Itim Group is making strong  progress and trading ahead of expectations, the SaaS-based technology firm said Friday. Unaudited gains were made across the year to end December, but the same can’t be said for its boardroom: its chairman Michael Jackson is stepping down with immediate effect.

The business, which enables store-based retailers to optimise their ops to improve financial performance, saw revenues rise to £17.9 million from £16.1 million as a result of new contract wins and extensions.

The best bit was that core earnings (EBITDA) for the year are expected to leap 260%, “significantly ahead of expectations”,  to £2.5 million from £0.7 million in fiscal 2023. Pre-tax profit of £175,000 was also ahead of market expectations, reversing a loss in 2023 of £1.1 million.

The group ended the year with a doubled cash balance of £3.8 million,  againsignificantly ahead of market expectations.

Meranwhile, Jackson has stepped down from the board after 10 years as chairman. No reason was given for his departure, but CEO Ali Athar said he had taken Itim through its IPO, and had built “the foundations for the next stage of growth.”
 
Athar added: “We are proud to report numbers that are significantly ahead of market expectations. 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.”