Australian recruitment and consulting company HiTech Group Australia (HIT: ASX) reported operating revenue today for the full year ended 30 June 2021 of AUD 42.1 million (USD 30.8 million), an increase of 26.0% compared to the same period last year.

The group said FY 2021 was the seventh consecutive year of double-digit revenue growth.

HiTech’s core business is the recruitment of ICT professionals and the supply of contracting services to the public and private sectors.

ICT consulting services demand has been strong with several digital transformation projects underway, requiring specialist IT talent.

“The record FY21 results highlight the company’s successful and continuous efforts to capitalise upon strong demand for ICT talent and services as the digital and cloud-based service demands increase and government departments commit to further investment in these areas,” the group stated.

CEO Elias Hazouri said, “This outstanding record profit for FY2021 is testament to the sustainable business model developed and applied by the HiTech team over the past 12 months. This result highlights our successful and continuous efforts to capitalise on strong demand for ICT talent and services as new technology programs of work continue to be rolled out across the country to meet unprecedented demand for online connectivity and service delivery.”

“We will continue to leverage our unique positioning and deep sector expertise to organically grow revenue and earnings,” Hazouri added. “We are also pursuing complementary EPS (earnings per share)-accretive acquisitions, having held indicative discussions in respect of financing structures.”

Hazouri concluded, “We are well positioned to capitalise on the consistent demand for ICT talent and services encompassing cloud and cyber security services and products. We expect that our clients will continue to seek best of breed quality talent and services to enable their ever-growing secure online services capabilities. Our task is to continue delivering top quality services and maintain our profitable growth. We have our sights set on achieving another year of strong returns in FY2022.”

Shares in HiTech set a new 52-week high during today's trading session when it reached AUD 2.45 (USD 1.80). Over this period, the share price is up 49.37%. The company last traded at AUD 2.36 (USD 1.74), up 1.29% on the day. The company has a market cap of AUD 90.87 million (USD 66.8 million).