Full Year Trading Update
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Skillcast Group plc, the provider of SaaS compliance platforms and off-the-shelf e-learning, is pleased to announce a trading update for the year ended 31 December 2023, a further year of strong growth in annualised recurring revenue ("ARR")*.
The Group's revenue for 2023 is expected to be c. £11.3 million, 15% higher than the previous year (2022: £9.8 million). The revenue growth is entirely organic and driven by strong growth in recurring subscription revenues, which increased by 28% to £8.5 million (2022: £6.7 million). Recurring subscription revenues represented 76% of total Group revenues in 2023 (2022: 68%). Professional services revenues were 12% below the previous year at £2.8 million (2022: £3.1 million).
The ARR* grew by 37% from £6.8 million in December 2022 to £9.3 million in December 2023, driven by new customer acquisition and sales of new products. This, combined with a strong pipeline of new business, means that the Group is well positioned to continue to achieve its revenue objectives over the next year.
LBITDA is expected to be no higher than £0.8 million (2022 LBITDA: £0.3 million).
The Group's net cash position at 31 December 2023 was £7.2 million (31 December 2022 net cash: £7.7 million). This represents c. 8p per ordinary share in the Company.
The Company expects to announce its full year results and recommend a final dividend for the year ended 31 December 2023 in April 2024.
Vivek Dodd, CEO of Skillcast, said:
"We are delighted with our performance in 2023. Our SaaS subscriptions ARR growth rate accelerated from 16% in 2022 to 37% in 2023. This validates our two-year plan to accelerate our technology and sales investment since our IPO in December 2021. We now have the products and key personnel to sustain growth and return to profitability in the second half of 2024. We look forward to sharing more when we announce our full-year results in April."
* ARR is calculated by annualising revenue recognised in a given month from all client subscriptions on annual contracts
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