Hiremii, an Australia-based staffing platform for temporary and permanent hiring announced its unaudited results for the ten months ending 30 April 2021. Revenue stood at AUD 5.8 million (USD 4.5 million), representing an increase of 12.3% on the same period in the previous financial year.

For the period from January 2021 to April 2021, the group reported revenue of AUD 2.3 million (USD 1.8 million). For the H1 period from July 2020 to December 2021 the group reported revenue of AUD 3.5 million (USD 2.7 million).

The company debuted on the ASX last month.

During the January to April 2021 period the company began deploying several new contractors under the recently executed master services agreement with a corporate services client with purchase orders totaling AUD 717,000 (USD 554,889) of revenue

The group added that its approximate net average monthly operating burn rate (calculated as revenue less operating expenses) reduced from approximately AUD 275,000 (USD 212,834) per month in H1 2021 to approximately AUD 163,000 (USD 126,186) per month in the January to April 2021 period, an approximate average monthly reduction of 40%.

Hiremii said the reductions have been a product of the continued investment in technology and reductions in non-revenue generating expenses. The net burn rate is expected to increase slightly in the coming months due to the company’s expansion into New South Wales and Victoria in line with the Company’s IPO plan.

Hiremii CEO Christopher Brophy said, "With the completion of the IPO we can now turn our attention back to delivering our strategy, refocus on revenue generation activities and enhancing the capability of our automated services to our customers.”

Hiremii shares closed today at AUD 0.13 (USD 0.10), no change on the day. The company has a market cap of AUD 8.66 million (USD 6.7 million). 

Hiremii’s business model will be the subject of SIA’s upcoming webinar on 23 June, ‘The Platformisation of Staffing’. To register for the webinar, click here.