Hargreaves Lansdown

Checkit secures three contract wins, launches new product

Mon 15 April 2024 10:22 | A A A

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(Sharecast News) - Software solutions firm Checkit said on Monday that it has secured new contract wins from two existing customers worth a minimum of 417,000 in total lifetime revenues over their three-year terms.

Checkit said it had signed a new contract with an integrated energy company to provide real-time operations management capability to 50 franchisees in the UK, worth roughly 252,000 over three years which will be installed in tranches over the course of FY25.

The AIM-listed group also signed contracts with a combined minimum value of 165,000 over their three year terms with a "multinational outsourced food service company" for the provision of its CAM and CWM products to end users in four additional locations. These new contracts follow on from three contracts signed at the end of last year.

Additionally, Checkit said it had launched a new product, Asset Intelligence, which applies advanced analytics and machine learning to IoT data which will help enhance customer sustainability, reduce costs, and improve revenue. Checkit said pre-launch trials had demonstrated "a positive impact" on energy consumption, asset lifecycle costs, and operational efficiency.

Chief executive Kit Kyte said: "The release of Asset Intelligence marks an exciting chapter in the evolution of our product offering and our integrated end-to-end platform. We expect Asset Intelligence to provide a strong catalyst for future software growth. Asset Intelligence demonstrates the power of Machine Learning on the proprietary data sets provided by our platform and sensor ecosystem, to deliver meaningful savings and sustainability benefits to our customers.

"The contracts won represent a positive start to FY25 and demonstrate the success of our 'land and expand' strategy. They have potential to be replicated globally."

As of 1020 BST, Checkit shares were up 4.29% at 21.90p.

Reporting by Iain Gilbert at Sharecast.com

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