Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) reported revenue today for the six months ended 31 December 2022 of AUD 40.71 million (USD 27.7 million), an increase of 37% compared to the same period last year.

HiTech is a specialist provider of recruitment and contracting services to the private and Australian government sectors. The Group’s core business is in recruitment of permanent and contracting ICT professionals.

The group said the first half of FY23 presented strong demand for high quality ICT talent and services within the government space which enabled HiTech to further monetise its candidate database.

Looking ahead, CEO Elias Hazouri said, “The Australian Government has targeted a reduction in ICT contracting in some agencies. We have seen a reduction in contracting agreements leading into the end of the calendar year, however, there are several government agencies still looking to bolster their talent pool, especially in the cyber security and digital infrastructure space which should counter the other agencies’ reduction.”

“Early signs of continued demand in the federal government sector for specialist IT talent are encouraging,” Hazouri continued. “HiTech remains fully prepared to take advantage of the demand for skilled IT talent as and when the opportunities present themselves.”

Hitech Group Australia shares closed at AUD 2.04 (USD 1.39), down 2.86% on the day and 9.33% below its 52-week high of AUD 2.25 (USD 1.53), set on 17 February 2022. The company has a market cap of AUD 88.31 million (USD 60.1 million).