Checkit plc has reported annual recurring revenue growth ahead of market expectations.
The intelligent operations platform for deskless workers, which is listed on London’s junior AIM market, reported a 28% increase in ARR to £11.5 million for the year ended 31st January 2023.
The Cambridge firm also reported net cash of £15.6m.
Checkit has continued to expand into the US market, achieving 91% year on year ARR growth to £2.8m as a result of a number of contract wins, including continued growth in its footprint with its biopharma customers and a new contract with a large resort and casino operator.
It says these new contract wins have the potential to grow significantly over time, with its US business on track to be the largest revenue contributor of the group.
Checkit has also renewed one of its largest existing enterprise contracts with an integrated energy company to provide real time operations management capability to over 300 sites.
Recurring revenue now accounts for 93% of total revenue, demonstrating a transition into a subscription-based model.
“We are pleased to have delivered strong growth in ARR and a robust cash position, both of which are ahead of market expectations,” said CEO Kit Kyte.
“We expect the positive sales momentum to continue and as we enter FY24, we will look to continue to expand our US presence and build on the successes of the past year.”