Skillcast Group PLC Trading Update and Notice of Interim Results (8252T)
July 27 2022 - 2:00AM
UK Regulatory
TIDMSKL
RNS Number : 8252T
Skillcast Group PLC
27 July 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.
27 July 2022
Skillcast Group plc
("Skillcast", the "Group", or the "Company")
Half-Year Trading Update and Notice of Interim Results
Skillcast Group plc (AIM: SKL), the provider of content and
technology for digital compliance transformation, is pleased to
announce a positive trading update for the six months ended 30 June
2022.
The Group expects to report revenues of GBP4.5 million for H1
2022, a 20% increase on the comparative period last year (H1 2021:
GBP3.7 million). The growth was driven by a strong performance in
recurring subscription revenues, which increased 32% on the same
period last year, and stable performance from professional
services.
The Group's ARR* increased by 26% to GBP6.2 million in the 12
months to June 2022 (June 2021: GBP5.0 million) and by 8% since the
start of the year (December 2021: GBP5.8 million). The share of the
revenue from subscriptions increased to 69% (H1 2021: 63%) of total
Group revenues.
In terms of profitability, the Group is on track with previously
stated expectations as it continues to invest for future growth.
Accordingly, it expects to report a small adjusted EBITDA loss for
the first half, consistent with achieving full-year
expectations.
The Group had no debt and cash of GBP7.5 million on 30 June
2022.
Notice of Interim Results
The Group will announce its full interim results on 28 September
2022.
Vivek Dodd, Chief Executive Officer of Skillcast Group,
commented:
"We are delighted with the growth in revenues, in particular the
growth in subscription revenues and ARR from new clients of our
SaaS** products. Since our IPO in December 2021, we have been
investing to support future growth. We appreciate that the stock
markets, especially the tech sector where we play, have witnessed a
downturn since our IPO last December. However, we have demonstrated
the strength and resilience of our proposition, continuing to grow
at expected levels. We are confident that our non-discretionary
corporate compliance and e-learning offer is well placed to weather
the heightened political and economic uncertainty we face."
* ARR (Annualised Recurring Revenue) is calculated by
annualising revenue recognised from all client subscriptions on
annual contracts in a given month.
** Software as a Service
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, and whistleblowing.
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END
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