21st Jan 2015 09:16
LONDON (Alliance News) - ClearStar Inc said Wednesday that it expects to beat market expectations for gross profit and revenue for 2014 after it accelerated investment plans across a number of parts of its business.
ClearStar expects to report revenue for the full year around 8% ahead of market expectations at around USD10.9 million, and up 37% on the previous year. It did not provide comparative figures.
The company listed on AIM in July last year, raising USD15 million, which it said had enabled it to expand its operations in the US, and raised its profile. As a result of this, it has been able to bring forward investment in "many key areas" it had originally anticipated for 2015 into the second half of 2014, including the acquisition of SingleSource Services Corp for USD3.2 million in December.
This has led to the company's operational expenditure in the fourth quarter of 2014 to be higher than previously forecast, it said.
ClearStar launched its paperless chain of custody software, WebCCF, in its Medical Information Service division. This helped the division to be one of the fastest growing segments of the business, and ClearStar expects this to be a "key growth area" in 2015. It also updated its background check portal, and began building its direct sales division.
"Our focus is on maintaining our strong organic growth in all divisions, continuing to scale our established technology platform and expanding our UK business. As a result, we have a high level of confidence for delivering strong future growth for years to come," said Chief Executive Officer Robert Vale in a statement.
Shares in ClearStar are trading up 8.2% at 72.50 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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