(Alliance News) - Checkit PLC on Thursday said its results for financial 2020 were in line with expectations, as it expressed its optimism regarding the future growth of the business.
For its year ended January 31, the software company expects UK and Europe sales to total GBP9.8 million versus GBP1.0 million reported a year prior. Sales from its service-as-a-software company Elektron Eye Technology, which has been held for sale, are estimated at GBP2.0 million, down from GBP2.6 million a year ago.
Total group sales, including Elektron, for financial 2020 are estimated at GBP11.8 million, up sharply from GBP3.6 million.
Checkit attributed the lower sales from Elektron unit to a slowdown in the second half of its financial year.
"In view of the limited interest received to date, the board has reduced its expectations regarding potential disposal proceeds", Checkit added.
The Cambridge-headquartered company said its cash balance at the end of the period was higher than expected at GBP14.3 million compared to GBP10.1 million at the end of January 2019.
"This was a good performance during a period of major corporate change as a result of the disposal of the Bulgin business. We are pleased with the performance of Checkit UK, and the integration plan we have put in place is on track. The opportunities for the combined group remain attractive and we are optimistic about future growth," said Executive Chair Keith Daley.
The company is slated to release its financial 2020 results on May 14.
Checkit shares were trading 0.3% higher at 31.60 pence each on Thursday afternoon in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Checkit (CKT)