Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) held its Annual General Meeting, publishing its outlook for FY 2022.

Earlier this year, the group published its results for the financial year ended 30 June 2021. Revenue stood at AUD 42.1 million (USD 30.1 million), an increase of 26.0% compared to the same period last year.

Chairman Ray Hazouri said, “Our outlook for FY2022 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 2021, the group’s expected profit and revenue for the first half of FY2022 is expected to be greater than the previous corresponding period.

“Exact results can't yet be released but we expect continuing growth for the full year FY2022,” Hazouri said. “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 manage the disruptions of the pandemic 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,” Hazouri said.