Allenby Capital: Skillcast Group - FY update

Skillcast’s guidance for the year ended December 2024 is in line with our forecasts and hence confirms a return to profitability. Other key points include: 30% growth in the recurring revenues Subscriptions business which now accounts for 83% of Group revenues; EBITDA for 2024 is expected to be c.£0.5m, from a loss of £0.6m in FY 2023; ARR of £11.3m is double that of three years ago; and the net cash position improved from £7.2m to £9.1m or c.10p per share. We make a minor adjustment to our 2025 revenue forecast but our 2025 EBITDA forecast of £1.5m remains unchanged (+200% yoy). We introduce 2026 forecasts, a further 16% growth in revenues and 45% growth in EBITDA to £2.1m. Now that Skillcast has returned to profitability we expect a pr...