Skillcast Share Price (SKL)

26th Apr 2023 7:00 am RNS Final Results

Results for the twelve months ended 31 December 2022

Skillcast (AIM: SKL), the provider of content and technology for digital compliance transformation, is pleased to announce its audited results for the twelve months ended 31 December 2022.

... Current trading and outlook

We have entered the new financial year with a strong sales and product pipeline. We are well prepared to capitalise on the demand for digital compliance transformation and drive sustainable growth of our subscriber base.

We are starting to see the fruits of our post-IPO investments. We are attracting new customers with higher annual contract values, and our ARR at the end of Q1 2023 was 22% up year on year at £7.2 million (March 2022 ARR: £5.9 million).

We expect further improvements this year, led by the launch of our multi-lingual Global Risk and Compliance libraries in March and other content and SaaS product launches later this year. We have migrated all our clients to our new cloud-hosting platform, giving us a more scalable infrastructure for further growth.

Whilst not immune to the recent banking and wider economic concerns, we remain well diversified with over 1,000 clients and 45% of revenues coming from non-financial services customers.

Trading since the period end has continued to increase on the prior year, driven by growing subscription revenues, and remains consistent with achieving market expectations.

Vivek Dodd, Chief Executive Officer of Skillcast, said:

"Skillcast enables companies to digitise and consolidate their compliance processes, thereby reducing costs, improving their employee experience and helping build more ethical, inclusive and resilient workplaces. With companies facing inflationary pressures as well as regulatory demands, the need for this compliance transformation is greater than ever.

"We are pleased with the 28% growth in our subscription revenue in 2022, which raised the total revenue growth to 17% and meant that subscription revenue as a proportion of total revenue increased to 68% (2022: 62%).

"Since our IPO in December 2021, we have made substantial improvements to our content and technology products and have maintained our 4.9/5.0 customer service rating. We have successfully attracted and retained top talent in key roles.

"Trading in the first half of the year has started well , and the pipeline of new prospective customers is strong. Despite the macroeconomic uncertainties in our markets in the UK and the EU, we remain on track to meet market expectations by offering cost-saving, risk-reducing compliance solutions to our customers." ...

https://www.lse.co.uk/rns/SKL/final-results-9w6agdb5vz4smo3.html