Michael Jackson Steps Down as Chairman Amid Profitable Turn at itim
Portfolio - People | Feb 27, 2025 | Business Cloud
itim Group plc, a technology solutions provider for store-based retailers, has announced significant financial improvements and a leadership transition. Michael Jackson, the outgoing chairman, has been succeeded by Colin Price, an experienced industry veteran with a background at McKinsey and Co., Price Waterhouse Consulting, and Quintet Private Bank. For the fiscal year ending December 31, 2024, itim reported revenue of £17.9 million, up from £16.1 million the previous year, driven by new contract wins and extensions. EBITDA increased by 260%, reaching £2.5 million, and profit before tax was £175,000, surpassing market expectations of a £700,000 loss. Cash reserves also grew to £3.8 million. A notable highlight is the five-year contract extension with The Entertainer, which will use itim's Unify Platform in partnership with Tesco. Despite market challenges, CEO Ali Athar expressed confidence in the company's strategic direction and future growth prospects. Jackson, who has a long tenure in leading successful corporate strategies, was acknowledged for his role in guiding itim through its IPO and laying the groundwork for sustained growth.
Sectors
- Retail Technology
- Corporate Finance
Geography
- United Kingdom – itim Group plc is based in London, and the article discusses activities largely relevant to the UK market.
Industry
- Retail Technology – itim Group plc operates in the retail technology industry, providing platforms that optimize financial performance for store-based retailers.
- Corporate Finance – The financial performance and leadership transition at itim Group plc highlights relevance to the corporate finance sector, particularly in terms of market expectations and profitability.
Financials
- £17.9 million – Revenue for the year ended 31st December 2024.
- £2.5 million – EBITDA for the year, a 260% increase.
- £175,000 – Profit before tax for the year, compared to expectations of a £700,000 loss.
- £3.8 million – Cash balance at year-end.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| itim Group plc | Target Company | Company | A London-based provider of technology for optimizing financial performance in store-based retail environments. |
| Michael Jackson | Outgoing Chairman | Person | Served as chairman of itim Group plc, guiding the company through an IPO and significant growth phases. |
| Colin Price | New Chairman | Person | Recently appointed as chairman of itim Group plc with a background at McKinsey, Price Waterhouse Consulting, and other prominent firms. |
| Ali Athar | CEO of itim Group plc | Person | CEO who commented on the company's financial success and strategic outlook. |
| The Entertainer | Client | Company | A toy retailer that extended a five-year contract with itim Group plc for their Unify Platform. |
| Tesco | Partner in contract with The Entertainer | Company | Retail giant involved in partnership with The Entertainer through itim's platform. |