Source - LSE Regulatory
RNS Number : 8252T
Skillcast Group PLC
27 July 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.

 

27 July 2022

 

Skillcast Group plc

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

 

Half-Year Trading Update and Notice of Interim Results

 

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.

 

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.

 

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.

 

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.

 

The Group had no debt and cash of £7.5 million on 30 June 2022.

 

Notice of Interim Results

 

The Group will announce its full interim results on 28 September 2022.

 

Vivek Dodd, Chief Executive Officer of Skillcast Group, commented:

 

"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."

 

* 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

 

For further information, please contact:

 

Skillcast Group plc

Richard Amos, Chairman

Vivek Dodd, CEO

Richard Steele, CFO

 

+44 (0) 207 929 5000

Allenby Capital Limited (Nominated Adviser and Broker)

James Reeve / Piers Shimwell (Corporate Finance)

Jos Pinnington (Corporate Broking and Sales)

 

+44 (0) 203 328 5656

 

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.

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