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Elektron Technologies subsidiary breezes past £1m annual recurring revenue milestone
Elektron Technologies announced on Tuesday that its operations management and monitoring subsidiary Checkit Limited has passed the £1m mark in terms of annual recurring revenue (ARR).
The business, which operates under the 'software as a service model' through subscription programmes, is reportedly performing ahead of management expectations, with the milestone representing a significant jump from the £0.75m ARR reported just 3 months ago in January.
John Wilson, chief executive of Elektron Technologies, said: "Today's announcement is an important milestone for Checkit and provides further validation of the significant investment that the group has made in the Checkit business. Checkit has moved from start-up to scale-up phase and the board remains confident in the overall long term growth prospects of the business."
Checkit has been built on a customer base of small, medium and large UK businesses but the company intends to expand into international markets in the coming year.
Furthermore, the AIM-traded company launched its operational insights business intelligence tool in February, which the company says improves its offering of technology designed to analyse how people, processes and equipment may be performing against a business's operational strategy.
As of 1506 BST, Elektron Technologies' shares were up 3.45% at 28.45p.