What ClearStar does
The group’s products include;
• ScreenMeNow – a mobile application that allows candidates to conduct their background check using their phone with an e-signature
• ClearID – app designed to validate IDs and provide face-match technology for contract labour
• ClearContact – collates and organises contract worker contact details into a single directory
• ClearMD – drug screening and clinical testing solution that allows candidates to perform their own tests and book their own appointments
How it is doing
At the beginning of May, ClearStar said it hadn't lost any customers due to the pandemic, but it noted a reduction in volumes. It also added it was too early to provide guidance for the current period.
In the year to 31 December, revenue increased by 14% to US$23mln, for gross profit up 9% to U$12.4mln, while adjusted earnings (EBITDA) doubled to US$400,000.
The company posted a US$1.4mln loss before tax, in line with a US$1.4mln loss in the preceding year. It ended December with US$1.8mln of cash.
What the boss says: Roberto Vale, chief executive
"Our business model has meant that we could adapt rapidly in response to the COVID-19 outbreak - with the procedures and technology in place to enable remote working and with the same strict level of security."
“There has been no degradation in our quality standards and we have not lost any customers, however, volumes have been significantly reduced."
“We have acted decisively to cut our costs to support our liquidity during this period and I am proud of the response of our employees to this crisis, but it remains too early to predict the full financial impact on the company in the current year.”