In the year ending 31 December 2023, itim Group, a technology company that aids store-based retailers in enhancing financial performance and competing with online competitors, reported a narrowed pre-tax loss alongside a notable increase in revenue. The group’s revenues rose to £16.1 million from £14 million in the previous year, indicating a strong growth trajectory.
The group saw a significant improvement in its adjusted EBITDA, which escalated from £200,000 to £700,000. The pre-tax loss also saw a reduction, decreasing from £1.2 million in 2022 to £1 million in 2023.
Ali Athar, the Chief Executive of itim Group, expressed his satisfaction with the full-year results. He highlighted the strong revenue increase, driven by a substantial 54% rise in services revenues and an 8 per cent increase in booked subscriptions. Athar noted that the company’s strategic investments have solidified its market position and enhanced its product offerings, setting a strong foundation for sustained success in the ever-evolving retail sector.
Athar emphasised the company’s commitment to excellence, citing significant product improvements and the development of ‘UNIFY,’ a unified retailing platform. This platform aims to streamline retail operations and provide a cohesive experience for retailers. As itim Group continues to navigate the dynamic business environment, it is strategically realigning its focus to bolster financial performance and deliver concrete value to the retail sector.
Looking forward to 2024, Athar expressed cautious optimism regarding the company’s strategic focus on margin enhancement and operational efficiency. He believes these efforts position itim Group well for continued success. The board remains optimistic about the future and anticipates providing further updates to the market in due course.
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”.
