Q3FY18 Results & Operating Update

Summary highlights:

  • Record revenue of $3.3 million in Q3FY18, 21% growth from Q3FY17
  • 31% growth in corporate revenue in Q3FY18 vs Q3FY17
  • 12% increase in customer cash receipts to $3.2 million in Q3FY18 vs $2.9 million Q3FY17
  • Cash burn $0.4 million in Q3FY18, 35% improved vs Q3FY17; cash at quarter end $3.1 million
  • First revenues booked from three previously announced HR platform provider partnerships
  • Bespoke corporate integrations have increased revenue from top tier clients
  • Sale of large portion of shareholding by major shareholder to enable register renewal
  • Investor conference call scheduled for 17 April 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.”

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