existing customer base. Revenue was 19% higher y-o-y and EBITDA losses nearly halved y-o-y. We have upgraded our FY24 EBITDA forecast on better gross margins and operating efficiencies. Recent contract wins provide upsell potential and the recent John Lewis contract renewal highlights the stickiness of the technology.
Y/E Jan | Revenue (£m) | EBITDA (£m) | PBT (£m) | EPS (fd) (p) | P/E (x) | P/CF (x) |
---|---|---|---|---|---|---|
2022A | 8.4 | (5.6) | (6.1) | (9.0) | N/A | N/A |
2023A | 10.3 | (6.4) | (7.3) | (6.9) | N/A | N/A |
2024E | 12.0 | (3.6) | (4.7) | (4.3) | N/A | N/A |
2025E | 14.2 | (2.3) | (3.6) | (3.4) | N/A | N/A |