CV Check Ltd (ASX:CV1) has made a strong start to 2021 with strong trading conditions during February resulting in a new all-time record month of sales and in 12-month booked ARR.
The company believes new wins and order strength from pre-existing customers are driving numbers up with March sales also continuing the trend.
“New all-time revenues”
Chief executive officer Rod Sherwood said: “A very strong couple of months have kicked off the calendar year.
"A strong January was followed by new all-time revenue records being set in February for both a single month of sales and the booked 12-month ARR.
"February sales came to $1.46 million and the booked 12-month ARR $10.63 million; both figures are unaudited.
"Growth is being driven by both new customer wins and high order flow from long standing customers who are active in bringing on new hires and re-compliance screening.
"March sales volume as experienced to date continues to be very strong.
"The Bright People Technologies transaction is on schedule with settlement expected to take place in early April.”
The company provides its check products to employers, industry associations and individuals via the CV Check brand on its proprietary online platform cvcheck.com.
Rationale discussed at Proactive webinar
Sherwood recently presented at Proactive’s Revenue Webinar discussing the company’s strategic rationale and recent acquisitions.
He highlighted the company’s record performance during the past quarter, which saw CV Check earn $3.5 million contributing to a record half-year in revenue of $7 million.
The tech company has witnessed sustained growth performance in its B2B revenue from FY17 through to FY21, which Sherwood said had been a consistent area of improvement year-on-year and half-on-half.
Sherwood also spoke about the company’s recent acquisition of Bright People Technologies for total enterprise value of A$15.3 million - $12 million of which is payable in CV1 shares.
He said: “The combination of CV1 and Bright fills the customers need for better management of increasingly complex workforce compliance requirements, creates a unified credentials-based workforce management capability and positions the group ahead of the global demand for digital workforce credentials.”