Proactive Investors - Checkit PLC (LON:CKT), the workflow software provider, is trading nearly 14% higher on Thursday at a little over 30p after it said it expects full-year losses to come in lower than the markets had initially expected.
Focusing exclusively on “high quality, high value” sales of its subscription service, which accesses vertical markets in the food service and science industries, the London-listed firm is confident on beating underlying loss estimates of between £3.7 million and £3.8 million.
High revenue retention rates are helping boost contract momentum and the group says an accelerated focus on operating efficiency leaves it confident about performances in the second half.
Revenues lifted 19% in the first six months of the financial year to reach £5.7 million, while adjusted losses for the half shrunk from £3.5 million a year prior to £1.9 million in 2023, the group’s trading update revealed.
Kit Kyte, chief executive officer, said: "Checkit is on an accelerated track to profitability. We're scaling growth through our land and expand model, while prioritising operational efficiency and cost reduction.
Despite the challenges in the wider economy, our diverse customer base and a product suite that is built to deliver operational efficiency uniquely positions us for market capture."