FYJan25 results confirm a strong performance: revenue +17% y/y to £14.1m and LBITDA improved to £2.3m (FY24 £3.4m). CKT’s 107% NRR shows the strength of its land and expand strategy, which should be enhanced by new (and planned) ML/AI modules. Whilst customers may delay orders due to macro-headwinds, we remain confident in the underlying growth potential for CKT. There are numerous large organisations globally that can improve their operations and margins using CKT’s technology. Whilst the uncertainty settles, CKT has begun a cost efficiency programme to save £3m pa, accelerating EBITDA and FCF profitability. We reintroduce forecasts and update our PT to 22p, 1.3x FY26 sales in line with peers.
