Profit from this under-the-radar AI data play
Summary
Cambridge-based technology group Checkit (CKT:29.5p) is accelerating its path to profitability by adopting a “land and expand” strategy focussed on higher quality and higher value recurring revenue growth. Chief executive Kit Kyte told Investors Chronicle that the three Compass contracts will earn Checkit annual recurring revenue (ARR) of £35,000 each, but there are 15 more customer opportunities with the group, some of which are worth £100,000 in ARR. Kyte also revealed that the group’s total sales pipeline has increased from ARR of £13.3mn to £15mn since January 2023 with a total contract value of £45mn over a typical three-year term. Its workflow management software platform offers customers data-driven remote monitoring and automated systems surveillance to manage their teams of deskless workers. By digitising the scheduling and reporting of workflows, it can boost staff efficiency and deliver better management insight.