CV Check Ltd (ASX:CV1) has delivered fourth-quarter revenue of $6.7 million, up 6% from a year earlier, lifting its full-year 2022 revenue 51% higher to $26.4 million.
The regulatory technology company said it ended the 2022 fiscal year in a strong position, with cash at bank of $12.2 million.
Its balance sheet remains robust and the company was debt-free at the end of FY22.
CV Check generated free cashflow from operations of $3.1 million during the year, with the fourth quarter being the eighth consecutive quarter of positive operating cashflow.
Payments made during the year included $1 million for the finalisation of the acquisition of Bright People Technologies Pty Ltd, while $2.6 million was spent for product development, which was 194% higher than the previous year.
“Consolidation to continue”
“We are well-pleased with CV1’s performance over the past 12 months. The strong revenue growth reported by the company over this period provided it with the funding required to both run the business and finance a range of growth initiatives that will bolster its future performance,” CV Check CEO Michael Ivanchenko said.
“Importantly, even with these investments in future growth, the company has ended the year in a strong financial position,” he added.
“I personally want to thank the entire CV1 team for their hard work and their commitment to succeed over FY22.
"Their continued diligence despite a still lingering COVID-19 pandemic was a crucial factor in the company’s strong showing over the past year. With their help, we will remain on track to deliver on our stated long-term growth strategy."
The company will continue to consolidate its background screening and verification brand, CVCheck, in the coming year to pave the way for reinvestment to ensure further growth, Ivanchenko said.
“This will open the way for us to reinvest back into our business to grow new markets for SaaS-monitored compliance with Cited; and to Innovate with new products like our mobile app, OnCite, the digital credentials passport with digital ID that will disrupt the market. We look forward to providing investors with full details of our FY22 performance in our 2022 annual report.”