Hiremii, an Australia-based staffing platform for temporary and permanent hiring, reported revenue today of AUD 3.86 million (USD 2.7 million) for the six months ended 31 December 2021. This was an increase of 9.1% compared to the same period a year ago.

The group highlighted that H1 revenue included one month of new revenue from Inverse for December 2021 post acquisition which helped to offset a reduction in Hiremii revenues mainly due to the loss of the UGL meter reader contract in New South Wales.

Inverse Group, acquired in November 2021, is a recruitment firm with a focus in the energy, resource and digital sectors across Australia, New Zealand and South-East Asia.

The strong growth in second quarter revenue helped offset the lower revenue reported in the first quarter due to Covid lockdowns.

The main driver for growth in the H1 2022 continued to be increases in active recruited contractors for the company's clients.

Following the acquisition of Inverse, Hiremii now also has a much more diversified client base with over 100 clients, 40 of whom are active. The balance of inactive clients provides Hiremii with an opportunity to grow contractors once Covid related labour movement restrictions start to ease in 2022, the company stated.

The half year loss after providing for income tax amounted to AUD 2.20 million (USD 1.58 million), compared to a loss of AUD 1.65 million (USD 1.18 million) the year prior. Gross margin improved in line with revenue growth. Staff costs in recruiting increased to AUD 623,000 (USD 449,279) from AUD 449,000 (USD 323,798) in the prior comparative period.

Hiremii's brand will begin to be promoted to both existing and new clients as the AI-driven SaaS offer of the company at the back end of this quarter. The first new product offer called Shortlistmii will be piloted with a small number of clients to live-test and fine-tune the product offer. Shortlistmii is an express candidate shortlisting, matching and screening service running on Hiremii's AI-driven recruitment technology platform.

Recently appointed managing director and previous CEO of Inverse, Andrew Hornby, said, "Despite tough ongoing Covid-related restrictions on labour movement, Hiremii delivered growth in the first six months and has significantly enhanced its scale through the acquisition of Inverse late in the second quarter of FY22. We are continuing to focus on delivering a best-in-class recruitment and payroll solution to clients in the energy, resources, and digital sectors.”

Looking ahead, the company will continue to drive business development and sales and marketing initiatives to acquire new clients for existing recruitment services across both existing as well as some potential new favourable sectors like, for example, the Healthcare sector.

The company added that it will seek to expand its service offers to clients through the broader development and commercialisation of its state-of-the-art recruitment technology platform. Critical processes in the standard recruitment process of many organisation such as assessment, interview, verification, reference checking and offer / agreement personalisation are in development for launch to clients in 2023 and beyond.

Furthermore, Hiremii will consider opportunities to expand geographically to New South Wales and Victoria in the second half of 2022, Covid-19 conditions permitting. This expansion opportunity will be based on a sound business case and likely need fewer Covid-19 restrictions on labour movement than those currently in operation across Australia.

Shares in Hiremii closed at AUD 0.055, up 10.00% on the day and 34.15% above the 52 week low of AUD 0.041 (USD 0.030) set on 27 January 2022. The company has a market cap of AUD 4.24 million (USD 3.05 million).