FINANCIALS: ClearStar reveals revenue jump

US-based ClearStar has seen revenues jump 12% year-on-year, according to unaudited results for the six months ended 30 June 2017.

The results, released by the technology and service provider to the background check industry this morning, reveals:

  • Revenues increased to $8.9m (£6.5m) from $8m in H1 2016
  • Direct services revenue increased up 20% year-on-year
  • Gross profit up 7% to $5.3m from $5m in H1 2016
  • General and administrative expenses cut by $132k to $3.8m from $3.9m in H1 2016
  • Adjusted EBITDA improved to a $165k loss from a $208k loss in H1 2016

Robert Vale pointed to a half year in which the group generated its highest ever revenue for a six-month reporting period, driven by increasing direct sales and demand for its medical information services. 

“We were successful in upscaling our direct client base, winning contracts with large, well-established businesses such as IntelliCentrics – and we made substantial progress with the on-boarding of those customers.

“We continue to receive increasing demand for our technologically-differentiated solutions. Consequently, the board remains confident of delivering good revenue growth for full-year 2017 in line with market expectations.”

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