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Wednesday 21 September 2022

Modest growth for itim amid tough times for retailers

itimAIM-listed, SaaS technology provider, itim Group plc, has published interim results for the six months ended 30 June 2022. The retail sector specialist revealed revenue of £6.8m representing a year-on-year increase of 6.25% with annual recurring revenue up 19% to £12.6m. Meanwhile, itim reported a first half loss £0.4m, up from £0.1m in H1 FY21.  

itim was founded in 1993 with the company originally providing business consulting services to shops and physical retailers looking to improve their performance. The business subsequently expanded into the provision of proprietary software solutions and by 2004 became focused almost entirely on technology.  Over the years itim has made a series of modest acquisitions, adding small legacy retail software systems and applications to its portfolio. These components now form the basis for itim’s flagship Omni-channel platform.

It’s no secret that these are extremely challenging times for the retail sector and especially those companies that rely on a physical presence. As a result, itim itself is likely to be facing some tough times ahead. Against this backdrop, the firm’s steady growth is commendable, and no doubt retailers will be seeking out mechanisms to improve operational efficiency to help improve their depleted margins.

Posted by: Jon C Davies at 09:35

Tags: retail  

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