- Annual cash loss slashed from £6.4mn to £3.4mn
- Forecast move into profit and positive cash flow during the 2026 calendar year
Cambridge-based workflow management software technology group Checkit (CKT:21p) is accelerating its move to profitability, reducing cash burn and expanding its software offering to exploit AI-driven capabilities and internet of things (IoT) automation.
By balancing growth ambitions with a greater emphasis on cost efficiency, the group increased its annual recurring revenue by 16 per cent to £13.3mn in the 12 months to 31 January 2024, while at the same time increasing gross profit margin from 63 to 67 per cent. Sales and marketing investment was reduced by 12 per cent to £2.6mn as Checkit focused on upselling and cross-selling to existing customers and identifying growth opportunities in adjacent markets to exploit.