Checkit, a digital-solutions provider based in the UK, has experienced significant growth in their annual recurring revenue (ARR) during the first half of the year. The company’s “land and expand” strategy, coupled with their high net retention rates, have contributed to this success.
For the half-year period ending on July 31, ARR increased to £12.6 million ($16 million) from £10.2 million compared to the same period last year. The net retention rate for this period was an impressive 113%, while the gross retention rate stood at 98%.
The total group revenue for the first half of the year reached £5.7 million, demonstrating a substantial increase from the previous year’s £4.8 million.
Checkit has also secured a three-year agreement renewal with John Lewis, valued at £6 million.
Chief Executive Kit Kyte highlighted the strong upsell and cross-sell opportunities from existing customers, who are seeking to streamline their organizations for improved efficiency and reduced costs.
With a robust balance sheet, a promising pipeline of new business, and increasing visibility, Checkit is confident in its long-term prospects.
As of 0814 GMT, shares were up by 2.1% (0.50 pence) at 24.0 pence.