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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Checkit Plc | CKT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 19.50 | 08:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 19.50 | 19.50 | 19.50 | 19.50 | 19.50 |
| Industry Sector |
|---|
| SOFTWARE & COMPUTER SERVICES |
| Top Posts |
|---|
Posted at 04/7/2024 21:13 by wad collector New contract RNS for recurring £250k. Maybe CKT is going to fly after all.... |
Posted at 06/6/2024 08:00 by porous lover There is clear rationale for this takeover with likely £3m+ of central costs, listing costs and synergies that CKT would benefit from. Arguably this would accelerate CKT to cash neutrality in the year. There are, however, 2 substantial risks:1) Very weak management with no track record of delivery 2) Somewhat related, high execution risk. CKT has spent c£10m on acqusitions in the last few years and burned through an additional c£20m+ of cash. All for a market cap of £25m which will take into account the £8-9m of cash on the BS. I expect £2.50 all cash would be the minimum level acceptable to TIDE. Why TIDE investors would be excited by a potential 10-11:1 share exchange is a question to ponder. |
Posted at 04/6/2024 21:28 by wad collector So an attempted takeover of Crimson Tide has been rejected. The drop in CKT share price is not surprising as either nothing will happen and cost of the bid is wasted, or a higher offer follows. As it is an all-share offer, hardly surprising that TIDE would rather do their own thing than gamble with a CKT holding. |
Posted at 03/5/2024 09:00 by wad collector IC article today by ST positive FWIW, pointing out that Edison reckons loss will fall to 2.3M this year then 0.9M next year and profit the year after. They think the rising market stateside and the source of data for AI by their monitors will be its saviour.Mind you they also said BUY last year and has fallen from 26p to 23p since then. CKT to me appears to be an airliner that is losing height and will crash unless it mends its engine in time. Will it avoid that and soar to the heavens or turn into a fireball and burn our money? |
Posted at 22/4/2024 11:55 by tradertrev KK has been with CKT barely 3 years, 3 months less than that as CEO. The business model had to change from the previous no-holds-barred expenditure on everything in the free money era (largely before his time) to something that assumed no support from the capital markets. This has reduced the new product development activity temporarily (no bad thing really) and focussed sales activity on existing customers (the expand bit of "Land and expand") where sales cycles are probably shorter and business development costs lower, again no bad thing really.I am a small shareholder sitting on a paper loss (bought at average 40p) and hoping to buy some more a little lower down. I am relatively happy with progress in the past 3 years during a particularly difficult business environment. However, I am neutral on KK, whereas Porous Lover appears to have an axe to grind in that direction. Are you a casualty of the company's need to move towards a more sustainable model? |
Posted at 30/8/2023 14:15 by wad collector Looks like a bit of a share price recovery; maybe the worst is behind CKT after all.... |
Posted at 10/8/2023 08:07 by wad collector Not as bad as I feared and a new Compass contract is welcome. The cash burn continues though. Doesn't appear to be any mention of the dividend...Only joking about the dividend. |
Posted at 29/5/2023 09:59 by gerihatrick CHECKIT (CKT)This company presented at Mello this month. They are in the business of digital transformation from paper-based processes. This is like Eagle Eye who digitised the whole paper process of “Loyalty cards and promotions.” It is also like Kainos who have digitised many processes in the Public Sector, including the Passport Office. At Mello, Rosemary Banyard of Downing Unique Opportunities Fund spelt out how this process was followed in renewing her passport. It took 6 days with notifications at each step of the way. It is one of her major holdings. Techinvest does not cover it as they would need to see stronger top line growth before viewing the company as a potential investment. This is because it will remain loss making for the next two years. The CEO was an officer in the Gurkhas for 7 years which included service in Iraq and Afghanistan. He then worked for an International Technology company for 7 years prior to becoming CEO of Checkit 2 years ago. The first service is workforce management. This identifies real time workflow for deskless workers, which is more efficient compared to paper, and more effective. (42m workflows) The second component is IOT sensors which link the data, leading to operational improvement. (42b sensor readings) In applying both components in relation to it largest client, John