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CV Check notches records for monthly and quarterly revenue as well as 12-month annual recurring revenue

Last updated: 15:30 12 Apr 2021 AEST, First published: 15:00 12 Apr 2021 AEST

CV Check Ltd - CV Check Ltd revenue up 26% in March quarter to hit record $4.2 million
March daily revenues were the highest in the company’s history resulting in monthly revenue record of $1.65 million.

CV Check Ltd (ASX:CV1) continues to report strong sales with March quarter flash financial revenue of $4.2 million representing a record and up 26% on the previous corresponding period with this amount comprising $3.2 million from B2B (up 32%) and $1 million B2C customers (up 13%).

In March alone the company had a record month with $1.65 million revenue booked.

The strong quarter drove a record booked annual recurring revenue (ARR) result of $11.1 million for the 12-months ended March 31, 2021, a figure that still carries the ANZ COVID shutdown affected periods of Q4 FY20 and Q1 FY21.

“Strong new customer growth”

CV1 chief executive officer Rod Sherwood said: “CV1 revenues surged during the quarter to set all-time records for a month (March), a quarter and for a booked 12-month annual recurring revenue (ARR).

“Strong new customer growth and high order volume from long-standing customers drove the result and the integrations channel was a highlight with 231% growth on PCP. 

“Based on the March quarter's results, the implied ARR has shifted meaningfully upward and strong tailwinds continue with job advertisements running at their highest level since November 2008.” 

New sales wins 

Q3 FY2021 sales strength is attributed to significant new client wins and strong order flow from the established sales channels B2B Direct, B2B Integrations and B2C Direct. 

While still in its early commercialisation phase, the new B2B Wholesale channel contributed revenue for the second quarter running. 

Notable new Q3 wins are Rabobank ANZ, Carsales.com Ltd (ASX:CAR) (FRA:WN6) and Eagers Automotive Ltd (ASX:APE).

Strong financial footing

Looking forward, the company has a strong balance sheet at the end of March and no external financing.

Inclusive of some costs associated with the Bright People Technologies acquisition, a solid operating performance and a $10.4 million placement (before costs) saw the quarter-end cash balance close at $14.8 million.

The Bright People Technologies acquisition was approved at General Meeting on March 31.

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