New product and fresh contract wins for Checkit plc
AIM-quoted Checkit is an augmented workflow and smart sensor automation company for frontline workers.
Its new product is called Asset Intelligence. Its module applies advanced analytics and Machine Learning to IoT data designed to 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 per cent 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.
The group also 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.
Checkit has also 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.
The new deals follow on from three contracts signed at the end of 2023. Since the beginning of the calendar year Checkit has added five additional projects to its pipeline with this customer.
CEO Kit Kyte 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.”