Checkit announced its unaudited preliminary results for the year ended 31 January 2021 (FY21) ahead of the release of the full Annual Report and Accounts to shareholders.

The Annual Report will be published ahead of the Annual General Meeting, which is expected to take place on 3 June 2021.

The Group’s management team presented a live webinar for investors on Thursday, 29 April. Executive Chair Keith Daley, Chief Finance Officer Aylsa Muir and Chief Commercial Officer Kit Kyte summarised Checkit’s positive momentum over the past year and shared the Company’s exciting vision to bring intelligent operations management to the world’s deskless workers.

Click below to watch a replay of the webinar:

 

 

FY21 Highlights
Overview

The Board was able to upgrade its expectations during FY21 and these results represent a further upgrade on the expectations set at the time of the trading update issued on 11 February 2021.

Financial
  • Annual recurring revenue (ARR) run rate closed at £5.7m (+46%) (2020: £3.9m)
  • Non-recurring revenue £8.1m (-9%) (2020: £8.9m normalised) *
  • Total revenue from continuing operations £13.2m; (+3%) (2020: £12.8m normalised) *
  • Operating loss before non-recurring or special items** £3.1m (2020: loss of £6.5m)
  • Operating loss £5.3m (2020: loss of £9.2m)
  • Cash at year end £11.5m; (2020: £14.3m)

* Normalised revenue refers to revenue that would have been included in the Group’s financial results had Checkit UK Limited, which was acquired on 14 May 2019, been owned by the Group throughout both periods.
** Non-recurring or special items include such items as restructuring, acquisition costs, impairments and amortisation of acquired intangibles and other non‑recurring items incurred outside the normal course of business.

Outlook
  • The current financial year’s trading (FY22) is tracking ahead of the Board’s expectations set at the start of the current financial year. A further update on FY22 performance will be provided as part of the Q1 trading update.
  • Increased investment in sales, marketing and product in FY22 will enable Checkit to take advantage of the significant market opportunity offered by a digitally underserved deskless workforce.
  • Tutela LLC, which was acquired in February 2021, is showing early signs of promise.