CVCheck delivers solid sales performance despite turbulent backdrop

Summary highlights:

  • $3.3M revenue in Q3FY20, an increase on PCP despite Australian natural disasters and COVID-19
  • First revenues booked from Northern Star Resources, the AICD and 427 clients new to CV1
  • First revenues booked through integration with strategic alliance partner Xref
  • $0.9M cash burn, performance affected by COVID-19 and $560K of carried over creditors from Q2FY20 paid later than normal
  • COVID-19 status – worker safety prioritised, cash savings already made provide revenue buffer
  • Director fees cut by 50% with Board to reduce to statutory compliance of three members
  • Cash at bank $4.9M as at 31 March 2020 and no debt leaves the Company in a strong financial position

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