Background screening and verification services provider, CV Check Ltd (ASX: CV1) operates a world-class online platform-as-a-service business with clients including corporates, small and medium enterprises (SMEs), and individual consumers worldwide. CVCheck, over the years, upgraded and introduced innovations in its technology platform to optimise client satisfaction based on feedback, which helps in keeping the services relevant in a rapidly evolving world.
Given below is the Comprehensive Suite of Checks offered by CVCheck.
Annual General Meeting - Chairâs Address
On 27 November 2019, CVCheck released Chairman Ivan Gustavinoâs address at the 2019 Annual General Meeting of the company. Reflecting back on the financial year FY19, Mr Gustavino stated how the period has been a transformative one for CVCheck with the following Highlights-
- Achievement of maiden cash flow positive performance in the second quarter of FY19 and then continued cash generation across the remaining two quarters demonstrating sustainable performance;
- Strengthening of the companyâs business customer revenue base;
- Expansion in CVCheckâs annualised recurring revenue, which stood at $ 9.2 million as at 30 June 2019 and is currently around $ 9.6 million;
- A decisive shift in increased B2B business revenue, which was up more than 70% at end of FY19 and is still growing;
- The company continued to expand its presence through continued integrations with Human Resource Information Systems. In addition to bespoke integrations for some large clients, CVCheck is now connected with SmartRecruiters, PageUp, Springboard, JobAdder, SAP Success Factors, SnapHire, WorkDay and Peoplescout.
He also recapitulated CVCheckâs Strategy for FY20, which is centred around continuing organic growth from higher repeat business customers and considering strategic opportunities for higher transformational growth.
The Three Pillars of CVCheckâs FY20 Strategy are as follows:
Executive Leadership Team
CVCheck also announced on the same day that it had strengthened its senior leadership team with the appointment of Mark Thompson to the role of Chief Revenue Officer, effective 9 December 2019.
Mr Thompson was previously the Sales & Marketing Solutions Specialist and National Account Director with illion (previously D&B / Dunn & Bradstreet). He also served senior sales leadership roles at Equifax (Veda) and Sensis, assisting organisations to take advantage of different data solutions for optimising their business. Mr Thompson was very successful in helping these businesses expand their revenue and build highly effective channel partners and sales strategies into various industries.
The appointment follows a review by the company Board of CV1 on the optimal senior leadership structure to support its future strategic and revenue growth objectives.
Also, as a result of this review, CEO Rod Sherwood, will have three direct reports including-
- Chief Revenue Officer
- Chief Operating Officer and
- Chief Compliance Officer
In addition, CV1âs current Company Secretary and Legal Counsel, Jenny Cutri would be appointed to the role of Chief Compliance Officer. Jenny holds an extensive experience as a compliance specialist and lawyer, having worked for more than 25 years in both the public and private sectors. Her prior engagements include senior roles in ASIC, ASX and other large organisations. She is also presently the Chair and a Non-Executive Director with K2fly Ltd (ASX: K2F).
CVCheck is currently in the process of recruiting for a Chief Operating Officer, who would look after the companyâs operations and processes across Australia and New Zealand.
To align the leadership team with the companyâs performance, CVCheck also executed an employee incentive scheme, for the senior management, and issued options pursuant to the companyâs Employee Option Plan (approved by shareholders).
Further, CVCheckâs Board, management and team are working with an agency, who are thought leaders in the importance of values and adherence to the same in a company. The objective is to revisit, recalibrate and articulate the companyâs values and brand to strategically re-position for the future.
Stock Performance: CVCheck has a market capitalisation of around AUD 48.21 million with ~ 292.2 million shares outstanding. The stock of CVCheck closed the dayâs trading at AUD 0.160 on 27 November 2019. CV1 has generated positive returns of 230% year-to-date, 32% in the last six months, and 6.45% in the last one month.
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