15/01/2020 - 16:04

CV Check up on strong results

15/01/2020 - 16:04
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Osborne Park-based CV Check has reported a breakeven cash flow quarter and continued growth in its B2B customer segment, which contributed 73 per cent in total sales.

Rod Sherwood says CV Check is positioned for a strong second half in 2020.

Osborne Park-based CV Check has reported a breakeven cash flow quarter and continued growth in its B2B customer segment, which contributed 73 per cent in total sales.

Established in 2004 in Western Australia, CV provides screening and verification services to a number of industries in Australia and New Zealand.

It listed on the ASX in September 2015.

The company achieved slightly positive operating and investing cash flow at $2,000 for the December quarter, together with a partial FY19 research and development tax incentive of $100,000.

CV Check said the cash flow result represented a 66 per cent underlying improvement on the prior corresponding period.

It recorded a strong balance sheet, with $5.8 million cash at bank as at December 31, 2019.

Chief executive Rod Sherwood said the company delivered a solid performance for the quarter and was positioned for a strong second half of 2020.

“The team are effective and importantly have already established a strong pipeline of additional B2B tender wins and partnership opportunities which will deliver further growth,” he said.

During the quarter, CV booked its first orders from new customers such as Volkswagen, Panasonic and Neighbourhood Watch.

New tender wins include Transdev and RMIT University, who are both expected to commence ordering in March, CV said.

The company shares closed up 14.8 per cent to trade at 16 cents per share today.

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