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Skillcast
👤 Vivek Dodd (Taught compliance to bankers before selling it online: JP Morgan banker, then compliance trainer. Still owns 50%+ of the plc.)🌐 siteLinkedIn
Compliance training is a grudge purchase. Skillcast turned 24 years of UK rule changes into 87% recurring revenue.
Will it work? · our read
Rules compound. Growth is 19% ARR but net retention is 101% — clients renew and barely expand. The UK is 81% of revenue, and the EU library only launches in 2026.
01How the money moves
A new UK law makes staff training mandatory
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Skillcast Portal runs the courses and logs every pass
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Client renews yearly: about £11,133 ($15K) average
02The numbers
£15.3M (about $20M)FiledFY2025 revenue, audited
2025-12-31source:
£15.3M total revenue, FY2025 (audited)
About £11,133 ($15K) per client a year across 1,221 clients, run by 125 people. Retention at 101% means renewals, not expansion. RNS FY25
ARR £13.8M (about $18M), up 19%. Subscriptions are 87% of revenue; EBITDA tripled to £1.5M (about $2M) on 75.7% gross margin.
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Skillcast Group plc — Final Results FY2025 (RNS, 29 Apr 2026) — audited: revenue £15.3M, ARR £13.8M, subscriptions £13.3M (87% of revenue), 1,221 clients, average ARR per client £11,133, NRR 101%, churn 7.4%, 125 staff, UK £12.4M of £15.3M.Skillcast — About Us — first-party timeline: founded August 2001 as Inmarkets; July 2011 "the UK Bribery Act forces a new compliance focus within non-regulated firms"; Dodd bio (JP Morgan, finance and compliance trainer, MIT, IIT, CFA).Skillsoft Corp — 8-K Exhibit 99.1, FY2026 results — rival scale: total revenue $513M versus $531M the prior year.Latka — Skillcast profile — lists "$5.5M (Est.)" and 500 customers for 2024 while the audited accounts say £13.2M and 1,133 clients; Latka concedes it never interviewed management.
Revenue is FILED: £15.3M is the audited FY2025 figure in Skillcast Group plc's Final Results RNS of 29 April 2026, reached via Investegate, which reproduces the announcement verbatim. I fetched the raw HTML and string-matched the figures rather than trusting a summary. The $20M is my conversion at about 1.34; the company's own figure is £15.3M. Two cautions on the filing itself. (1) Its highlight bullet says ARR growth was driven by "new client wins acquisitions", but the CEO report states growth "has been built entirely on organic growth" and that a deal origination firm "did not find suitable and willing targets during the year" — no acquisition closed in 2025, so I have treated growth as organic. The same bullet misprints the subscription comparative as "2023: £11.0 million" where the table says 2024; I used the table. (2) Latka headlines "$5.5M (Est.)" and 500 customers for 2024 against audited figures of £13.2M and 1,133 clients — about 3x off — and admits it never spoke to management; I ignored it. Founding year, founder bio and the 2011 Bribery Act pivot are first-party from skillcast.com/about-us; a search result claiming a 1998 founding contradicts the company's own timeline (August 2001) and was discarded. Skillsoft's $513M comes from its 8-K on EDGAR because the Businesswire release returned 403 and I did not read it. NAVEX and iHASCO ownership are anchors, not revenue claims. Skillcast publishes no price list, so £11,133 is the RNS's own average ARR per client, not a list price. Drama: modest and real — no crisis and no near-death. The 2011 move into non-regulated firms is documented on their timeline; the rest is 24 years of compounding a boring library, one statute at a time. We never score you.