CVCheck Ltd made strong progress during the September quarter as it advances into international markets, with revenue of $6.3 million, which is 85.4% higher than the previous corresponding period, while cash receipts totalled A$6.1 million, up 79% on the corresponding quarter.
The strong sales performance comes as the company gains momentum with more than 500 businesses signed up and placing their first orders during the quarter.
Promisingly, validating the international potential and direction of the company, customers from the UK and US are amongst CV1’s top 20 customers.
Notable new customers included Accolade Wines, Baby Bunting, Concept Engineering, Corrs Chambers Westgarth, Downer Defence, Federal Court of Australia, IDEXX, Kincare, Maas Group, Porsche Cars Australia, Transport Accident Commission (TAC), Viva Leisure, Westgold Resources and other well-known brands.
“Pre-eminent background screening brand”
CEO Michael Ivanchenko said: “The client wins reflect CVCheck’s position as the pre-eminent background screening brand in the Australia-New Zealand region, CV1’s focus on B2B, and the growing value of the group’s workforce compliance management products.
“Employers, employees and potential employees in all sectors are confronted with ever-increasing workforce regulatory compliance liabilities and risks.
“This impacts the 13 million employed people in Australia alone before considering international markets.”
BPT integration
Integration of the CVCheck and BPT businesses during the period has already realised SaaS revenue of $600,000 equating to 9.4% of the company’s revenue.
The integration of Cited has successfully accelerated the expansion into end-to-end workforce compliance management.
Notably, on October 19, 2021, the scope of CV1’s accreditation to ISO27001 was extended to include all systems, assets, people and processes in the group, including the BPT business and platforms.
Strong balance sheet
CV1 reported strong sales performance, netting $6.3 million across the company’s businesses, 85.4% up on the same quarter of 2020, and this drove cash receipts of $6.1 million in Q1FY22, 79% higher than the previous corresponding quarter.
The cash balance on September 30, 2021, was at $12.3 million and the quarter was cash flow positive from operating activities with no external financing.
New CEO
During the period, CV1’s new chief executive officer Michael Ivanchenko was appointed following a comprehensive search and selection process.
The company describes Ivanchenko, as an internationally experienced, highly capable executive with a record of driving profitable growth through the development and deployment of significant SaaS products.
He has deep experience in rapidly developing business-to-business (B2B) and business-to-consumer (B2C) technology sectors and has led product and sales teams across Asia-Pacific, the US and Europe.