Checkit annual recurring revenues grow in FY22

Cloud-based services provider Checkit said on Thursday that full-year annual recurring revenues had shot up in the twelve months ended 31 January thanks to strong second-half sales bookings.

Checkit said annual recurring revenues were up 43% year-on-year at £8.2m, while non-recurring revenues slumped 29% to £6.5m. Total group revenues were down 7% at £13.3m.

Recurring revenue accounted for 51% of total revenue for the full year, while in the last three months, it contributed 75% of total revenue as Checkit continued its transformation into a pure software-as-a-service business.

The AIM-listed group said it delivered bookings growth of 95% in the period, underpinning management's confidence in delivering strong ARR growth in the 2023 trading year and beyond.

Checkit added that it remains confident in "the significant opportunities presented by the growing deskless worker industry" and said a further update will be provided as part of its preliminary results announcement on 28 April.

As of 1020 GMT, Checkit shares were up 4.55% at 46.0p.