Skillcast Group (SKL) Trading update summary

H1 trading performance

• H1 2024 revenue expected at £6.4m, up 23% YoY from £5.2m.

• Subscription revenue rose 35% YoY to £5.2m; subscriptions represented 81% of revenue, up from 75%.

• Professional services revenue was £1.2m, compared with £1.3m in H1 2023.

ARR and commercial progress

• ARR reached £10.3m at June 2024, up 27% YoY and 11% since December 2023.

• Growth supported by the Premium plan and a 7% price increase; the Basic self-serve plan for small businesses had an encouraging start.

• Standardised SaaS terms of service introduced, with expected future efficiencies in upsells and autorenewals.

Profitability and financial position

• H1 2024 expected to deliver a small EBITDA profit, versus a £749k loss in H1 2023.

• Cash at 30 June 2024 was £8.3m, versus £7.2m at 31 December 2023; no debt, equivalent to c. 9.3p per ordinary share.