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 % to £16.1 million (2022: £14.0 million) 
·     Annual recurring revenue (“ARR”) is £13.2 million (2022: £13.2 million) 
·     Group Adjusted EBITDA* £0.7 million (2022: £0.2 million)  
·     Adjusted EBITDA* margin increased by 2 percentage points (“PPT”) to 4% (2022: 2%) 
·     Adjusted Earnings per share** -2.86 pence (2022: -2.01 pence) 
·     Closing cash balances were £1.9 million at 31 December 2023, down from £3.9 million at 31 December 2022 

* EBITDA has been adjusted to exclude share-based payment charges, exceptional items, along with depreciation, amortisation, interest and tax from the measure of profit.

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