New Contract Wins - £1.8m increase in ARR

RNS Number : 1660I

itim Group PLC

13 April 2022

 

13 April 2022

itim Group plc

("itim" or "the Company" and together with its subsidiaries "the Group")

New Contract Wins - £1.8m increase in ARR

itim Group plc, a SaaS based technology company that enables store-based retailers to optimise their businesses to improve financial performance, is pleased to announce three new customer wins and extensions of existing contracts for an increase in Annual Recurring Revenue ("ARR") of £1.8 million.

Summary of Customer Wins

itim has been retained by a London Stock Exchange listed British fashion retailer to provide a full omni-channel platform. itim has also won a contract with an electronics retailer in support of their omni-channel strategy and a Brazilian pharmaceutical company has signed up itim to aid and assist them with price optimisation.

itim's software is in demand in five particular areas which are all critical to Omni-channel retailing, namely unified commerce platform (omni-channel retailing), price optimisation, integrated order management, stock and range optimisation and supplier collaboration.

At the time of IPO, the Group set out its target of achieving a total of £14 million in ARR by the end of December 2022 an uplift of £2.9 million in the year. The Group is pleased to have reached a material amount of this target by the end of the first quarter. In addition, the Group is witnessing considerable growth internationally which now accounts for over 35% of the Group's revenues.

The execution of these contracts is in line with the Company's financial expectations for the current financial year.

Ali Athar, Chief Executive Officer, commented :

"We are delighted to have secured these contract wins with considerable brands in the fashion, electronics and pharmaceutical industries and it is testament to our offering to be trusted by these companies. Additionally, demand for our services and products continues to grow across our existing customer base, with customers like Majestic Wine, Blakemore, and COOP (Brazil) continuing to add extensions to their business whilst we continue to expand our pipeline of new prospects."

Enquiries:

Itim Group plc	Ali Athar, CEO Ian Hayes CFO	0207 598 7700
WH Ireland (NOMAD & Broker)	Katy Mitchell Harry Ansell Darshan Patel	0207 220 1666
IFC Advisory	Graham Herring Florence Chandler	0207 3934 6630

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

ABOUT ITIM

itim was established in 1993 by its founder, and current Chief Executive Officer, Ali Athar. itim was initially formed as a consulting business, helping retailers effect operational improvement. From 1999 the Company began to expand into the provision of proprietary software solutions and by 2004 the Company was focused exclusively on digital technology. itim has grown both organically and through a series of acquisitions of small, legacy retail software systems and associated applications which itim has redeveloped to create a fully integrated end to end Omni-channel platform.

 

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