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Wednesday 16 September 2020

Checkit looks to maintain momentum in H2

cheCambridge-headquartered Checkit has released its H1 results, which cover the six months to the end of July and therefore the period of national lockdown. The firm provides software for workflow management, asset management and connected building management.

During the period, Checkit said it “coped well”, with revenue growth of 2.3% to £6.4m on normalised basis. The results show the business had it owned Checkit UK Limited (acquired May 2019) throughout both periods. Operating losses almost halved to £1.5m.

Operating across a range of sectors including healthcare, retail, life sciences, facilities management, catering, education, hospitality and commercial property (e.g. NHS, BP, Waitrose, Sodexo and Center Parcs), the firm furloughed 30% of staff and experienced disruption to customer installation projects.

However, it says its operating performance came in slightly above the Board's expectations due to “careful cost control” and the implementation of the Government's Coronavirus Job Retention Scheme subsidy. This meant it was able to continue to investment in new product development during the H1 period.

Clearly some of Checkit’s sector coverage is in areas that have been hard hit by COVID. On the flipside, its solutions will be particularly attractive in the current climate as organisations look to speed-up the digitisation of processes to improve experience and reduce costs.

The firm plans to continue its cautious approach in the second half, carefully managing cash to try to sustain what has been good momentum under the circumstances. 

Posted by: Kate Hanaghan

Tags: results   workflow  

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