FINANCIALS: ClearStar posts positive results with strong rise in revenues

US background checking firm ClearStar has seen revenues rise 13% year-on-year.

Released this morning, preliminary results for the year ended 31 December 2018 show the technology and service provider to the background check industry posted revenues of $20.1m (£15.4m) from $17.8m in 2018.

The firm reported particularly strong growth from its medical information services and direct sales divisions, adding its revenue momentum of 2018 has been sustained into 2019, while it continues to expect to achieve strong growth for full year 2019, in line with market expectations.

Elaborating on the group’s performance, ClearStar CEO Robert Vales said: “This was a great year for ClearStar as we generated our highest ever annual revenue and positive EBITDA [earnings before interest, taxes, depreciation and amortisation] while continuing to strengthen our business. In particular, we achieved excellent traction in our key growth markets of medical information services and direct sales, where we continued to move up-channel as well as enter new segments.

“We are benefiting from the investments made last year as the technology improvements, integrations and enhanced sales & marketing are raising our brand awareness and enabling the successful targeting of larger, higher-volume customers. As a result, we continue to expect to achieve strong growth for full year 2019, in line with market expectations.”

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