Losses at Itim Group to beat market expectations as sales rise
Technology company Itim Group has said its pre-tax losses are anticipated to be ahead of market expectations when it announces its full results for 2023.
The London-based business added that its revenue is are set to have increased by 15 per cent to £16.1m while its EBITDA is to have risen from £210,000 to £680,000.
Chief executive Ali Athar said: “I am pleased to present a robust set of numbers for the year with revenue in line and EBITDA ahead of market expectations demonstrating itim’s commitment to improving our strategic initiatives and positioning the company for sustained growth and success.
“We are delighted to announce the launch of UNIFY, our unified platform which not only consolidates our product offerings but also provides a seamless and enhanced experience in the retail landscape.
“I would like to express our gratitude for stakeholders for their continued trust and support.
“We are encouraged by recent trading and a significant pipeline of new opportunities which enables the board to view the future with renewed confidence and optimism.”
The results come after shares in Itim Group surged after it announced a new contract with fast fashion retailer Quiz.
The group added: “In alignment with prevailing economic conditions, itim is currently in the process of ‘right sizing’ its business.
“This strategic pivot involves a shift away from ‘free’ implementation services towards a continual focus on increasing services revenues and EBITDA.
“The emphasis on demonstrating the real ‘benefits’ of UNIFY through consulting underscores the company’s commitment to delivering tangible retail value to the retail community.
“Over the past eight years, itim has demonstrated a compound average growth rate of 11 per cent.
“Despite challenges posed by the recent turbulent macro-economic environment over the last three years, the company has navigated these obstacles with resilience.
“With a solid foundation laid by the IPO funding, a further enhancement in the growth rate is anticipated when global economic conditions improve.”