The CV Check Ltd (ASX: CV1) share price is surging forward on Monday following the company’s latest flash update.
At the time of writing, the online integrated screening and verification company’s shares are up 6.90% to 15.5 cents.
How is CV Check performing in FY22?
Investors are sending the CV Check share price higher after the company reported robust numbers for the FY22 period.
According to its release, CV Check advised it has achieved revenue of $6.5 million for the December quarter (Q2 FY22). This represents an 83% increase on the prior corresponding period ($3.5 million).
When factoring in Q1 FY22 revenue, CV Check has generated total revenue of $12.8 million for the first-half of FY22. Again, this is a significant rise of 84% when compared against the first-half of FY21.
Furthermore, consolidated revenue included $1.2 million in Software-as-a-Service (SaaS) revenue in the form of licence and consulting fees.
During the first-half, the company focused on completing the integration of Bright People Technology, which it bought for $1 million.
CV Check noted that its cash flow from operations was positive, and it is well-positioned for a bumper second-half. This is regardless of the repeated lockdowns and economic uncertainty that COVID-19 has caused.
At the end of the 2021 calendar year, CV Check recorded a closing cash balance of $12.2 million.
CV Check CEO, Michael Ivanchenko, said:
The completion of the integration of Bright People Technologies and the commencement of execution of the company CGI (Consolidate the base, Grow new markets and Innovate) strategy is showing results.
We continue to see strong growth in the pre-employment screening market through our returning business customers utilising more of our screening services including our Covid Vaccination checks.
We are experiencing unprecedented interest in our SaaS real-time compliance monitoring product, Cited, and progress continues on key innovations which we look forward to announcing soon.
About the CV Check share price
Despite today’s ascent, the CV Check share price has moved in circles throughout the last 12 months. Its shares have posted a loss of around 17% over the period, with year-to-date currently down 6%.
CV Check has a market capitalisation of roughly $63 million, with approximately 434.54 million shares on its books.
The post CV Check (ASX:CV1) share price leaps 7% as revenue surges 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.
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