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.

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