Clearstar's 'strong growth' leads to best ever first half revenues

Technology-based services provider Clearstar achieved strong growth in the first half of its trading year, with its highest ever six-month revenue.

Clearstar saw revenues grow approximately 17% to $11.6m in the six months ended 30 June, with revenue growth of 49% year-on-year in the group's direct services business channel, pushing the unit's contribution to 36% of total revenues.

Medical information services was the primary growth driver by service offering, with revenues increasing 25%.

The AIM-listed group made further progress in its key market segments of transportation and logistics, as well as financial institution screening, and expanded into new markets including petrochemical services.

Clearstar said growth had been supported by "strong recurring revenue" and "upselling of further services" with some of its largest existing clients.

As a result, the firm continues to expect "strong revenue growth" for the full year, in line with market expectations.

Chief executive Robert Vale said: "This was a fantastic period for Clearstar as we delivered strong revenue growth, particularly in direct services, which increased by almost 50%.

"With an expanding pipeline and a booming US jobs market, we remain confident of achieving strong growth for full year 2019 and look forward to reporting further progress."

As of 0850 BST, Clearstar shares had shot up 17.41% to 63.40p.