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.

| More on:
asx share price on watch represented by investor looking through magnifying glass

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Market News

a drink poured from a bottle into a glass
Opinions

2 shares I'll be adding to my portfolio – even with the ASX near all-time highs

Even though the markets are near record highs, there is still value to be found.

Read more »

Happy shareholders clap and smile as they listen to a company earnings report.
Share Gainers

Why Brainchip, Cooper Energy, Core Lithium, and Neuren shares are roaring higher today

These shares are having a good time on hump day. But why?

Read more »

A little Asian girl is so excited by the bubbles coming out of her bubble machine.
Opinions

Worried about a frothy market? 2 ASX shares attractively priced AND 1 dead simple buy

Pricey markets don't require sitting on the sidelines.

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Bellevue, Domain, Skycity, and Wildcat shares are tumbling today

These shares are having a tough time on hump day. But why?

Read more »

A man looks a little perplexed as he holds his hand to his head as if thinking about something as he stands in the aisle of a supermarket.
Opinions

This ASX 200 share is trading near 52-week lows. Is it time to buy?

Is this one of the most underrated stocks on the ASX right now?

Read more »

Broker looking at the share price.
Broker Notes

3 ASX All Ords shares just got BIG upgrades from top brokers

Leading brokers believe these ASX All Ords stocks could fly higher into 2025.

Read more »

A young well-dressed couple at a luxury resort celebrate successful life choices.
Opinions

Want to become wealthy? Invest in ASX shares for 2030 rather than 2025

Long-term investing in ASX shares make a lot of sense to me.

Read more »

A couple lying down and laughing, symbolising passive income.
Opinions

How to invest in ASX shares for big capital gains AND passive income

Certain types of ASX shares are capable of producing good returns, including dividends.

Read more »