ASX debt collection provider Credit Clear [ASX:CCR] has reported ‘record revenue’ in August, reaching $3.28 million.
CCR’s revenue run rate has climbed to $39.4 million.
Credit Clear also said August marked its fourth consecutive month of operational profitability, which excludes non-operational items.
CCR shares are up 12% year-to-date but flat over the past 12 months:
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CCR highlights record monthly revenue
On Thursday, Credit Clear updated the market on its sales and operational highlights for the month of August.
CCR said August was a ‘record’ month for revenue, with CCR reporting revenue growing at a consistent rate by hitting a new record of $3.28 million.
The result was attributable to some ‘strong contributions’ from new large-scale clients joining the platform.
There has also been an increase in debt referrals which the company says continue to grow with existing clients.
CCR also saw further growth in its legal recovery business, adding to the higher revenue total for the month.
Here is a snapshot of the company’s monthly highlights:
- ‘Credit Clear has achieved a monthly revenue record of $3.28m in August posting four consecutive months of operational profitability
- ‘The revenue run rate climbs to $39.4m
- ‘38 new clients have been signed in August adding $418,000 in expected revenue over the next 12 months
- ‘Cumulative expected revenue of $10.77m from new clients signed in 2022 CYTD
- ‘Credit Clear won “Best use of AI” at the 7th Annual Australian Fintech Awards, this is the second year Credit Clear has won the award
- ‘Credit Clear was also named as an “Insurtech Start-up of the Year” finalist at the 2022 Australian and New Zealand Institute of Insurance and Finance (ANZIIF) industry awards for its automation of third-party motor claims with potential Insurance clients building strongly in the pipeline
- ‘Overall business pipeline continues to strengthen, with several “blue-chip” logo opportunities
- ‘PSC Insurance founder and Deputy Chairman Paul Dwyer appointed as director’.
A strong contributor to the company’s revenue over the month has largely been attributed to five top clients in financial services, education, a sizeable energy utility company, water utility company, and toll road operator.
A record of payments collected on its digital platform came to $5.64 million, after four consecutive months of operational profitability.
Source: CCR
A pipeline of opportunities for CCR
CCR says that in onboarding new clients means there is also a significant pool of new work in the pipeline from each client, backing its ‘digital-first’ hybrid model.
The company said that there will be many opportunities surfacing with blue-chip companies, with possibilities to progress to either final or contract negotiation phase.
These include talks with market-leading users, commercial customers, finance providers, the government, utility services, and even a Big Four bank.
The company is expecting to announce ‘significant new insurance clients’ over the next few months.
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Regards,
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