Skillcast Group PLC Full Year Trading Update (8861N)
January 26 2023 - 2:00AM
UK Regulatory
TIDMSKL
RNS Number : 8861N
Skillcast Group PLC
26 January 2023
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.
26 January 2023
Skillcast Group plc
("Skillcast", the "Group", or the "Company")
Full Year Trading Update
Skillcast Group plc, the provider of content and technology for
digital compliance transformation, is pleased to announce a
positive trading update for the year ended 31 December 2022.
The Group's revenue for 2022 is expected to be c. GBP9.8
million, 17% higher than the previous year (2021: GBP8.4 million).
The revenue increase is driven by strong growth in recurring
subscription revenues, which increased by 26% to GBP6.7 million
(2021: GBP5.3 million). Recurring subscription revenues represented
68% of total Group revenues in 2022 (2021: 62%). Professional
services revenues were in line with the previous year at GBP3.1
million.
The Group made substantial progress through the year on the
investment plans set out at the time of the Company's admission to
AIM in December 2021, including technology upgrades to enhance
scalability and resilience, and hiring plans to drive future
growth. The Directors believe that the Group now has the team
largely in place to deliver on its growth plans over the medium
term. All of these development costs have been fully expensed in
the year and, as a result, adjusted EBITDA* has fallen and is
expected to be in line with market expectations at not less than
-GBP0.5 million (2021: GBP1.2 million).
The Group's net cash position at 31 December 2022 was GBP7.7
million (31 December 2021 net cash: GBP7.9 million). This
represents c. 8.6p per ordinary share in the Company.
Annualised recurring revenue ("ARR")** grew by 16% from GBP5.8
million in December 2021 to GBP6.7 million in December 2022, driven
by new customer acquisition. This, combined with the expected
impact of the 10% price rise that took effect from 1 January 2023
and a strong pipeline of new business, means that the Group is well
positioned to continue to achieve its objectives over the next
year.
Vivek Dodd, CEO of Skillcast, said:
"We are pleased with our performance in 2022, our first full
year as a public company. More and more companies realise the value
of our award-winning e-learning and digital compliance products and
how we can help save them time and money while assisting them in
building ethical, inclusive and resilient workplaces. We are also
delighted with the new talent we have recruited to help us scale
up. We enter 2023 with a strong sales and product pipeline and are
confident of meeting market expectations for the year ahead."
*Earnings before interest, tax, depreciation and amortisation.
In 2021 EBITDA was adjusted for GBP0.9m of IPO costs
** 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 +44 (0) 207 929
Richard Steele, CFO 5000
Allenby Capital Limited (Nominated Adviser
and Broker)
James Reeve / Piers Shimwell (Corporate
Finance) +44 (0) 203 328
Jos Pinnington (Corporate Broking and Sales) 5656
About Skillcast Group plc
Skillcast helps companies build ethical, inclusive, and
resilient workplaces. It provides content and technology to
digitise and streamline compliance processes and manage them from a
single compliance portal. Its product range includes a Learning
management system with comprehensive off-the-shelf compliance
course libraries, a Policy hub, Staff declarations, Anonymous
surveys, CPD tracking, and compliance registers for gifts,
expenses, PA dealing, whistleblowing.
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END
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