Credit Clear secures further $2m in annualised revenue from new clients

Credit Clear ASX CCR annualised revenue new clients April 2022
Credit Clear expects to become cash flow positive from July this year.

Receivables management technology company Credit Clear’s (ASX: CCR) expansion has gained momentum with the company reporting it had secured a further $2 million in annualised revenues last month.

The $2 million in new revenue will accrue over the next 12 months and comes from 15 new clients.

Credit Clear noted an Australian client had “significantly” expanded its scope of work with Credit Clear, which accounts for $1.5 million of the new revenue.

Additionally, based on Credit Clear’s performance in Australia this new client may provide opportunities in new international markets.

“Our momentum continues with new clients joining the platform and the expansion of existing clients that vindicates the power of our offering,” Credit Clear chief executive officer Andrew Smith said.

“Our market-leading and awarding-winning technology supports a hybrid end-to-end collections offering that is having a deep disruptor impact on the way businesses manage their accounts receivable.”

New board member

As Credit Clear continues its upward trajectory, it has appointed Michael Doery to its board as a non-executive director.

Mr Doery has held director appointments with numerous other ASX listed company and his experience includes chair roles of audit and risk committees.

He was previously a partner at KPMG and is a fellow of the institute of chartered accountants Australia and New Zealand.

Mr Doery is also a fellow of the Australian Institute of Company Directors.

Credit Clear chairman Hugh Robertson said Mr Doery’s experience in audit and company directorates will be valuable to the company as its growth accelerates in Australia and internationally.

Positive cash flow in sight

The company revealed in the March quarter that it expects to become cash flow positive by mid-year.

This forecast was based on an expected annual revenue of $35 million for FY2022 and does not include any anticipated income from Credit Clear’s recent deal with Techub in South Africa or today’s announcement.

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