Revenue growth not enough to save Checkit share price

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Revenue growth not enough to save Checkit share price

The price of shares in AIM-listed Checkit (LON:CKT) dropped by 6.52% to 43p (as of 12:30 BST) despite revenues for the half year ended 31st July doubling relative to the comparable period. The company continued to book a pre-tax loss, although it narrowed by roughly a third. Management said that they were confident in the business’ outlook despite the current COVID related uncertainty.

CEO Keith Daley commented: “In the first half Checkit coped well with the difficult macroeconomic situation caused by the COVID-19 crisis. Although there was disruption to customer installation projects revenue grew by 2% on a normalised basis compared to the prior year and the business easily transitioned to home working. Operating performance was slightly better than the Board’s expectations as a result of careful cost control and support from the Government’s Coronavirus Job Retention Scheme subsidy. Importantly, Checkit was able to maintain its investment in new product development during this period“.

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