Software company Checkit has said its path to profitability is moving faster than expected, after it has halved losses year on year in its most recent full year update.
The Cambridge based tech group said on Thursday it lost £3.4m in 2023, compared to £6.4m the previous year.
Listed on Aim, Checkit provides customers with a workflow management software platform that delivers remote monitoring and automated surveillance to manage their teams of so-called deskless workers.
Annual recurring revenue grew by 16 per cent to £13.3m, in line with expectations, in 2023 – up from £11.5m the year before. Recurring revenues represent 93 per cent of the total revenue, which came in at £12m.
Chief of Checkit, Kit Kyte, said: “The second half of the year has seen further progress on our stated strategy and our drive towards profitability.”
The company is UK based but it plans to reach profitability and scale up its existing operations in the US over the next couple of years.
“Our new [artificial intelligence] AI enhanced products are, we believe, best in class and a step change ahead of what’s currently available in the market,” Kyte added.
Checkit said its AI and machine learning tools have added “new functionality” to products, enabling customers to improve their sustainability and energy saving strategies.