CV Check Ltd (ASX:CV1) has continued its strong start to the financial year with the IT service management company A$400,000 cash flow positive during October and having A$12.6 million in the bank.
The company credits growing employment demand across Australia and New Zealand for its strong October results, recording unaudited revenue of A$2 million. This is a substantial gain on last year, at 81% up on October 2020.
CV1 notched up cash receipts of $2.3 million, 99% up on the previous corresponding month, while the software-as-a-service (SAAS) component of earnings was A$200,000.
On track to do even better
Based on current unaudited revenue, the company says it is on track to exceed this performance in November.
“With strong recent employment demand across the region, CV1 has seen a corresponding uptick in order flows, further validating our strategy of pursuing a B2B focus," CEO Michael Ivanchenko said.
“CV1’s innovations, such as our COVID-19 vaccine status check, continue to gain traction with a market needing certainty and reliability as it grows.
“We are confident that as the full benefits of our workforce compliance monitoring and management software, Cited, are brought to the market, we will be able to accelerate further growth through the balance of this financial year.”
About CV Check
CV Check is a market leader in the delivery of pre-employment screening and daily workforce compliance management solutions, including software and reporting technology.
Its central offering is a cloud-based product suite used worldwide.