CV Check (ASX:CV1) share price soars 15% on record revenues

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The CV Check Ltd (ASX: CV1) share price is soaring today following the company’s first-quarter trading update.

At the time of writing, the online integrated screening and verification company’s shares are up 15.15% to 19 cents.

How did CV Check perform in Q1 FY22?

Investors are sending the CV Check share price higher after the company reported robust numbers for the 3-month period.

According to its release, CV Check achieved record revenue of $6.3 million, up 85.4% on this time last year. The successful shift into a B2B focused strategy underpinned the strong result. This is despite a slowing market under repeated and extended lockdowns in Australia’s most populous states.

Consolidated revenue included $0.6 million in software-as-a-service (SaaS) revenue in the form of licence and consulting fees, representing 9.4% of total revenue.

CV Check CEO Michael Ivanchenko said:

This is yet another great result from the strong core business. Work is progressing well on consolidating technology features to reduce cost to serve and open opportunities to improve quality revenue. I look forward to sharing plans for product development and feature enhancement in coming months.

In addition to the business update, CV Check announced the appointment of Jason Margach as its chief financial and operating officer (CFOO).

The position came into effect on 1 October and sees Margach head up the company’s finance team.

Margach has extensive experience in finance and operations both in Australia and overseas. He holds a Bachelor of Accounting Sciences, completed Commercial Articles with Price Waterhouse Coopers, and has a Master of Business Administration.

Margach has been with the CV Check executive team since the beginning of February 2020.

About the CV Check share price

It’s been a mixed bag performance for the CV Check share price, moving in circles throughout the past 12 months. Its shares have posted a gain of 26% over the first quarter of FY22 but are flat year-to-date.

CV Check has a market capitalisation of roughly $81.5 million, with approximately 429.4 million shares on its books.

The post CV Check (ASX:CV1) share price soars 15% on record revenues appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended CV Check Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia

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