CVCheck (ASX: CV1) 4C Results and Operating Update

Summary highlights:

  • 11% increase in customer cash receipts to $2.8 million in Q2FY18 vs $2.5 million Q2FY17
  • More than 20% growth in corporate revenue in Q2FY18 vs Q2FY17
  • Cash burn $0.2 million in Q2FY18; cash at quarter end $3.5 million
  • Receipt of $0.7 million R&D tax incentive
  • Positioned for further revenue growth
  • Partnered with three HR platform providers, accessing more top-tier corporate clients; first revenues expected Q3FY18
  • Investor conference call scheduled for 31 January 2018

For full results published to ASX check out the “CV1 Appendix 4C and Operating Update” and “Appendix 4C” announcements which can be found on our investor page here.

Our Chief Executive Officer, Rod Sherwood, said:

“I’m very pleased with our progress throughout calendar year 2017. The Company now enjoys high level servicing ability across corporate, SME and individual customers. During the past quarter, CVCheck commercially partnered with three HR platform providers each servicing top-tier corporate clients. We have already won business as a result and are deepening these relationships.”

“CVCheck will continue its development activities to enhance customer experience with the platform, to maximise customer retention and conversion at the corporate and individual level. Our world-class service is well positioned to capture growth in the Australian and New Zealand markets as the corporate market becomes more aware of the business, financial and reputational risk of not performing appropriate checks.”
“We are excited by the addressable market opportunity given the more developed US background checking market now represents an estimated US$1.8bn per annum.”

Investor Call

Investors, are you interested in hearing from our CEO?  Tomorrow we will be kicking off investor calls so you can hear from Rod Sherwood presenting a result briefing with a short Q&A. If you are interested please find the details at the end of CV1 Appendix and Operating Update document published today.

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