itim Group reports Strong Financial Performance with revenue up 15%

itim Group, a SaaS-based technology company optimising store-based retail businesses, released this week its audited financial results for the year ending 31 December 2023.

Financial Highlights

  • Group Revenues: Increased by 15% to £16.1 million (2022: £14.0 million).
  • Annual Recurring Revenue (ARR): Steady at £13.2 million.
  • Adjusted EBITDA: Improved to £0.7 million (2022: £0.2 million).
  • Adjusted EBITDA Margin: Rose by 2 percentage points to 4%.
  • Adjusted Earnings Per Share: -2.86 pence (2022: -2.01 pence).
  • Closing Cash Balances: Declined to £1.9 million from £3.9 million the previous year.

CEO Ali Athar remarked, “I am pleased to report itim’s full year results which saw a strong increase in revenue fueled by a 54% rise in services revenues and an 8% uptick in booked subscriptions. Our strategic investments have fortified our position and enhanced our products, paving the way for sustained success in the dynamic retail landscape.”

Chairman Michael Jackson highlighted the company’s resilience and adaptability amidst global uncertainties, noting robust financial performance and continuous growth. Emphasising innovation and customer-centricity, Jackson underscored the company’s commitment to sustainability and corporate responsibility.

Ali Athar detailed the company’s financial growth, driven by significant increases in services and subscription revenues. He emphasised the creation of ‘UNIFY,’ a unified retailing platform, and the strategic shift towards enhancing financial performance and operational efficiency. Looking forward to 2024, Athar expressed cautious optimism, focusing on margin enhancement, operational efficiency, and sustainable returns.

In conclusion, Athar expressed gratitude for the continued support from shareholders, customers, employees, and communities, positioning itim Group for future success and growth.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Facebook
X
LinkedIn
itim Group plc

More articles like this

itim Group plc

Holiday shoppers rely on technology for the best deals

Salesforce has unveiled its 2024 holiday shopping predictions. In the 2023 holiday season, online sales were estimated to have reached $1.17 trillion globally, a 3% increase from the previous year, with U.S. online sales rising by

itim Group plc

Retailers and the generative AI revolution

Retailers have had access to generative AI tools for more than a year now, enough time for almost all to witness the new technology’s undeniable power. While the speed and scope of experimentation have varied across

itim Group plc

Retail sales rise in May despite economic uncertainty

Every month, the U.S. Department of Commerce’s Census Bureau releases its initial calculation of the previous month’s retail sales. At Retail Dive, we report on the results for core retail segments, excluding food, auto, and fuel,

itim Group plc

Retail trends in the digital and physical marketplace

Online sales in the U.S. are projected to reach $1.6 trillion, up from $1 trillion in 2023, as reported by Forrester. The appeal of online purchasing continues to resonate with many consumers, despite a moderation since

itim Group plc

Understanding retail trends amid economic and post-pandemic changes

Key Insights from GfK’s Q2 2024 Retail Event Current Retail Trends Amidst Economic Challenges Consumer Confidence: Impact on Product Categories: Changes in Credit Usage Post-COVID Increased Reliance on Credit: Retailer Credit Schemes: Sustainability in Purchasing Decisions

itim Group plc

The end of the checkout aisle

The checkout aisle has long been a source of frustration for both shoppers and grocers. Shoppers endure long waits with limited cashiers available, while grocers face customer complaints and issues of shrinkage, affecting their profits. Despite

itim Group plc

Innovations in customer engagement and personalisation

With a more positive economic outlook for retailers, companies are turning toward new ways to engage and connect with customers. Learn more about the latest Q1 retail trends, from connecting innovatively in the digital age and

itim Group plc

itim Group reports strong increase in revenue, up 15% to £16.1 million

itim Group plc (LON:ITIM), a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, has announced its audited results for the year ended 31 December 2023. Financial Highlights ·      Group revenues increased by 15 %

itim Group plc

Consumer shopping behavior trends in retail and e-commerce

To help retail and e-commerce brand leaders identify which consumer shopping behaviors are taking hold and which are not, Morning Consult is tracking shifting consumer e-commerce and retail industry trends through a monthly survey of U.S.

itim Group plc

Revolutionising Retail with data analytics, AI, and IoT

Transformation sweeps retail as leaders deploy data analytics, AI, and IoT to customise experiences with razor sharp precision. Tapping customers’ unique preferences, and innovations bridge market gaps, revolutionising value delivery. Among these innovations, the integration of

itim Group plc

March 2024 retail sales surge 0.7%, exceeding expectations

The Census Bureau’s Advance Retail Sales Report for March revealed a 0.7% rise in headline sales from February, marking the second straight month of increased consumer spending. The latest increase was higher than the anticipated 0.4%

itim Group plc

itim’s Unified Retailing

itim provides omni-channel retailers with a Unified Retail platform designed around the customer, that leads to increased sales and profitability. itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to