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ClearStar adjusted losses narrow

By BFN News | 09:44 AM | Tuesday 19 September, 2017

Interim revenues at ClearStar - a leading technology and service provider to the background check industry - rose by 12% to $8.9m. Gross profit increased by 7% to $5.3m and general and administrative expenses were reduced by $132,000 to $3.8m. The group posted an adjusted loss before interest, tax, depreciation and amortisation of $165,000 - down from $208,000 last time. Chief executive Robert Vale said: 'During the first half of 2017 we generated our highest ever revenue for a six-month reporting period, driven by increasing direct sales and demand for our 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 now have a stronger client base and are positioned to increase revenue generation under our recently-won larger contracts. 'We continue to receive increasing demand for our technologically-differentiated solutions, particularly for medical information services and directly from large corporates as a result of sustained investment in sales & marketing efforts to raise ClearStar's brand awareness. Consequently, the Board remains confident of delivering good revenue growth for full year 2017 in line with market expectations.' At 9:44am: (LON:CLSU) Clearstar Inc. Ord Usd0.0001 Di share price was 0p at 50p Story provided by

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