Skillcast Group PLC Full Year Trading Update (6293C)
24 February 2022 - 6:00PM
UK Regulatory
TIDMSKL
RNS Number : 6293C
Skillcast Group PLC
24 February 2022
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
24 February 2022
Skillcast Group plc
("Skillcast", the "Group", or the "Company")
Full Year Trading Update
Skillcast Group plc, a provider of e-learning and digital
compliance transformation, is pleased to announce a positive
trading update for the year ended 31 December 2021.
The Board expects, subject to completion of the 2021 audit, the
Group's revenue for 2021 to be not less than GBP8.3 million (2020:
GBP7.3 million), and adjusted EBITDA* to be not less than GBP1.1
million (2020: GBP1.2 million). The revenue growth is underpinned
by strong growth in recurring subscription revenue as well as a
stable performance from professional services.
The Group uses annualised recurring revenue ("ARR")** as a key
performance indicator to measure the size of the Group's
subscription business. During 2021, the Group's ARR grew by 29%
from GBP4.5 million in December 2020 to GBP5.8 million in December
2021. Overall, recurring revenue increased to over 62% of total
revenue in 2021 (2020: 56%), driven by new client acquisitions and
net retention of the Group's content and software-as-a-service
(SaaS) subscription base.
The Group's earnings were supported by an increase in
professional services revenue late in the year. This revenue
typically fluctuates and, although it declined in the first half of
the year due to COVID-19 lockdowns, the full year professional
services revenue is expected to be not less than GBP3.1 million
(2020: GBP3.2 million).
The Group's net cash position on 31 December 2021 was GBP7.8
million, including the net proceeds of the successful GBP3.5
million placing for the Company at the time of its admission to AIM
(31 December 2020 net cash: GBP3.8 million).
Vivek Dodd, CEO of Skillcast, said: "We are pleased with the
subscription and professional services revenue that we achieved in
2021. We have the technology, content and award-winning client
service to help companies build ethical, inclusive and resilient
workplaces. Our admission to trading on AIM is helping us to
attract talent, win clients and strengthen our leadership in the
field of digital compliance transformation."
*Earnings before interest, tax, depreciation, amortisation and
adding back leasehold depreciation and reinstating the related
rental charge (reversing the IFRS 16 leasehold depreciation)
** ARR is calculated by annualising revenue recognised in a
given month from all client subscriptions on annual contracts
For further information, please contact:
Skillcast Group plc
Richard Amos, Chairman
Vivek Dodd, CEO
Chris Backhouse, CFO +44 (0) 207 929 5000
Allenby Capital Limited (Nominated Adviser
and Broker)
James Reeve / Piers Shimwell (Corporate
Finance)
Tony Quirke / Jos Pinnington (Corporate
Broking and Sales) +44 (0) 203 328 5656
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTSEFFADEESEEE
(END) Dow Jones Newswires
February 24, 2022 02:00 ET (07:00 GMT)
Skillcast (LSE:SKL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Skillcast (LSE:SKL)
Historical Stock Chart
From Jul 2023 to Jul 2024