Hard to see how the update could have been more positive, given the circumstances.
With revenues holding up better than expected, cost control in place that is exceeding the hit, and NZ beginning to relax COVID restrictions, with Australia planning to follow, the impact is likely to be contained.
I'm generally skeptical of "one off costs" that are just part of doing business, such as recruitment and severance payments, because these can be repeated at any time, but it is fair for the company to point them out as not being related to the current virus issues.
It was also pleasing to hear that pricing is being maintained, and that some more new customers are being brought on.
Similarly, integrations with things like LinkedIn are quite positive, as they unlock additional avenues for business growth by making using CV1 services easy and seamless.
I am very bullish on the strategy of becoming part of enterprise recruitment processes. The need for background checking is growing substantially, and the comparatively modest cost to perform these routinely for large corporates gives great scope for increasing revenues.
It would be reckless to say it is smooth sailing from here, but it is certainly looking reasonable for a move back to recent prices at 14-15c rather than the current price.
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Hard to see how the update could have been more positive, given...
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1 | 90000 | 0.092 |
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Price($) | Vol. | No. |
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