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Checkit sees annual results topping market expectations following strong Q4
StockMarketWire.com
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Workflow management software company Checkit said it expectations operating results to top market expectations following stronger-than-expected fourth-quarter performance.
The company said it expected operating result for FY21 would be 'around 15% better than current market estimates.'
For the three months to 31 January, revenue rose 6% to £3.4 million year-on-year.
Annual recurring revenue grew by 46% year-on-year to close at £5.7 million, reflecting the increase in annualised contracted revenues achieved during the year, the company said.
Recurring revenue for Checkit Connect for Q4 grew 51% compared to the same period in the prior year, and closed FY21 at £5.1m, up 33% compared to prior year.
The company said it would increase investment in sales and marketing in FY22 to 'maximise subscriber volumes on the back of digital transformation trends which the board believes will serve to accelerate ARR growth.'
At 8:36am: (LON:CKT) Checkit Plc share price was 0p at 47.5p
Story provided by StockMarketWire.com
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