15 April
2024
Checkit plc
("Checkit" or the
"Group)
New Product Launch and Contract
Wins
Checkit (AIM: CKT), the augmented
workflow and smart sensor automation company for frontline
workers, is pleased to announce a new product launch and
contract wins in the UK.
New Product
Launch
Checkit announces the launch of a new product,
Asset Intelligence. This product module applies advanced analytics
and Machine Learning to IoT data which will help enhance customer
sustainability, reduce costs, and improve revenue. Asset
Intelligence analyses the condition of monitored appliances to
predict issues before they escalate. It also identifies operational
inefficiencies and provides greater visibility of asset
performance.
Pre-launch trials with multiple customers have
demonstrated a positive impact on energy consumption, asset
lifecycle costs, and operational efficiency. Analysis, based on
trials to date, indicate customers should expect at least a 50%
improvement on their ROI of Checkit's IoT sensors and substantial
reductions in CO2. Asset Intelligence will be promoted as an
additional chargeable service to our existing customer base during
this financial year and is a competitive differentiator.
Contract
Wins
The Group announces new contract wins from two
existing customers worth a minimum of £417,000 in total lifetime
revenue over their three year terms.
Checkit has signed a new contract with an
integrated energy company, to provide real time operations
management capability to 50 franchisees in the UK worth c.£252,000
over three years which will be installed in tranches over the
course of FY25. The franchise operations for this customer
represents an opportunity of twice the number of existing company
owned locations globally, and Checkit expects further expansion of
business with this customer during FY25.
In addition, Checkit has signed contracts with
a combined minimum value of £165,000 over their three year terms
with a multinational outsourced food service company for the
provision of its CAM and CWM products to end users in four
additional locations. These new contracts follow on from three
contracts signed at the end of last year. Since the beginning
of the calendar year Checkit has added five additional projects to
its pipeline with this customer.
Commenting on
the news Kit Kyte, Chief Executive Officer, said:
"The release
of Asset Intelligence marks an exciting chapter in the evolution of
our product offering and our integrated end-to-end platform. We
expect Asset Intelligence to provide a strong catalyst for future
software growth. Asset Intelligence demonstrates the power of
Machine Learning on the proprietary data sets provided by our
platform and sensor ecosystem, to deliver meaningful savings and
sustainability benefits to our customers.
The contracts
won represent a positive start to FY25 and demonstrate the success
of our 'land and expand' strategy. They have potential to be
replicated globally."
For further
information, please visit www.checkit.net or contact:
Checkit plc
Kit Kyte (Chief Executive
Officer)
Greg Price (Chief Financial and
Operations Officer)
|
+44
(0) 1223 643313
|
|
|
Singer Capital Markets (Nominated Adviser &
Broker)
Shaun Dobson / Harry Gooden
/ James Fischer
|
+44
(0) 20 7496 3000
|
|
|
Tavistock
(Financial PR)
Lulu Bridges / Katie Hopkins / Simon
Hudson
|
+44 (0) 20
7920 3150
|