CV Check Ltd (ASX:CV1) notched up record quarterly revenue of A$6.3 million during the first quarter of FY22, marginally greater than the previous quarter's record and 85% higher than the corresponding quarter of FY21.
This included A$600,000 or 9.4% committed SaaS revenue in the form of licence and consulting fees, which was also an improvement on the preceding quarter.
The company closed the quarter with A$12.3 million in cash, with no external financing and investors have recognised the progress made with shares up 12.12% at the opening to A$0.185.
Sustainable growth
CV Check has continued to deliver sustainable growth despite a slowing market under repeated and extended lockdowns in the most populous states, and this provides evidence of a successful shift in strategy to a B2B (business to business) focus.
“This is yet another great result from the strong core business," said CV Check chief executive officer Michael Ivanchenko.
"Work is progressing well on consolidating technology features to reduce cost to serve and open opportunities to improve quality revenue.
“I look forward to sharing plans for product development and feature enhancement in coming months.”
Focus in quarter
The company focused on tech and finance consolidation over the first quarter of this financial year, firming the foundation as it looks to product development and feature enhancement in the coming months.
CV Check is a background screening provider for enterprises and individuals globally through its proprietary online platform cvcheck.com, dedicated to verifying credentials.
Following the recent acquisition of Bright People Technologies, CV1 also provides SaaS-based (software as a service) workforce management and compliance technology systems through the brand Cited.
The combined businesses offer credential-based workforce management and compliance technology systems to enterprises globally.
Read: CV Check delivers solid achievements amidst a challenging year
CFO/COO appointment
CV Check recently appointed Jason Margach as its chief financial and operating officer, effective October 1, 2021.
Margach has extensive experience in finance and operations in Australia and overseas. He holds a Bachelor of Accounting Sciences, completed Commercial Articles with Price Waterhouse Coopers and obtained a Master of Business Administration in 2016.
He has been a member of CVCheck’s executive team since February 2020.
Read: CV Check’s new chief executive officer takes the reins today