ClearStar reports record Q1 revenues

10th Apr 2019 11:28

(Sharecast News) - Technology-based services outfit ClearStar saw revenues improve to record levels over the first quarter of its trading year.ClearStar saw revenues grow 11% to $5.1m in the three months ended 31 March, with strong revenue growth of 37% reported in its direct services business channel. Direct services accounted for roughly 34% of the group's total revenue in the quarter - up from the 27% reported a year earlier.Elsewhere, medical information services continued to be the primary driver of growth by service offering, with revenues increasing 23% year-on-year and accounting for 42% of total sales.Chief executive Robert Vale said: "We are very happy with a strong first quarter for 2019. The investments that we have made in 2018 in technology improvements and integrations have paved the path to an upmarket sales funnel with some notable wins during the period."Our increased marketing efforts are yielding better-than-expected results in getting our brand name recognised, with the number of RFPs we were invited to respond to being twice as many this quarter than in all of 2018."Vale concluded by saying he was looking forward to updating investors on the group's further progress following the "great start to 2019".As of 1130 BST, ClearStar shares had climbed 6.09% to 61p.