Hiremii, an Australia-based staffing platform for temporary and permanent hiring, provided an update for the third quarter ended 31 March 2022. Revenue jumped 93% over the previous year to AUD 3.36 million (USD 2.38 million). Compared to the previous quarter, revenue growth stood at 32%.

Revenue growth in Q3 was driven by a combination of organic growth in candidate placements and a full quarter of revenue from the Inverse Group, which it acquired on November 2021. Revenue from Inverse Group offset the significant reduction in Hiremii revenue incurred from the loss of the low-margin UGL meter reader contract in New South Wales.

The strong growth in Q3 FY22 revenue helped lift total revenue growth for the nine months to 31 March 2022 by 37% to AUD 7.22 million (USD 5.1 million).

The increased revenue in Q3 FY22 resulted in an increase of 18% in cash receipts from customers for the quarter against Q2 2022.

“The development of our Hiremii AI-driven recruitment platform continues with the focus for the next quarter on finalising the customer user environment for Shortlistmii, ready for first customer trials in early FY23,” Managing Director, Andrew Hornby said. “With attractive employment opportunities in Western Australia coupled with Covid-19 restrictions now easing across Australia, we are expecting a gradual improvement in the supply of potential new candidates for our clients in the coming months too.”

The company said the main driver for revenue growth going forward will be increases in active recruited contractors for the company's clients. There are now approximately 80 contractors actively employeed by Hiremii group clients after a reduction in blue-collar shorter-term contracts which are rapidly being replaced by managerial and professional longer term contractors.

The group said one major integration project initiated in the quarter was the transition from an historic outsourced payroll provider for contractors to inhouse processing. This is resulting in lower cash costs of sales and will lift the total average gross margin by 1% to above 10% for Q4 FY22.

Hiremii added that the executive leadership team is now well placed to drive continued organic growth into Q4 FY22 and beyond.

Shares in Hiremii closed at AUD 0.07 (USD 0.050), up 1.45% on the day and 70.73% above the 52 week low of AUD 0.041 (USD 0.029) set on 27 January 2022. The company has a market cap of AUD 5.85 million (USD 4.1 million).