28/07/2017 - 05:15

Sherwood takes axe to costs at CV Check as revenue jumps 50%

28/07/2017 - 05:15


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ASX listed resume screening and verification company CVCheck has finished the financial year with revenues up 50 per cent on the back of sustained user growth and a swag of new corporate clients. The Perth based online company is aiming to get to break even by the December quarter as the corporate sector puts job seeker’s resumes to the test.

Sherwood takes axe to costs at CV Check as revenue jumps 50%

ASX listed CVCheck’s impressive run of growth has continued, with the Perth based resume screening and verification company posting a 50 per cent lift in revenues for the 2017 financial year.

In a market update issued on Wednesday, CVCheck said it generated revenues of $10.4m for the 12 months to June 30, up from $7.1m in the previous corresponding period.

The company’s upbeat financials were aided and abetted by a dramatic, 39% reduction in operating cash burn after relatively new CEO and former CFO Rod Sherwood took the axe to the company’s operating costs. 

CV Check are now hurtling headlong into profitability with the company reiterating its key objective of breaking even on cash flow at the end of the December quarter.

“Achieving this will be dependent on an expected R&D tax incentive receipt, continuation of the recent user growth, continuing wind of high quality corporate customers, careful expense management and maintenance of existing market and economic conditions,” management said in a recent update to the ASX.

CVCheck, who listed on the ASX in 2015, have tapped into a desire by corporates to run background checks on job seekers, some of whom are less than truthful when creating a CV.

In addition to employment reference checks, university degree verifications and police record checks, CVCheck also provide intel to employers about whether a job candidate has previously lost their drivers license, faild a credit check or been involved in any nefarious activities such as money laundering.


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