AIM-listed itim Group plc, which provided SaaS solutions for store-based retailers has announced modest growth for FY22 (ended 31 Dec 2022) amidst a difficult trading period.
Group revenues increased by 4% to £14m, with Annual recurring revenue (“ARR”) of £13.2m, up 19%. Gross margins fell however to 32% (2021: 41%) principally due to investment in headcount and incentivisation packages, but also as many new contracts are subscription only with no upfront fees.
itim was established in 1993 by its founder, and current Chief Executive Officer, Ali Athar, initially formed as a consulting business, helping retailers’ effect operational improvement. Through a combination of organic growth and acquisitions of small, legacy retail software systems and applications itim now offers an integrated end to end Omni-channel platform.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.