Elektron Technology PLC Checkit passes £1 million annual recurring revenue (3424K)
10 April 2018 - 4:00PM
UK Regulatory
TIDMEKT
RNS Number : 3424K
Elektron Technology PLC
10 April 2018
10 April 2018
Elektron Technology PLC
Checkit passes GBP1 million Annual Recurring Revenue
milestone
Elektron Technology plc (AIM: EKT, "Elektron", "Group")
announces a significant milestone for Checkit Limited ("Checkit"),
its subsidiary business focused on providing real-time operations
management and monitoring technology.
Contracted annual recurring revenue ("ARR") has now passed GBP1
million, which is ahead of management expectations. This compares
to over GBP0.75 million per annum of ARR for Checkit as at 31
January 2018, as previously reported.
ARR relates to systems already installed and agreed to be
installed and is therefore a leading indicator of committed future
turnover. The Checkit service is based on a software as a service
("SaaS") model with subscription income being recognised monthly in
the financial accounts. In the first month of a contract only one
month's income will be recognised and therefore it takes 12 months
until ARR from each contract is fully reflected in Checkit annual
turnover, which also includes one off services such as
installation, training and consultancy. In the years ending 31
January 2017 and 2018 Checkit sales were GBP0.3 million (audited)
and GBP0.5 million (unaudited) respectively.
Checkit continues to build its customer base among large, medium
and small sized businesses in the UK and plans international
expansion later this year. February 2018 saw the launch of
Checkit's Operational Insights business intelligence tool, which
further enhances its offering.
John Wilson, Chief Executive Officer of Elektron, said:
"Today's announcement is an important milestone for Checkit and
provides further validation of the significant investment that the
Group has made in the Checkit business. Checkit has moved from
start-up to scale-up phase and the Board remains confident in the
overall long term growth prospects of the business. "
Enquiries:
Elektron Technology plc +44 (0) 1223 371000
-------------------------------- ----------------------------
John Wilson (CEO) www.elektron-technology.com
-------------------------------- ----------------------------
Andy Weatherstone (CFO and
Company Secretary)
-------------------------------- ----------------------------
N+1 Singer (Nominated Adviser
& Broker) +44 (0)20 7496 3000
-------------------------------- ----------------------------
Shaun Dobson / Jen Boorer
(Corporate Finance)
-------------------------------- ----------------------------
Michael Taylor (Corporate
Broking)
-------------------------------- ----------------------------
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Notes to Editors
Elektron conceives designs and markets innovative products and
services for businesses that connect, monitor and control. We have
a multi skilled team of engineers, software and product line
specialists based in Cambridge focused on the opportunities created
by global trends in the following areas:
- Demand for ubiquitous power and data: www.bulgin.com
- Real-time operations management using Internet of Things (IoT)
technology: www.checkit.net
- Screening for the effects of ageing on sight:
www.elektron-eye-technology.com
This information is provided by RNS
The company news service from the London Stock Exchange
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