Workflow management software provider Checkit said it is approaching profitability with increased revenue and losses halved for 2023.
Checkit’s management software is also used for automated employee monitoring for remote “deskless workers”.
The Cambridge-based firm, which develops workplace software used by the NHS, BP, Waitrose and Center Parcs, posted a 16% increase in annual recurring revenue to £13.3m in its latest trading update.
The AIM-listed company also said its losses for the year dropped from £6.4m in 2022 to £3.4m last year. The results were said to be “ahead of board expectations”.
The company credited its success in the year to its strategy of upselling products to existing customers, a strategy referred to by the company as “land and expand”. The firm recently incorporated AI technology into its product offering.
“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,” said CEO Kit Kyte.
“Despite the challenges in the wider economy, our diverse customer base and a product suite that is built to deliver operational efficiency uniquely position us for market capture.”
Kyte was appointed as CEO in 2021, having previously worked as the company’s chief commercial officer.