London-listed software group Checkit is cutting staff as part of strategic shift towards profitability.
The workflow management platform provider said the macroeconomic situation – highlighting UK National Insurance increases and US trade tariffs – has forced it to strengthen its financial position.
Following a review of the Cambridge-based firm’s operations and cost base, the group said a “carefully managed restructuring” will “result in a reduced number of roles across various departments”.
The extent of the layoffs is not yet known, with the firm employing almost 200 people with offices in Cambridge, London and a US base in Florida.
“We acknowledge the contributions of all affected employees and are providing support during this transition,” the company said.
Checkit said it aims to save approximately £3m from these new measures, which will also include a programme to reduce non-staff-related expenditures.
“We are refining Checkit’s operating model to improve efficiency, to enhance performance, and to accelerate our transition to profitability,” said CEO Kit Kyte.
“By streamlining costs and focusing resources on key areas, we are strengthening the business for long-term success.”
In its most recent financial accounts – covering the year ended January 2024 – the company said it was approaching profitability, having halved its losses from the previous year to £3.4m.
UKTN has contacted Checkit for further comment.
Checkit provides enterprise software, including automated employee monitoring for remote workers. Its software is used by the NHS, BP, Waitrose and Centre Parcs.
The group’s share price has fallen a third since the start of the year, currently worth 12.10p.
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