Source - LSE Regulatory
RNS Number : 6293C
Skillcast Group PLC
24 February 2022

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.


24 February 2022


Skillcast Group plc

("Skillcast", the "Group", or the "Company")


Full Year Trading Update


Skillcast Group plc, a provider of e-learning and digital compliance transformation, is pleased to announce a positive trading update for the year ended 31 December 2021.


The Board expects, subject to completion of the 2021 audit, the Group's revenue for 2021 to be not less than £8.3 million (2020: £7.3 million), and adjusted EBITDA* to be not less than £1.1 million (2020: £1.2 million). The revenue growth is underpinned by strong growth in recurring subscription revenue as well as a stable performance from professional services. 


The Group uses annualised recurring revenue ("ARR")** as a key performance indicator to measure the size of the Group's subscription business. During 2021, the Group's ARR grew by 29% from £4.5 million in December 2020 to £5.8 million in December 2021. Overall, recurring revenue increased to over 62% of total revenue in 2021 (2020: 56%), driven by new client acquisitions and net retention of the Group's content and software-as-a-service (SaaS) subscription base.


The Group's earnings were supported by an increase in professional services revenue late in the year. This revenue typically fluctuates and, although it declined in the first half of the year due to COVID-19 lockdowns, the full year professional services revenue is expected to be not less than £3.1 million (2020: £3.2 million).


The Group's net cash position on 31 December 2021 was £7.8 million, including the net proceeds of the successful £3.5 million placing for the Company at the time of its admission to AIM (31 December 2020 net cash: £3.8 million).


Vivek Dodd, CEO of Skillcast, said: "We are pleased with the subscription and professional services revenue that we achieved in 2021. We have the technology, content and award-winning client service to help companies build ethical, inclusive and resilient workplaces. Our admission to trading on AIM is helping us to attract talent, win clients and strengthen our leadership in the field of digital compliance transformation."


*Earnings before interest, tax, depreciation, amortisation and adding back leasehold depreciation and reinstating the related rental charge (reversing the IFRS 16 leasehold depreciation)

** ARR is calculated by annualising revenue recognised in a given month from all client subscriptions on annual contracts




For further information, please contact:


Skillcast Group plc

Richard Amos, Chairman

Vivek Dodd, CEO

Chris Backhouse, CFO


+44 (0) 207 929 5000

Allenby Capital Limited (Nominated Adviser and Broker)

James Reeve / Piers Shimwell (Corporate Finance)

Tony Quirke / Jos Pinnington (Corporate Broking and Sales)



+44 (0) 203 328 5656


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Skillcast Group PLC (SKL)

+0.50p (+1.28%)
delayed 15:57PM