FINANCIALS: ClearStar update signals positive period

US-based ClearStar expects to see annual revenue growth of around 13%, according to a trading update for the year to 31 December 2018.

An update from the technology and service provider to the background check industry reveals the group expects annual revenue of $20.1m (£15.5m), up from $17.8m in 2017 and positive earnings before interest tax depreciation and amortisation (EBITDA), compared with a loss in the previous year.

The group further revealed its chief financial officer David Pattillo has stepped down and will be succeeded by financial controller Jennifer Balleza.

Commenting on the group’s performance, CEO Robert Vale said: “This was a great period for ClearStar as we achieved our highest ever annual revenue and positive EBITDA, with growth accelerating throughout the year. This momentum has been sustained into the current year and, as a result, we now expect to achieve full year 2019 revenue growth of approximately 15%, which is comfortably in line with market expectations.”

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