23rd Jul 2015 12:52
LONDON (Alliance News) - ClearStar Inc Thursday said it has maintained the momentum of the second half of 2014 in the first half of 2015 and said it expects growth in revenue and gross margin in the first half.
ClearStar, which provides technology and services to the background-check industry, said it expects revenue in the six months ended June 30 to rise to USD7.5 million, an increase of 43% on the same period the prior year. It said that sales grew strongly in all three of its divisions.
ClearStar added that gross margin in the first half improved primarily due to economies of scale, along with a favourable shift in its product mix with an increased contribution of revenue from higher margin direct sales. It said it expects gross margin to be higher by more than 200 basis points in the half year, a trend which it expects to continue.
"We are pleased that our team has executed on all fronts of new technology development, diversification of product offerings and expansion into international markets. Our brand is emerging as a market leader in risk mitigation and we have attracted some of the most accomplished sales professionals in our sector. Our built-to-last strategy positions the company to deliver strong, higher margin, growth for years to come," Chief Executive Robert Vale said in a statement.
Shares in ClearStar were untraded on Thursday, last quoted at 58.30 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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