CV Check Ltd (ASX:CV1) has recorded an all-time company record for the quarter and half-year as its revenue continued to build momentum steadily across the December quarter.
Sales strength was derived from new client wins coupled with recovering order flow from established customers.
All-time record
CV Check chief executive officer Rod Sherwood said: “CV1 revenues surged during the second quarter of FY21 to set all-time company records for a quarter, for a half year and for a booked 12-month ARR (annual recurring revenue) figure.
“We will provide a more comprehensive update on the quarter in coming weeks.”
Cash positive and strong balance sheet
The online integrated screening and verification company was modestly cash positive in the second quarter with cash balance at quarter-end of $5.2 million.
Momentum in revenue continued to build steadily across the second quarter with quarterly revenue coming in at $3.5 million, up 12% on the previous corresponding period.
Of this, $2.7 million came from business-to-business (B2B) customers and $0.8 million from business-to-consumer (B2C) customers.
The strong quarter drove the half-year performance to a record $7.0 million of revenue and a record booked ARR of over $10.2 million for the 12-months ended 31 December 2020 (December is rounded down to $10.2m whereas March 2020 rounded up to $10.2m).
The company has no debt.
COVID-19 government assistance
As part of their COVID-19 response, governments across Australia and New Zealand introduced a range of subsidies and entitlements for businesses.
CV1 received a final amount of $0.1 million in cash for such assistance early in the second quarter of 2021 and does not anticipate further such receipts given improved trading conditions.