- Resume fact-checking company CV Check showed off today amongst a parade of quarterly reports hitting the ASX’s news feed – three consecutive quarters of a positive cash flow
- For the final working quarter of the 2019 financial year, CV Check chalked up $270,000 in cash flow
- The company’s annual recurring revenue for the 2019 financial year reached $9.2 million, representing a 30 per cent annual growth rate for the previous three years
- Despite a positive ASX media release, the company’s share prices tumbled 5.26 per cent this morning
Resume fact-checking company CV Check showed off today amongst a parade of quarterly reports hitting the ASX’s news feed.
CV Check, which offers a service to validate your employee’s background checks and experience, celebrated its third consecutive cash flow positive quarter today.
For the final working quarter of the 2019 financial year, CV Check chalked up $270,000 in cash flow. This feather in the company’s cap accompanied a healthy 104 per cent increase on operating and investing cash flow.
“[Annual recurring revenue] (ARR) growth is particularly encouraging and we expect this to continue steadily tracking up,” company CEO Rod Sherwood said.
The company’s ARR for the 2019 financial year reached $9.2 million, representing a 30 per cent annual growth rate for the previous three years.
“We continue to witness strong retention rates and organic growth within our large enterprise customer base, driven predominantly by our account management approach, deep customer engagement and the ability for our screening and verification technology platform to integrate seamlessly with leading HR platforms,” Rod added.
“[The company] enters FY20 with excellent momentum, a solid [business to business] customer pipeline and is well-positioned to capitalise on the hard work and strong foundations set by our team,”
During the final 2019 financial quarter, CV Check added a significant number of new members to its sales and marketing teams.
During the second half of the just-passed financial year, the company’s corporate sales team more than tripled. Reflecting that company management believes the rate of large enterprise clients signing on has notably increased as well.
“Our industry remains highly fragmented and there is considerable scope for us to capture a much bigger share of the market in Australia and New Zealand by deploying our integrated sales model more widely,” Rod said.
Among expected further wins during this quarter, the company has already signed on large charity clients. These include The Public Fundraising Regulatory Association, the Australian Red Cross, The Smith Family and the Wesley mission.
Meanwhile, client deals have also been signed with a Singtel Optus division, G4S Australia, Kennards Hire, Bluefin Resources, Bluestone, National Hearing Care Australia and MercyCare.
Despite a positive ASX media release, the company’s share prices tumbled 5.26 per cent.
Shares opened at 18.5 cents each, before cutting down to 18 cents a piece after seeing a peak of 19 cents.
Today, CV Check’s market cap stands at $51.86 million.