Itim Grou Share News (ITIM)

(Sharecast News) - Retail software company Itim announced three new customer wins and extensions of existing contracts on Wednesday, for an increase in annual recurring revenue of £1.8m.

The AIM-traded firm said it had been retained by an unnamed London-listed British fashion retailer to provide a "full omni-channel platform".

It also won a contract with an electronics retailer to support its omni-channel strategy, while a Brazilian pharmaceutical company had signed with Itim to assist with price optimisation.

Itim said its software was "in demand" in five particular areas considered "critical" to omni-channel retailing - unified commerce platforms, price optimisation, integrated order management, stock and range optimisation, and supplier collaboration.

At the time of its initial public offering, the company set out its target of achieving £14m in annual recurring revenue by the end of 2022 - an uplift of £2.9m in the year.

The group said it had already reached a "material amount" of that target by the end of the first quarter.

In addition, the board said it was seeing considerable growth internationally, which now accounted for over 35% of group revenues.

The execution of the contracts was in line with the company's financial expectations for the current financial year.

"We are delighted to have secured these contract wins with considerable brands in the fashion, electronics and pharmaceutical industries and it is testament to our offering to be trusted by these companies," said chief executive officer Ali Athar.

"Additionally, demand for our services and products continues to grow across our existing customer base, with customers like Majestic Wine, Blakemore, and Co-op Brazil, continuing to add extensions to their business whilst we continue to expand our pipeline of new prospects."

At 1230 BST, shares in Itim Group were up 10.38% at 117p.