27 Jul 2022 07:00
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
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27 July 2022
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Skillcast Group plc
("Skillcast", the "Group", or the "Company")
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Half-Year Trading Update and Notice of Interim Results
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Skillcast Group plc (AIM: SKL), the provider of content and technology for digital compliance transformation, is pleased to announce a positive trading update for the six months ended 30 June 2022.
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The Group expects to report revenues of £4.5 million for H1 2022, a 20% increase on the comparative period last year (H1 2021: £3.7 million). The growth was driven by a strong performance in recurring subscription revenues, which increased 32% on the same period last year, and stable performance from professional services.
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The Group's ARR* increased by 26% to £6.2 million in the 12 months to June 2022 (June 2021: £5.0 million) and by 8% since the start of the year (December 2021: £5.8 million). The share of the revenue from subscriptions increased to 69% (H1 2021: 63%) of total Group revenues.
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In terms of profitability, the Group is on track with previously stated expectations as it continues to invest for future growth. Accordingly, it expects to report a small adjusted EBITDA loss for the first half, consistent with achieving full-year expectations.
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The Group had no debt and cash of £7.5 million on 30 June 2022.
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Notice of Interim Results
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The Group will announce its full interim results on 28 September 2022.
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Vivek Dodd, Chief Executive Officer of Skillcast Group, commented:
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"We are delighted with the growth in revenues, in particular the growth in subscription revenues and ARR from new clients of our SaaS** products. Since our IPO in December 2021, we have been investing to support future growth. We appreciate that the stock markets, especially the tech sector where we play, have witnessed a downturn since our IPO last December. However, we have demonstrated the strength and resilience of our proposition, continuing to grow at expected levels. We are confident that our non-discretionary corporate compliance and e-learning offer is well placed to weather the heightened political and economic uncertainty we face."
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* ARR (Annualised Recurring Revenue) is calculated by annualising revenue recognised from all client subscriptions on annual contracts in a given month.
** Software as a Service
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For further information, please contact:
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Skillcast Group plc Richard Amos, Chairman Vivek Dodd, CEO Richard Steele, CFO Â | +44 (0) 207 929 5000 |
Allenby Capital Limited (Nominated Adviser and Broker) James Reeve / Piers Shimwell (Corporate Finance) Jos Pinnington (Corporate Broking and Sales) Â | +44 (0) 203 328 5656 |
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About Skillcast Group plc
Skillcast helps companies build ethical, inclusive, and resilient workplaces. It provides content and technology to digitise and streamline compliance processes and manage them from a single compliance portal. Its product range includes a Learning management system with comprehensive off-the-shelf compliance course libraries, a Policy hub, Staff declarations, Anonymous surveys, CPD tracking, and compliance registers for gifts, expenses, PA dealing, and whistleblowing.