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ClearStar announces 17% revenue increase but losses widen

By BFN News | 08:54 AM | Wednesday 18 September, 2019


ClearStar has announced that revenue increased by 17% to $11.6m (H1 2018: $9.9m). However, the loss before tax widened from $645k to $914k. As of 30 June 2019, the company had cash of $1.1m (31 Dec 2018: $0.9m). The company announced strong revenue growth in direct sales and Medical Information Services (MIS), which in aggregate accounted for 72% of total revenue (H1 2018: 62%). An expanded direct tier 1 client base also contributed. Robert Vale, CEO of ClearStar, commented: 'We are pleased to report another period of strong sales growth, driven by our medical screening solutions and providing background checks to our expanding direct client base.' 'During the period, we invested in our growth to enable us to capitalise on the ever-growing demand that we are receiving as customers increasingly recognise the value that our solutions can add to their screening programmes - to benefit both the employer and the employee. As a result, with our expanded pipeline and sustained sales momentum, we continue to expect to achieve strong revenue growth for full year 2019 and, with trading in line with the Board's expectations, we look to the future with confidence.' At 8:54am: (LON:CLSU) Clearstar Inc. share price was -1p at 63p Story provided by StockMarketWire.com

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