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
In September, ClearStar agreed to a buyout offer from private equity group Hanover Bidco worth 40p a share in cash.
The offer values the issued share capital of staff vetting specialist at approximately £14.7mln and represents a 23% premium to the last practicable share price.
Revenue in the six months ended June 30 was US$8.9mln compared to US$11.6mln in the prior year, while revenues in June were 74% higher than April and returned to the same levels seen in February.
The run rate experienced a significant uptick from the end of May which continued throughout June and into July.
What the boss says: Barney Quinn, chairman
"Having served as chairman of ClearStar since the IPO six years ago, I have been delighted to see the growth of our business, with the company now recognised as having market-leading employment and medical background screening technologies."
“However, we have not yet seen a return in much of our traditional business and the ongoing challenges created by the pandemic means that there remains significant near-term uncertainty. The Hanover offer provides us with financial certainty to continue building our business."