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CV Check (ASX:CV1) share price leaps 15% on strong trading update

The company released an impressive scorecard for Q2 FY22…
The post CV Check (ASX:CV1) share price leaps 15% on strong trading update appeared first on The Motley Fool Australia. –

The CV Check Ltd (ASX: CV1) share price is rebounding fiercely after slumping 20% over the last three trading days.

The online integrated screening and verification company announced a sound second-quarter trading update which has excited investors.

At the time of writing, the online integrated screening and verification company’s shares are up 15.39% to 15 cents.

CV Check achieves positive cash flow

The CV Check share price is on the move today after the company outlined robust performance for the start of Q2 FY22.

According to its release, CV Check reported growth in employment demand across both Australia and New Zealand. This led the company to record $2 million in revenue for October, up 81% on the prior corresponding period. Cash receipts for the month totalled $2.3 million, reflecting a 99% increase from this time last year.

CV Check also became cash flow positive for October, generating $0.4 million. The closing cash balance for the end of the month stood at $12.6 million.

In addition, the company revealed that favourable tailwinds are indicating that November is on track to beat last month’s result.

CV Check CEO Michael Ivanchenko commented on the company’s solid performance:

With strong recent employment demand across the region, CV1 has seen a corresponding uptick in order flows, further validating our strategy of pursuing a B2B focus. CV1’s innovations, such as our Covid-vaccine status check, continue to gain traction with a market needing certainty and reliability as it grows.

We are confident that as the full benefits of our workforce compliance monitoring and management software, Cited, are brought to the market, CV1 will be able to accelerate further growth through the balance of FY22.

CV Check share price snapshot

The CV Check share price is down 9% in the past 12 months and is hovering almost 20% lower year-to-date.

Based on valuation grounds, CV Check has a market capitalisation of around $64.95 million, with approximately 433.02 million shares outstanding.

The post CV Check (ASX:CV1) share price leaps 15% on strong trading update 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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