ASX listed CV Check has started the financial year with cash receipts for the quarter up 26 per cent to $3 million on the back of a boom in corporate demand for its resume checking and verification services. The Perth-based company expects further growth in FY18 driven by cost cutting, recent wins of high-quality corporate customers and continued user take-up.
Online screening and verification company CVCheck’s impressive growth has continued in FY18, with the company posting a 26 per cent lift in cash receipts for the first fiscal quarter.
CVCheck said this week that quarterly cash receipts lifted to $3 million in Q1, FY18, up 26 per cent on the same quarter last year, making it another record revenue quarter at the Perth-headquartered company.
Management said the upbeat, top-line result was driven by more blue-chip clients, including those from the recruitment, construction and mining services sectors, signing on to its resume verification platform.
“Reflective of the first-tier corporate wins of the prior period, encouraging growth was recorded across the quarter in both Australia and New Zealand,” the company told the ASX this week
“During Q1FY18 CV Check won several promising corporate clients in the recruitment, construction and mining sectors with modest revenue from these new contracts already flowing.”
The company remained bullish on outlook, saying its corporate sales pipeline was expected to continue to drive revenue growth through FY18.
The company also reiterated its key objective of achieving cash flow break, while remaining focused on growth initiatives and realigning its product to its B2B base.
Cash burn for the quarter was $1.1m, down 64% from the same quarter last year, reflecting management’s renewed focus on expense management.
The ASX junior, who listed locally in 2015, is currently growing revenue streams by providing employment screening, police checks and tenant checks amongst other thing to industry associations, employers and individuals.
This includes job reference checks as well as university degree verifications and police record checks.
The company can also provide intel about whether a candidate has been involved in shonky dealings such as money laundering or has failed credit checks.
According to CV Check, 53 per cent of CVs are fake, one in 10 job hunters has a criminal record and one in five young jobseekers are at risk of credit default.
The company’s increasingly popular digital platform now has the capacity to conduct checks across a staggering 190 countries.