Skillcast Group PLC on Wednesday said revenue for the first six months of the year grew by double-digits and is on track to deliver its full-year expectations.

The London-based e-learning software and content company said it expects a 16% growth in revenue for the first half of 2023 to £5.2 million from £4.5 million a year prior. This was driven by strong showing in recurring subscription revenues and a stable performance from professional services, Skillcast explained.

Annual recurring revenue over the last 12 months to June rose by 26% to £8.0 million from £6.3 million, in part due to clients at higher average transaction values and upsells of new and existing products, as well as a 10% price rise on renewals.

At June 30, Skillcast had no debt and £7.6 million of cash in bank, down from £7.7 million at December 31.

Looking ahead, Skillcast said due to positive momentum, it is on track to return to profit in the future, and is currently focusing on increasing its investment in artificial intelligence.

The company said it will announce its interim results on September 27.

Chief Executive Officer Vivek Dodd said: ‘We are cognisant of the challenging macro environment but remain confident about achieving our full-year growth expectations for 2023.’

Shares in Skillcast were up 5.1% at 20.50 pence each in London on Wednesday morning.

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