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View All NewsHire Technologies revenue up 65.9% in first quarter, reports strong hiring climate
Revenue at Hire Technologies Inc. (TSXV:HIRE.V) rose 65.9% year over year in the first quarter. The Toronto-based staffing provider announced results this week.
“A strong hiring climate and our ability to deliver on client demands across the country resulted in a 66% increase on our top line and produced solid operating performance,” CEO Simon Dealy said.
Gross margin improved, though the company posted a net loss.
| (C$) | Q1 2022 | Q1 2021 | % change | Q1 2022 (US$) | |
| Revenue | $9,108,602 | $5,490,329 | 65.9% | $7,297,630 | |
| Gross margin | $4,492,521 | $2,327,403 | 93.0% | $3,599,318 | |
| Gross margin percentage | 49.3% | 42.4% | |||
| Net loss/income | ($1,471,423) | $2,247,470 | nm | ($1,178,875) |
Organic revenue rose 44% in Hire Technologies’ recurring contract book, and on-occurrence direct-hire revenue rose 64%. The company reported the acquisition of Leaders and Co. in 2021 added C$900,000 (US$721,062) in the first quarter.
Guidance
Looking ahead, Hire Technologies anticipates continued growth. It noted strong hiring intentions across all verticals in the second quarter and a continuation of the first quarter’s demand.
Share price and market cap
As of 11:23 a.m. Eastern time, Hire Technologies traded at 12 cents Canadian (nine cents US), and shares were 20.0% above their 52-week low, according to FT.com. The company had a market cap of C$9.9 million (US$7.8 million).