Lewis, who use both workforce management/IOT.They demonstrated the following savings with 22k endpoints monitored. £3.6m in food wastage savings; £24m in repurposed staff time and £0.6m in optimised energy savings. The return on the investment by JL is rapid. They have a contract with BP using their AI algorithm to predict food demand. Currently they are present in 441 forecourts with the potential to roll out to 4900 over time. They also have Compass and Greggs as clients in the food retail area. In the Health Care sector, they mentioned the Hallmark Care Homes Group who have a heavy reliance on paper-based processes. This is another example of the digital transformation. In Biopharma Temperature compliance is essential for research materials and manual and paper processes are prone to error. Over 90 NHS Trusts are using some component of their technology and others may follow. Restaurants are another market where they are active. They hope to expand further in the US and become market leaders in augmented workflow. (IOT sensors + software + analytics) FY revenue to Jan 2023 showed ARR £11.5m up 28%; recurring revenue was £9.6m up 41%; total revenue £10.3m up 22%. Cash £15.6m (18.3p/share) The transfer to recurring revenue is complete and is now 93% total revenue. Loss £7.3m and forecast loss over next 2 years £9m (ref Edison) Breakeven is anticipated in 2026 with ARR between £18-£20m. Retention rates are 116% which reflects their “land and expand approach.” They are accumulating tax credits of £100-£120k pa. The US has expanded from £0.4m in 2021 to £1.5m to £2.8m this year. The sales cycle varies according to region/size of contract from 18 months to 90 days. They have 500 customers in the UK/EU. D and A Holdings hold 21.76%; Keith Daley holds 19.37% (Ch and NED); HIT 9.42% and about 50% are in public hands. CEO holds 0.1% and CFO 0.05%. This summary has been sourced from their Mello presentation; IMC investor presentation in Feb 2023, their results presentation in April 2023, and Simon Thompson in the IC, who makes it one of his bargain shares for 2023 @ 29p. I have bought an initial holding at 24.5p. |
Posted at 25/4/2023 09:33 by hatfullofsky From Simon Thompson at the ICGlobal supply chain challenges, the rising cost of labour and increased compliance requirements mean that the premium on simplifying deskless operations has never been more relevant. This is good news for Cambridge-based Checkit (CKT:29p), a technology group that provides customers with a workflow management software platform that delivers data-driven remote monitoring and automated systems surveillance to manage their teams of deskless workers. Digitising the scheduling and reporting of workflows can enhance staff efficiency and retention rates, operational insight and compliance. By targeting five key verticals (retail, healthcare, facilities management, franchise and biopharma), large organisations (two-thirds of sales pipeline), and expansion in the US (24 per cent of annual recurring revenue ARR), the group has doubled ARR to £11.5mn over the past two years. Gross margin is improving, too, rising from 61 per cent in the first half to 64.8 per cent in the second half of the latest financial year to help drive down the cash loss from £3.7mn to £2.7mn, respectively. Cash burn also fell 17 per cent in the second half, adding weight to the belief that net cash of £15.6mn (14.4p) should see Checkit through to cash profitability. The directors are currently predicting that the business will turn cash profitable in the financial year to 31 January 2026, but it could happen sooner if the group outperforms. For the new financial year, expect the cash loss to be slashed from £6.4mn to £3.7mn based on 21 per cent higher revenue of £12.5mn. Key drivers of move to profitability Key to maintaining the progress will be converting the new customer sales pipeline in the US, a key growth market that is five times larger than the UK, and expanding services to existing customers through the group’s ‘land and expand’ customer strategy. A good example is Checkit’s contract with BP (BP.). The oil giant uses a Checkit-developed artificial intelligence (AI) algorithm in its Food to Go outlets to reduce food wastage by accurately predicting the number of cooked items sold during the day and providing data insights to improve decision-making. Checkit doubled its footprint with BP by rolling out its platform across 441 BP forecourts in Australia and New Zealand. The plan is to scale up the contract to 4,900 locations within three years, representing a quarter of BP’s global network of service stations. A positive outlook statement and a drive to accelerate the path to profitability are highly supportive of the investment case for one of my 2023 Bargain Shares. Buy. |
Posted at 09/2/2023 22:28 by hatfullofsky LDGARIXGATCNSCICKTTM |
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