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ClearStar gross profit increases by 29%

Financial Highlights

&middot         Revenues increased by 37% to $10.92 million (FY 2013: $7.97 million)

&middot         Gross profit increased by 29% to $6.33 million (FY 2013: $4.90 million)

&middot         Adjusted pre-tax loss* was $71,000 (FY 2013: pre-tax profit of $710,000)

&middot         Cash and cash equivalents at 31 December 2014 amounted to $6.48 million (30 June 2014: $0.52 million 31 December 2013: $0.29 million)

* Adjustments mean net of one-time IPO and SingleSource Services acquisition related costs of $812,000, investments brought forward for the UK business launch of $397,000, recruiting fees of key new hires of $247,000, and income tax adjustments of $122,000.

Operational Highlights

&middot         Raised gross proceeds of approximately $15 million through an initial public offering (“IPO”) on AIM in July 2014 enabling an acceleration of strategy

&middot         Transformational year with increased activity across all business segments, including:

o   New client acquisitions in existing markets

o   Larger sales team able to approach potential clients directly

o   Enhanced product offering improving user interface

&middot         Completed the acquisition of SingleSource Services Corporation (“SingleSource”) thereby bolstering the Company’s Direct Services division, which now serves approximately 2,600 active clients compared with approximately 500 prior to acquisition

&middot         Processed approximately 6.5 million (FY 2013: 5.6 million) screening services on over 2 million people (FY 2013: 1.7 million) that were provided to over 27,000 (FY 2013: 20,000) end users

&middot         Awarded contract in UK in November 2014 by a world-renowned, leading global risk management consultancy for the development and hosting of a white-labelled, customised solution

Post Period-End Highlights

&middot         Largest Medical Informational Services (“MIS”) contract win to date, expected revenues of $1.3-$1.5 million annually

&middot         Numerous contracts won in Direct Services

&middot         Smooth integration process of SingleSource acquisition

Robert Vale, CEO of ClearStar, commented, “As a result of the IPO, 2014 was a transformational year, as it enabled us to accelerate and deliver on our growth strategy, resulting in top-line growth ahead of market expectations.

“Looking ahead, we have maintained the momentum of the second half of 2014 into the new year. Our Medical Information Services division is showing substantial growth, as is our Direct Services division. We continue to experience increasing demand for our screening services that we provide to our Channel Partners and Consumer Reporting Agencies, and expect an initial contribution from our recently set up Global division. We continue to innovate and scale our technology platform and invest in sales and marketing. As a result, the Board has a high level of confidence for delivering strong growth in 2015 and beyond.”


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