Highlights

• CV Check ends FY22 with a record full year revenue of AU$26.4 million, 51% up on the pcp.
• In the last quarter, the company launched its digital credential passport mobile app - OnCite.
• Throughout FY22, CV1 delivered on its long-term growth strategy based on CGI – Consolidate the base, Grow new markets, and Innovate.

One of the leading Australian RegTech companies, CV Check Limited (ASX:CV1) has ended fiscal year 2022 (FY22) on a strong note with a record full year revenue. The Company clocked an unaudited revenue of AU$26.4 million -  a solid growth of 51% compared to the prior corresponding period (pcp).

Throughout the period, it remained on track to deliver on its long-term growth strategy based on CGI, Consolidate the base, Grow new markets, and Innovate.

Q4 FY22 - Mainstay of record revenue growth

Image Source: © Pigguu | Megapixl.com

The fourth quarter of the 2022 financial year (Q4 FY22) turned out to be highly productive for the RegTech firm. The company secured a revenue of AU$6.7 million in the quarter, representing 6% growth on the prior corresponding period. Q4 FY22 outshined as the 8th consecutive quarter of positive operating cashflow.

In the last quarter of FY22, CV Check launched its game changing mobile app OnCite in the market. OnCite is a digital credential passport mobile app that stores validated digital ID. The app has been designed to drive digital disruption in the Know Your People space and widen the utility of CV Check solutions in the marketplace. It will make the increasing complexity of monitoring compliance requirements simple.

A robust quarter at the end of the year has helped CV1 to close FY22 debt-free with a strong balance sheet and a cash balance of AU$12.2 million.

Crucial investments during FY22

The company made huge investments throughout the year following its CGI strategy for future growth. It included AU$1 million investment in completing 100% acquisition of Bright People Technologies Pty Ltd and AU$2.6 million in product development. Despite massive investments, the ASX-listed company ended the year on a positive note. There was free cashflow of AU$3.1 million from operations in FY22.

 Remarks by CV1 CEO Michael Ivanchenko:CV1 bracing up for FY23

 Image Source: Company Announcement

For the year ahead, the company remains committed to drive efforts to grow at an even faster pace following its CGI growth strategy. It will continue to Consolidate its base business of the premier background screening and verification brand in CVCheck. The company believes that it will open the way for it to reinvest back into its business to Grow new markets for SaaS monitored compliance with Cited; and to Innovate with new products like its mobile app, OnCite.

Stock information: CV1 shares last traded at AU$0.105 on the ASX with a market capitalisation of AU$45.59 million (as on 11 July 2022).