Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) announced in its annual general meeting that it expects continuing growth for the full year 2021.

The group said its outlook for FY2021 remains positive and optimistic, depending on the prevailing economic conditions and the demand for ICT (information communication and technology) human talent from both the government and private sectors.

In August 2020 the group reported operating revenue for the full year 2020 of AUD 33.3 million (USD 23.7 million), an increase of 10.2% compared to the same period last year.

“We are committed to improving our revenues and profitability which are at record highs,” the group said. “The majority of our revenue is still generated from our core ICT recruitment and contracting business and we are active in non-ICT areas of recruitment as well. We have been focused on securing new clients all around Australia to successfully expand our client base.”

The company added, “We remain ready to take advantage of market opportunities promising organic growth and potential accretive acquisitions to increase stakeholder returns. The future for HiTech continues to look brighter than ever.”

HiTech added that its outlook for FY2021 remains positive and optimistic – ‘depending on the prevailing economic conditions and the demand for ICT human talent from both the government and private sectors.’

Based on unaudited internal management accounts for the period up to end of October 2020, the group’s expected profit and revenue for the first half of FY2021 are expected to be greater than the previous corresponding period.

Ray Hazouri, Chairman of HiTech said, “Exact results can't yet be released but we expect continuing growth for the full year FY2021. We will keep the market updated as required.

 “HiTech remains a strong, profitable, and resilient business, with growing revenue and record profit, a strong balance sheet, solid cash reserves and no debt. We have shown that we can beat this pandemic recession and stay profitable with a record result! We aim to continue that profitable growth path. We are determined to improve our financial performance and profit results and will continue to do our best to improve growth both organically and via disciplined external acquisitions as appropriate.”