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(Alliance News) - Checkit PLC on Tuesday reported a widened loss for the financial 2020 year despite a sharp rise in revenue.
For the 12 months to the end of January, Checkit posted revenue of GBP9.8 million, up significantly from GBP1.0 million reported for the year prior. Sales from Checkit Europe and Checkit UK were up 30% and 7% respectively.
However, pretax loss widened to GBP16.4 million from GBP4.5 million. Operating expenses rose to GBP19.1 million from GBP4.5 million as an exceptional cost of GBP11.3 million was reported.
Of the GBP11.3 million, GB10.6 million was related to amortisation of acquired intangibles and impairments of intangible assets as a result of the Covid-19 crisis and GBP700,000 resulted from corporate restructuring during the year.
Looking ahead, the Cambridge-based company said it expects to continue to be "significantly" hurt by the pandemic for at least until the end of January 2021.
"This unprecedented situation makes forecasting impossible and the board has therefore withdrawn guidance for the time being. However, given the significant level of opportunities available in the medium to long term, the board maintains its positive view for the future," Checkit said.
As at the end of May, the company had cash of GBP13.1 million.
Shares in the software company were trading flat at 30.00 pence each on Tuesday morning in London, but 12% lower than at the beginning of the year.
By Ife Taiwo; ifetaiwo@alliancenews.com.
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