14th Sep 2023 11:13
(Alliance News) - Checkit PLC on Thursday said it expects to deliver an operating performance ahead of market expectations for the current financial year that ends on January 31, 2024, as it reported a narrowed half-year loss.
The Cambridge-based workflow management software provider said pretax loss in the six months to July 31 narrowed to GBP2.5 million from GBP4.5 million a year prior.
Checkit shares rose 14% to 30.70 pence each on Thursday morning in London.
Chief Executive Kit Kyte said: "Checkit is on an accelerated track to profitability. We're scaling growth through our land and expand model, while prioritising operational efficiency and cost reduction. Despite the challenges in the wider economy, our diverse customer base and a product suite that is built to deliver operational efficiency uniquely positions us for market capture."
Revenue rose 19% to GBP5.7 million from GBP4.8 million. Operating expenses contracted by 11% to GBP5.8 million from GBP6.5 million.
Looking ahead, the company said: "We continue to execute against our growth strategy, with an exclusive focus on high quality, high value subscription revenues in our target verticals and geographies. The picture for the business remains positive; high net revenue retention rates underpin our land and expand strategy and continued contract momentum. With an accelerated focus on operational efficiency, the board is confident in delivering an operating performance for [financial 2024] ahead of current market expectations."
By Tom Budszus, Alliance News reporter
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