Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) reported revenue today for the six months ended 31 December 2021 of AUD 29.8 million (USD 21.3 million), an increase of 58% compared to the same period last year.

HiTech Group is a specialist provider of contracting, consulting, and recruitment services to the private and Australian government sectors.

CEO, Elias Hazouri said, “To be announcing another record revenue and profit result in a period of global unrest makes us confident that we have the right model, staff and expertise to withstand and navigate unforeseen future headwinds. Our standout results are in line with our unwavering determination to achieve record growth, yet again, for the HiTech Group whilst ensuring we supply a critical and essential service to the Australian community, as we continue to extend our assistance and support to our valued clients and contractors in these historic times of economic disruption.”

“These extraordinary results highlight our successful and determined efforts to capitalise on strong demand for ICT talent and services as the national digital transformation initiative gains pace,” Hazouri added.

HiTech said it has significantly increased profit through a determined focus on profitable engagements and targeting new business opportunities primarily in the ICT contingent workforce and projects/services sector.

Looking ahead, the group said it continues to see strong government demand for ICT talent and services as multi-year transformation projects power on and new ones are created to meet the online/digital demands of the new economy.

HiTech added that it has several active client mandates and continues to see a ‘robust tender pipeline’ for new business in both the federal and state government sectors where ICT programs of work are in full swing.

“The HiTech Group is well positioned to capture this recurring pipeline of work via our talent pool and services on demand division,” the group stated. “Along with its government customers, the company is pleased to see further increased demand in the private sector for ICT talent. This remains a relatively untapped opportunity for HiTech and one that we will pursue to further bolster our revenue stream as the private sector recovers and updates its ICT capabilities.”

Shares in Hitech Group Australia closed at AUD 2.17 (USD 1.56), up 7.43% on the day and 11.43% below its 52-week high of AUD 2.45 (USD 1.76), set on 12 August 2021. The company has a market cap of AUD 78.78 million (USD 56.50 million).