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ClearStar losses narrow

By BFN News | 08:04 AM | Tuesday 28 March, 2017

ClearStar's revenues rose by 3% to $16.0m in the year to the end of December. It said this was based on processing approximately 7.8 million screening services (2015: 7.2 million) on over 2.3 million people (2015: 2.2 million) that were provided to over 28,000 end-users (2015: 28,000). The group said that in 2016 general and administrative expenses were reduced by 7.8% to $7.5 million and the loss before interest, tax depreciation and amortisation fell to $666,000 from $956,000 last time. The company said it had year-end net cash of $2.4 million (30 June 2016: $3.1 million; 31 December 2015: $3.9 million). Chief executive Robert Vale said: "These results demonstrate that ClearStar's underlying businesses are robust and continue to deliver revenue growth. "2016 was a significant year for us as we streamlined our business, strengthened our direct sales team and launched our global platform. ClearStar now provides a suite of advanced services, directly and indirectly through our Channel Partner and CRA customers, on a global basis. "As a result, we entered 2017 well positioned with a stronger client base and more comprehensive service offering compared with the previous year. "The fluidity of the labour market continues to expand thereby increasing the demand for our direct services and providing new opportunities for revenue generation. "Our global platform, Sphere, is gaining traction, with the strong initial client response, strengthening our belief that we can generate meaningful global revenue in 2017. "Consequently, we are confident of delivering continued growth and shareholder value, and we look forward to updating the market as the year progresses." The group also announced that it has entered into a partnership with IntelliCentrics, which has more than 10,000 distinct installations of vendor credentialing across the US, Canada, and the UK. It said that under the terms of the partnership, ClearStar's automated titer and drug screening solution would be integrated into IntelliCentrics' SEC´┐ŻURE programme for hospitals and healthcare organisations. At 8:04am: (LON:CLST) Clearstar Inc share price was 0p at 22.5p (LON:CLSU) Clearstar Inc. Ord Usd0.0001 Di share price was 0p at 27p Story provided by

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