itim Group plc has reported positive results while chairman Michael Jackson has stepped down.
Colin Price, the former CEO of Price Waterhouse Consulting prior to its merger with Coopers and Lybrand, has taken over the chair role.
Price also enjoyed a 15-year career at McKinsey, initially as a partner and then as senior partner, before retiring from the firm and becoming COO of Quintet Private bank then co-founding Talos Capital.
itim, a London-based provider of technology enabling store-based retailers to optimise financial performance, said revenues increased to £17.9m for the year ended 31st December 2024 – compared with £16.1m in 2023 – as a result of new contract wins and extensions.
EBITDA for the year is expected to be up 260% and significantly ahead of expectations at £2.5m, while profit before tax for the year is £175k, compared to a market expectation of a £700k loss and a loss in 2023 of £1.1m.
The group ended the year with cash balances of £3.8m (2023: £1.9m), significantly ahead of market expectations.
It also announced a five-year contract extension with toy retailer The Entertainer for its use of itim’s Unify Platform offering to power its partnership with Tesco.
Following a period of handover, Jackson has formally stepped down from the board of directors with immediate effect.
He is a former chairman of PartyGaming plc, Computer Software Group, Planit Holdings and Sage – where he was a board director for 23 years – as well as a director and investor in many other quoted and unquoted companies including Netcall plc and Access Intelligence.
“We are extremely pleased with the strong progress the business has made and are proud to report numbers that are significantly ahead of market expectations,” said CEO Ali Athar.
“This achievement is a testament to the dedication and hard work of our team, as well as the value we continue to deliver to our customers. The cost efficiencies we offer in the retail industry have driven increased demand for our products, reinforcing our position as a trusted partner in the sector.
“While we remain mindful of the broader market backdrop and potential challenges ahead, we are confident in our strategy, our momentum, and the long-term prospects of the business.
“Finally, I would like to thank Michael for all his valuable support and counsel over the years as our chairman, taking itim through the IPO, and building the foundations for the next stage of growth.”