- CV Check announced its strongest start to the financial year in company history, after rounding off the last quarter’s yearly growth at 105 per cent
- The company is now sitting at an impressive cash flow balance of $3.1 million
- Recently signing Visy Industries as part of an enterprise business subscription plan, CV’s latest quarter was its third consecutive cash flow positive quarter at $26,000
Operating for over 10 years now, the company reported its third consecutive positive cash flow quarter at $26,000. Compared to this time last year, operations have grown $704,000 – or 105 per cent.
CV Check’s total cash flow balance now sits at $3.1 million.
CV Check’s self-titled website acts as a database service for employers to background check potential employees, including police clearance checking.
The company inked a massive deal in the quarter with packaging and recycling company Visy Industries – now a large enterprise customer to CV Check.
The deal with Visy Industries is part of a new ‘white label’ rollout of business by CV Check. Large-sized customers such as Visy can subscribe to CV’s services for a customised ongoing service experience.
CV Check CEO Rod Sherwood says the white label business plan was the deciding factor for Visy to sign on.
“Visy Industries is already ordering whilst our other notable wins are in the account set up and user onboarding phase,” Rod said.
Rod added that today’s news of ongoing growth is particularly encouraging as the company recently doubled sales staff and added spending to marketing.
“The solid financial performance was driven by our rapidly expanding B2B activities which are delivering a steady increase in predictable Annualised Recurring Revenue,” he said.
“We have had the strongest start to a financial year in our history and CV1 is primed for rapid growth in FY 2020,”
Share prices in CV1 are up 4.65 per cent this morning, trading at 22.5 cents a piece. The company’s market cap is valued at $58.69 million.