- CV Check Ltd. continues to build a stronger profile as an international company in the growing regulatory technology (Reg Tech) space.
- The business remained resilient throughout the fiscal year 2021 with record revenue, strong cash balance and extensive business expansion.
- CV1 generated revenue of AU$17.5 million in FY21, recording a jump of 41% on the prior compared period.
CV Check Ltd. (ASX:CV1) continues to build a stronger profile as an international company in the growing regulatory technology (Reg Tech) space. The business remained resilient throughout the fiscal year 2021 with record revenue, strong cash balance and extensive business expansion.
CV Check, one of the leading screening and verification providers, witnessed an upswing in its share price post the announcement of its annual report. The stock traded at AU$0.175 at 12:09 PM (AEST) on 06 September 2021.
Strong growth horizons achieved during FY21
The dynamic tech company is riding high on the success of FY21, as it managed to successfully deliver on the goals set by the board for the fiscal year ending 30 June 2021. Below are some of the prominent financial highlights from its annual report.
- CV1 generated a revenue of AU$17.5 million in the financial year 2021, recording a jump of 41% on the previous corresponding period FY2020, including revenue from acquired entities.
- The company holds a strong cash balance of AU$11.9 million with no external financing debt, as of 01 September 2021.
- Annual Recurring Revenue (ARR) generated from the pre-existing business rose to AU$13.3 million as at 30 June 2021, representing a 39% growth year on year.
- CV1 registered a positive net cash inflow of AU$1 million from operating activities, on the previous fiscal year.
CV1’s business offerings expanded
The company’s consistent performance as a leader in Pre-Employment Screening & Psychometric Assessments has won it new big clients during the year.
The company has been generating significant ARR and higher quality revenue. Product offering has extended from pre-employment to full employment lifecycle, creating further opportunities for recurring revenue.
Expanding Market Reach, Data Source: Company Annual report dated 6 September 2021, Image source Kalkine Media PTY Ltd.
CV1 well on track for future endeavours in FY22
Strongly Positioned Entering FY22, Data Source: Company Annual report dated 6 September 2021, Image source Kalkine Media PTY Ltd.
With significant achievements during FY21, CV Check looks forward to a progressive year ahead. The key priorities for FY22 will include further investment in technology, innovation and product development. The company will direct its focus on building a stronger client base.
One of the major highlights of the fiscal year 2021 was CV Check’s successful acquisition of Bright People Technologies Pty Ltd (BPT). It has set in motion a chain of processes for the two businesses to be carried out in the current financial year. From integration of the two entities, merger of their management structures to consolidation of their technology platforms, everything has given a way to CV Check to continue to lead in the Reg Tech sector in FY22.