Checkit - Edison Group

Checkit (AIM: CKT)

Currency in GBP

Last close As at 22/09/2023

GBP0.29

▲ −1.00 (−3.33%)

Market capitalisation

GBP32m

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 |
Update

14.09.23

Checkit — Making good progress towards profitability

TMT |
Update

10.08.23

Checkit — Trading on track in tough environment

TMT |
Outlook

19.07.23

Checkit — Adapting growth strategy to market conditions

TMT |
Update

24.04.23

Checkit — Land-and-expand focus paying off

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)

9.5

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
%	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

Financials

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

Research

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

TMT

Flash note

Checkit — Three-year contract with Biomat in the US

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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