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CV Check scores record-breaking quarter with more than $3.5 million in revenue booked in

The company’s first international white-label client, Netforce Global, is already amongst CV1’s top 30 clients by revenue for the quarter.

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CV Check has recorded a strong balance sheet with cash at bank totaling $5.2 million as at the end of December and no debt

CV Check Ltd (ASX:CV1) notched up record revenue of more than $3.5 million during the December quarter with $2.7 million coming from business to business booking and $800,000 from business to client bookings.

Another record of $7 million has been set in for the first half of FY2021 while more than $10.2 million was achieved for the 12-months ARR to December 31, 2020.

The strong revenue performance was accompanied by continued strength in total website usage and new account sign-ups.

CV Check’s cash balance at the end of the December quarter totalled $5.2 million with no external debts.

“All-time company records”

Chief executive officer Rod Sherwood said: “CV1 revenues surged in Q2 FY21 to set all-time company records for a quarter, for a half-year and for the booked 12-month ARR.

“All channels performed strongly: direct sales, revenues booked through integration partners and the nascent international white label channel where our first marquee client Netforce Global LLC already features among our group-wide top 30 customers for the quarter.

“Looking forward, there are promising signs in both internal and external backdrops. Internally, new client wins have been strong during recent months, resulting in an ongoing pipeline of customer onboarding.

TechnologyOne, Australia’s largest enterprise software company, recently integrated with CV1, opening another new segment of the market for our team to target.

“Our technology team assisted with that integration and have several other new builds in progress.

“The external backdrop is also positive with the ANZ job ads series for December coming in stronger than that of February 2020 and consumer purchasing strengthening amid continuing COVID-related government support for the economy and widespread optimism about planned vaccine roll outs domestically and internationally.”

Notable new customers

First orders were booked during the quarter from new customers including AECOM (NYSE:ACM), APS Group, Cenitex, Kone (HEL:KNEBV), Korn Ferry (NYSE:KFY), Netforce Global LLC, Pfizer (NYSE:PFE), TSB Bank Ltd, UDC Finance Ltd, Woolworths Group Ltd (ASX:WOW) and several municipal councils among many other well-known brands.

These client wins were aided by the CV1 platform offering a comprehensive range of screening and verification products, the broad number of integrations now in place with other key HR technology platforms and the strong performance of our customer engagement teams.

CV Check has welcomed new white label client Netforfce Global LLC, which featured among the company's list of top 30 clients during Q2 FY21.

Platform integrations

CV1’s strategy is to deliver growth through platform integrations with providers of other HR information systems and applicant tracking systems.

Revenue booked through these integrations continues to rise strongly with Q2 FY21 sales through integrations exceeding PCP by 87%.

CV1 further increased its addressable market by recently completing a successful integration with TechnologyOne (ASX: TNE), Australia’s largest enterprise software company; the customer launch is proceeding in the current quarter.

Further such builds are in progress and the company looks forward to updating shareholders as each goes into the live production environment.

Quick facts: CV Check Ltd

Price: 0.155 AUD

ASX:CV1
Market: ASX
Market Cap: $55.06 m
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