itim Group (LON:ITIM), the innovative SaaS and services provider transforming the retail landscape, has delivered a stellar FY24 trading update, prompting Zeus Capital to upgrade its forecasts. The company’s robust financial performance, driven by key contract wins and revenue growth, has significantly exceeded expectations, setting a strong foundation for future growth.
Outperforming Expectations in FY24
itim reported revenues of £17.9m, a 5% increase over expectations and up from £16.1m the previous year. More impressively, EBITDA surged 56% above forecasts to reach £2.5m, while the group moved into profitability, reporting a positive PBT of £0.2m—a dramatic turnaround from the previous year’s £1.1m loss. This success underscores the company’s strong operational gearing and effective cost management.
Zeus Capital’s analysts were particularly encouraged by itim’s improved cash position, which stood at £3.8m at year-end—well ahead of previous estimates of £2.1m.