ClearStar turns EBITDA positive on 'highest-ever' revenues

Technology and service provider ClearStar expects to EBITDA to have turned positive in its last trading year after recording the group's highest-ever annual revenues.

ClearStar projected annual revenue growth of approximately 13% to $20.1m, which was enough to push EBITDA into the green for the year ended 31 December.

The AIM-listed firm saw strong revenue growth in its direct services business channel at 28% year-on-year, while medical information services continued to be the primary growth driver by service offering - with revenue increasing 25% year-on-year and accounting for 41% of total revenue.

ClearStar said it had strengthened its foundations for accelerated future growth through product development, integrations and an enhanced sales team.

Chief executive Robert Vale said: "This was a great period for ClearStar as we achieved our highest ever annual revenue and positive EBITDA with growth accelerating throughout the year."

"We are at a true inflexion point as the increase in our brand awareness and value, combined with a strengthened sales function, are enabling us to successfully target larger, higher-volume customers."

Elsewhere, ClearStar revealed that chief financial officer David Pattillo had decided to step down from the position and as a director in order to pursue other interests.

Jennifer Balleza, who has been the company's financial controller since before its IPO, has been appointed interim CFO.

As of 1015 GMT, ClearStar shares had shot up 10.08% to 66.6p.