Hiremii, an Australia-based staffing platform for temporary and permanent hiring, provided a financial and operational update for the quarter ended 30 September 2022.

The group reported Q1 2023 unaudited quarterly revenue of AUD 4.82 million (USD 3.0 million), an increase of 265% when compared to AUD 1.32 million (USD 0.8 million) last year and by 15% quarter-on-quarter (versus Q4 2022 revenue: AUD 4.21 million (USD 2.6 million)).

The annual revenue increase was driven by organic growth in candidate placements focused in future industry white collar roles. This segment continues to show strong demand, the group added.

The increased revenue in Q1 2023 resulted in an increase of 14.1% in cash receipts from customers for the quarter versus Q4 FY22. Growing permanent placements as a proportion of revenue has continued to improve the gross margin to 11.6% for the quarter.

Hiremii added that its EBITDA was breakeven for the month of September 2022 month for the first time.

The group completed the acquisition of Inverse Group, a recruitment firm with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia, on November 2021.

Managing Director, Andrew Hornby, said, “Our recruitment subsidiary, Inverse Group, delivered strong growth on both our previous financial year and quarter, resulting in a record month in September and our maiden monthly positive EBITDA for the Hiremii group. The continued focus on delivering higher margin white collar appointments helped raise gross margins in the month of September to 14.5% with our investment in industry leading consultants starting to pay off.”

Hiremii shares closed yesterday at AUD 0.05 (USD 0.031), no change on the day. The company has a market cap of AUD 5.82 million (USD 3.6 million).