Credit Clear flags record August revenue of $3.28m, welcomes new director
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Up 20% today is debt collection tech company Credit Clear after it hit record revenue for August of $3.28m – making that its fourth consecutive month of operational profitability.
The month saw strong contributions to growth coming from large new clients onboarded in the past few months as well as growing debt referrals from existing clients.
Credit Clear’s (ASX:CCR) legal recovery businesses also produced strong growth in revenue for the month, with the company’s revenue run-rate now sitting at $39.4m.
August really was a record-breaking month for the company, with payments collected via the digital platform surpassing $5m in a month for the first time for a total of $5.64m.
August was also the fourth consecutive month of record digital payments with May, June and July also posting records.
Added to this, a total of 38 new clients were signed during the month, for an expected $418,000 in revenue over the next 12 months.
And the pipeline doesn’t end there, with CCR in discussions with leading insurers, commercial clients, a Big Four bank, consumer finance providers, government departments and utility providers.
The company expects to be able to announce significant new insurance clients in the coming months.
Figure 1. The company has experienced growth in digital payments, particularly in the last two years. The striped FY23 column is an annualised number from the actual digital collections in August, and assuming no further growth for the year.
Just last week the company appointed a new non-executive director in Paul Dwyer.
Dwyer is the founder of PSC Insurance Group (ASX:PSI) where he serves as a non-executive director and deputy chairman, and the company says he brings exceptional insurance industry experience along with a proven track record in business acquisition, growth and international scaling.
In addition to PSI and CCR, Dwyer also serves as director of several private organisations across his investment, charitable and sporting interests.
“As a leading figure in Australia’s insurance industry, Paul’s experience, knowledge and network will be particularly valuable as Credit Clear looks to continue to expand its major business relationships in Australia and internationally,” chairman Hugh Robertson said.
“On behalf of the board and executive team I extend a warm welcome to Paul.”
This article was developed in collaboration with Credit Clear, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.