CV Check Ltd (ASX:CV1) has tabled its latest round of flash financials, revealing its core business group brought in record revenue over May.
The CV1 Group reported $2.2 million in revenue last month, which the verification company attributes to its Bright People Technologies (BPT) acquisition, announced in February 2021.
Since it completed the buy, CV Check has focused on merging the new company with its existing business and recently relocated the BPT operation to its current premises and appointed an executive team to lead the new entity.
Broadly, CV Check said its latest financials corresponded with economic recovery in Australia and New Zealand, allowing it to solidify its position within the online verification market.
“Remarkable levels of growth”
CV1 executive chair Ivan Gustavino said: “It is exceptionally pleasing to see that whilst progressing with the successful integration of the two businesses, the existing executive team has been able to continue to achieve remarkable levels of growth through a very challenging year.”
Along with the CV1’s group’s overall success, the ASX-lister has also identified financial growth across its online verification platform.
The CVCheck platform tabled a record $1.7 million in revenue, marking a 236% increase on the previous corresponding period.
As of May this year, the platform’s annual recurring revenue (ARR) stood at $12.6 million, compared to the $11.1 million recorded at the end of 2021’s March quarter.
Graph tracks the CVCheck platform’s ARR growth since June last year.
CV Check said it could leverage continued business opportunities from its 3,000-strong corporate client base, which led to the jump in ARR.
Meanwhile, over May, BPT’s two platforms generated $479,000 in revenue, 40% of which was software as a service-based licence revenue.
CV Check maintained revenue brought in by its latest acquisition is driven by long-term contracts with blue-chip clients like BHP Group Ltd (ASX:BHP).
Search for CEO
Meanwhile, CV1’s hunt for a new CEO is underway after outgoing chief executive Rod Sherwood stepped down in April.
The company has appointed a specialist search firm to help source the best prospective candidates for the key appointment.
Gustavino said: “The business is successfully pivoting to achieve the strategic goals set by the board. The recruitment of the right CEO, which is well in hand, will be the key piece CV1 needs to set itself to become a leading player in the global Reg Tech space.”