CV Check (ASX:CV1) share price falls after trading update

The CV Check share price has fallen 4.7% to 10 cents after the closing bell, with the company providing an operating update this morning.
The post CV Check (ASX:CV1) share price falls after trading update appeared first on Motley Fool Australia. –

hand holding a market and ticking box next to the word 'verified' representing cv check share price

The CV Check Ltd (ASX: CV1) share price has fallen 4.7% to 10 cents after today’s closing bell. CV Check provided an operating update for the past few months prior to the market’s open this morning. During mid-afternoon trade, the CV Check share price hit as high as 12 cents before falling back to its day low of 10 cents.

CV Check overview

CV Check, founded in 2004, is an online tech company that offers background screening and verification services.

The company conducts over 300,000 verification checks every year for private and government organisations, employers and individuals.

These services include national police checks, employment reference checks, credit and financial checks, and predictive psychometric assessments, among other verifications.

Trading update

CV Check advised that its September order flow to date has been much stronger than its July and August averages. In addition, new customer wins in the recent months have offset the challenging conditions the company has faced during COVID-19.

CV Check has achieved over 50% revenue growth from information technology customers compared to the corresponding prior period. Notable client names include Ceridian HCM Holding Inc (NYSE: CDAY), Family Zone Cyber Safety Ltd (ASX: FZO), RXP Services Ltd (ASX: RXP), Reckon Limited (ASX: RKN), and Sage.

Sales post COVID-19 shutdown from 23 March to 13 September showed an upward trend of revenue increasing per week. From July, $250,00 of sales was achieved each week and has been increasing.

Check CV CEO, Rod Sherwood, commented that the effect of the widespread work from home adoption has accelerated sales of its digital, online, cloud-based services.

He added that new client wins across the information technology sector, particularly in its September revenues have continued the business recovery.

Mr Sherwood noted further that revenue from clients placing orders through integrations with other HR technology platforms also continues to rise strongly when compared to the same period of FY20.

CV Check share price summary

The CV Check share price has been gaining momentum since its March low of 4.6 cents, which has been underpinned by its sales recovery. However, the CV Check share price is down 33% from a trailing 12 months.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has recommended CV Check Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post CV Check (ASX:CV1) share price falls after trading update appeared first on Motley Fool Australia.

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