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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% | 22.00 | 07:30:33 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 22.00 | 22.00 | 22.00 | 22.00 | 22.00 |
| Industry Sector |
|---|
| SOFTWARE & COMPUTER SERVICES |
| Top Posts |
|---|
Posted at 30/8/2023 15:15 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 09:07 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 10:59 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 10:33 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 |
Posted at 26/7/2022 23:48 by hatfullofsky MCAP £32m, Cash at year end of GBP24.2m.Investment in growth in US.No news has hurt CKT |
Posted at 28/4/2022 07:17 by yellowstoneadvisory #CKT FY results inline. Transition to a pure SAAS business continues at a good pace.ARR + 43% to £8.2m. Pipeline of ARR stood at £15.4m , current trading has progressed well , in line with mkt expectations Webinar at 12pm today. Register |
Posted at 21/9/2021 11:54 by wad collector Missed these last week.16 September 2021 Checkit plc ("Checkit" or the "Group") Interim results for the six months ended 31 July 2021 Checkit plc (AIM: CKT) announces its unaudited results for the six months ended 31 July 2021 (the "Period" or "H1 FY22") . Highlights -- Annual recurring revenue ("ARR") run rate of GBP6.6m at period end -- Recurring revenue increased by 31%* to GBP3.1m (H1 FY21: GBP2.4m), reflecting the Group's focus on SaaS (software as a service) growth -- Total revenue from continuing operations increased by 13%* to GBP7.9m (H1 FY21: GBP7.0m*) -- Operating loss before non-recurring or special items of GBP(1.7)m (H1 FY21: GBP(1.5)m), reflecting increased investment in sales, marketing and product development -- Cash at 31 July 2021 of GBP8.5m (31 January 2021: GBP11.5m) -- Acquisition of Tutela Monitoring Systems LLC ("Tutela") completed during the period, accelerating the Group's US expansion -- The Board remains confident about the prospects for the business * The prior period's revenue has been normalised to illustrate sales that would have been included in the Group's financial results had Tutela, which was acquired on 4 February 2021, been fully owned by the Group throughout both periods. Excluding the acquisition of Tutela, Group revenue for the comparative period last |
Posted at 30/4/2021 22:39 by gersemi A business primed for the ‘new normal’Operating losses slashed. Annual recurring revenue (ARR) increases 46 per cent. Small acquisition and additional hire boosts US sales drive. Technology group Checkit (CKT:63p) has reduced full-year adjusted operating losses by more than half to £3.1m on 35 per cent higher revenue of £13.2m, an eye-catching 15 per cent outperformance of previous guidance (‘Technology stocks for the new normal’, 26 October 2020). Net cash of £11.5m was £1m higher, too. Checkit’s workflow management software digitises the scheduling and reporting of operational workflows with a view to automating manual processes, increasing efficiency and delivering greater management insight. Despite Covid-19 headwinds impacting some customers, annual recurring revenue (ARR) increased by 46 per cent to £5.7m, driven by new customer wins in the NHS and food retail sector, as well as contract renewals on enhanced terms. The accelerated pace of digital transformation brought on by the pandemic is clearly validating Checkit's value proposition in the new ‘normal’ as companies look to manage deskless workforces through data-driven remote monitoring, and automated systems surveillance. There are tangible cost benefits, too, for corporate customers in Checkit’s five industry verticals: healthcare, food and retail, facilities management, pharmaceutical and fast-food restaurants. The acquisition of US-based Tutela Monitoring Systems and hiring of an experienced Software-as-a-Servic Checkit’s share price has risen by a third since my last update, and the re-rating has further to run to my new target of 75p. That’s because Checkit could hit the inflexion point of operating profitability sooner than I had envisaged, a possibility is not reflected in an enterprise valuation of two times annual revenue, a 70 per cent discount to the UK software sector average. Buy. |
Posted at 29/4/2021 07:16 by yellowstoneadvisory #CKT FY - inline with higher numbers guided in Feb.Chairs statement particularly bullish on future prospects. Current year started strongly Webinar today at 1pm. Hear the mgmt team and ask your questions. hxxps://us02web.zoom |
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