Source - Alliance News

Skillcast Group PLC on Wednesday said it enjoyed a boost from organic growth last year, driven by recurring subscriptions.

Skillcast shares were up 3.2% to 27.35 pence near midday Wednesday in London. They had been up as high as 29.75p earlier in the morning.

The London-based e-learning software and content company said it expects revenue to have climbed 15% to £11.3 million in 2023 from £9.8 million in 2022.

Annualised recurring revenue surged 37% to £9.3 million in December from £6.8 million a year prior, boosted by new customer acquisition and sales of new products.

Skillcast highlighted that its software-as-a-service subscriptions annualised recurring revenue growth rate accelerated to the same 37% in 2023 from 16% in 2022.

However, professional services revenue declined by 12% to £2.8 million in 2023 from £3.1 million the year before.

Meanwhile, the share of recurring subscription revenue in relation to overall revenue increased by eight percentage points to 76% in 2023 from 68% in 2022.

Citing annualised recurring revenue growth and a sound pipeline of new business, the company said it ‘is well positioned to continue to achieve its revenue objectives over the next year.’

Skillcast said it aims to release its 2023 results in April.

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