CV Check scales up global presence; wins 500 new corporate customers

CV Check Limited (ASX:CV1) is a leader in the provision of workforce compliance management and reporting technology. The firm has been successful in growing a higher-quality corporate revenue base in the first quarter of the ongoing fiscal year (Q1FY22). Its recently released quarterly update also reveals that the firm is continuously gaining momentum in Australia and beyond.

CV1 welcomes over 500 new corporate customers

More than 500 businesses came onboard and placed their first orders with CV1 products in past quarter. Prominent names include Baby Bunting, Kincare, Maas Group, Downer Defence, Accolade Wines, Corrs Chambers Westgarth, Concept Engineering, the Federal Court of Australia, IDEXX, Transport Accident Commission (TAC), Porsche Cars Australia, Viva Leisure, Westgold Resources, and other popular brands.

CV1’s top 20 customers are from the United Kingdom and the United States. The presence of UK and US clients in the top 20 list underlines the international potential and direction of the Group.

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Vital statistics for Q1FY22

In Q1FY22, the ASX-listed public company achieved a strong sales performance of AU$6.3 million and brought in cash receipts of AU$6.1 million, registering an increase of 79% on the prior corresponding period (pcp). As of 30 September 2021, the cash balance was AU$12.3 million. Also, the first quarter went cash flow positive in terms of operating activities. There was no external financing source for CV1.

CEO Commencement

Michael Ivanchenko, an internationally experienced and highly capable executive, joined CV Check as its new Chief Executive Officer on 30 August 2021. He has a record of attaining profitable growth by means of the development and deployment of momentous SaaS products. He has led product and sales teams across Asia-Pacific, the US and Europe.

With years of experience in B2B and B2C technology sectors on a global scale, Michael can take forward the Australian growth trajectory and also draw in success for CV1 from available international opportunities.

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Successful integration of CV1 and BPT

In the first quarter of the fiscal year 2022, the integration of CV Check and BPT businesses has already obtained Software-As-A-Service (SaaS) revenue of about AU$0.6 million (equating to 9.4% of the Group revenue).

The expansion into end-to-end workforce compliance management was further accelerated due to the integration of Cited.

The scope of CV1’s accreditation to ISO27001 was extended on 19 October 2021 to include all systems, assets, people and processes in the Group, including the BPT business and platforms.

Comments by CEO Michael Ivanchenko on CV1’s international clientage

 “These client wins reflect CV Check’s position as the pre-eminent background screening brand in the Australia–New Zealand region, CV1’s focus on B2B, and the growing value of the Group’s workforce compliance management products.”

He further added, “Employers, employees and potential employees in all sectors are confronted with ever-increasing workforce regulatory compliance liabilities and risks. This impacts 13 million employed people in Australia alone before considering international markets.”

Stock information: The CV1 stock was trading at AU$0.165 on the Australian Securities Exchange (ASX) on 02 November 2021 at 11:50 AM AEDT, with a market capital of AU$70.84 million.

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