Checkit PLC on Thursday reported ‘good visibility’ for the future as it expects to announce higher annual revenue and a narrowed loss.
Shares in the company were down 5.1% at 21.35 pence each on Thursday afternoon in London.
The Cambridge, England-based workflow management software provider said annual recurring revenue increased 16% to £13.3 million at January 31, from £11.5 million a year prior.
Revenue climbed 17% to £12.0 million in the financial year to January 31, from £10.3 million the year before.
Checkit said that its focus on the path to profitability is likely to result in a loss before interest, tax, depreciation and amortisation, of about £3.4 million. This would be better than previously expected and nearly halved from £6.4 million a year prior.
‘During the year, utilising the data we collect and new AI and machine learning tools, we have successfully added new functionality to our products that will allow our customers to deliver sustainability and energy saving initiatives and benefit from predictive maintenance of their assets,’ the company said.
Looking ahead, Checkit added: ‘We have continued to invest in our products and our markets and we are gaining traction geographically, with 26% of ARR now generated in the US, and as we develop our offerings to address new sectors, such as food manufacturing and research & development laboratories.’
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