Why the CV Check (ASX:CV1) share price will be on watch this morning

The CV Check Ltd (ASX: CV1) share price will be on watch today following a business update. We take a look at the company’s performance.

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The CV Check Ltd (ASX: CV1) share price will be on watch this morning following the company’s release of a business update. At yesterday’s market close, the online integrated screening and verification company’s shares finished the day at 14.5 cents.

Let’s take a look at what CV Check provided investors with late Monday evening.

Best sales on record

The CV Check share price could be on the move today after the company advised it delivered a robust performance for the March quarter.

According to its release, CV Check reported strong trading conditions throughout February. This resulted in the company achieving a new all-time sales record for the month, and the 12-month booked annual recurring revenue (ARR).

The strong sales growth came from new customer wins, as well as high-order volumes driven by its established customer base.

CV Check noted that sales are continuing to run into March – the final month of Q3 FY21.

In addition, the company highlighted that the Bright People Technologies acquisition is on track. Settlement is expected to occur sometime in early April.

CV Check CEO Rod Sherwood commented on the company’s solid performance:

A very strong couple of months have kicked off the calendar year. A strong January was followed by new all-time revenue records being set in February for both a single month of sales and the booked 12-month ARR. Growth is being driven by both new customer wins and high order flow from long standing customers who are active in bringing on new hires and re-compliance screening. March sales volume as experienced to date continues to be very strong.

CV Check share price snapshot

The CV Check share price has gained over 100% in the past 12 months, but lost over 20% year to date. The company’s shares reached a 52-week high of 21 cents in February when news of the acquisition came to light.

Based on valuation grounds, CV Check has a market capitalisation of around $51.5 million, with 355.2 million shares on issue.

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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. 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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