itim Group plc has swung back into the red following its record year in 2024.
itim, a London-based provider of technology enabling store-based retailers to optimise financial performance, reported revenues in the calendar year 2025 of £17.5 million, down from £17.9m in the prior year.
EBITDA for the year is expected to be lower at £1.7m set against a record year in 2024 of £2.5m.
Loss before tax for the year was £464k, impacted by a bad debt of retail customer Quiz Clothing going into administration in early 2026.
“The UK retail sector experienced a highly challenging trading environment in 2025, driven by sustained cost inflation, regulatory pressures, and weak macroeconomic growth,” the firm stated.
“These factors impacted retailer investment appetite and led many market participants to prioritise cost control and cash preservation over growth initiatives.
“One of the group’s customers, Quiz Clothing, has recently entered administration which resulted in a write-off in the period; however the board is confident that this shortfall in revenue will be replaced by growth within its customer base and new prospects.
“As a result of these pressures facing the retail industry, the company’s results are below current market expectations.
“However, the board took action in the second half of the year by reducing the cost base by over £1m, the effects of which will be seen in 2026, which gives the board further confidence for the year ahead.”
In 2024 it had reported a profit of £175k, despite the market expectation of a £700k loss and a loss in 2023 of £1.1m.
Colin Price, the former CEO of Price Waterhouse Consulting prior to its merger with Coopers and Lybrand, took over the chair role a year ago after Michael Jackson stepped down.
itim said early this year it launched itimAIQ, a new AI platform specifically designed for retail customers to deploy intelligent, agent-based AI solutions quickly, at scale, and at low cost.
CEO Ali Athar said this morning: “Based on a robust recurring revenue model, 2025 can be summarised as a year of investment, geographic diversification and product innovation.
“Both the board and senior management teams have been strengthened creating immediate tangible benefits as we continue to roll out new products. The group has responded well to the growing demand of artificial intelligence in the retail sector with the exciting launch of itimAIQ which highlights the growth intentions of the group.
“Mindful of the ongoing challenging economic uncertainties, management believes that it has invested well this year and that 2026 represents a defining year for the execution of the group’s strategy and a potential inflection point for accelerated growth. As a result, it views the future prospects of the business with renewed confidence.”
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