London, July 14, 2022 – Skillcast Group, a leading software-and-content-subscriptions company, announced today that its revenue for the first half of the year increased by an impressive 16%. This growth was primarily driven by strong performance in recurring subscriptions and a stable professional services unit. The company is optimistic about its prospects and confident in its ability to return to profitability.
For the six months ended June 30, Skillcast reported revenue of £5.2 million ($6.8 million), surpassing last year’s figure of £4.5 million for the same period. The company also experienced a notable rise in annual recurring revenue, reaching £8.0 million compared to £6.3 million previously. This increase was attributed to acquiring new high-value clients, product up-sells, and the implementation of price hikes from January 1.
Skillcast Group remains financially robust, with cash reserves of £7.6 million and no debt as of June 30.
“We are mindful of the challenging macro environment; nevertheless, we maintain confidence in achieving our growth targets for the full year of 2023,” stated Vivek Dodd, Chief Executive of Skillcast Group.
As a result of this positive news, shares in Skillcast Group rose by 2.6% to 20.0 pence as of 07:43 GMT.