CVCheck delivers solid sales performance despite turbulent backdrop

By CVCheck

on April 6, 2020

Leading online integrated screening and verification company, CV Check Limited (“CV1” or “the Company”) (ASX:CV1) is pleased to provide an update on operations including delivering another quarter of revenue growth, information on measures taken to address the effects of the COVID-19 pandemic and to aid cost saving measures, a reduction in the Board members to three.

Summary highlights:

$3.3M revenue in Q3FY20, an increase on PCP despite Australian natural disasters and COVID-19
First revenues booked from Northern Star Resources, the AICD and 427 clients new to CV1
First revenues booked through integration with strategic alliance partner Xref
$0.9M cash burn, performance affected by COVID-19 and $560K of carried over creditors from Q2FY20 paid later than normal
COVID-19 status – worker safety prioritised, cash savings already made provide revenue buffer
Director fees cut by 50% with Board to reduce to statutory compliance of three members
Cash at bank $4.9M as at 31 March 2020 and no debt leaves the Company in a strong financial position

To read the full announcement published to the ASX, please click the button below.