Skillcast Group, a London-listed software and content subscriptions company, has announced an increase in revenue for the year. The company's recurring subscription revenue played a significant role in this growth, positioning them well to meet their revenue objectives for the next year.
Revenue Projection for 2023
The company expects its revenue for 2023 to reach approximately £11.3 million ($14.4 million), surpassing the previous year's figure of GBP8.9 million. The growth in revenue was achieved entirely organically. Notably, recurring subscription revenue, which accounts for 76% of the total group revenue, witnessed a substantial rise of 28% to GBP8.5 million.
Steady Increase in Annual Recurring Revenue
Skillcast Group has experienced a remarkable increase of 37% in annual recurring revenue, bringing it to GBP9.3 million. This growth can be attributed to the acquisition of new customers and successful sales of new products.
Professional Services Revenue Decline
While the company celebrates its revenue growth, it also acknowledges a decline in professional services revenue. This figure decreased from GBP3.1 million to GBP2.8 million compared to the previous year.
Positive Outlook for Future Growth
Chief Executive Vivek Dodd expressed confidence in the company's growth trajectory, stating, "We now have the products and key personnel to sustain growth and return to profitability in the second half of 2024."