LiveHire (LVH:ASX), an Australia-based direct-sourcing platform provider announced revenue from ordinary activities totaled AUD 5.5 million (USD 4.0 million) for the year ended 30 June 2021, an increase of 60.1% compared to the same period last year.

LiveHire said it has been able to increase its margins through continued optimisation and cost minimisation across the business.

The group’s SAAS (software as a service) business reported annualised recurring revenue of AUD 4.3 million (USD 3.1 million), an increase of 24% from the previous year.

The group’s direct sourcing business reported revenue of AUD 1.39 million (USD 1.02 million), compared to AUD 0 million (USD 0.0 million) the year prior.

Looking ahead the group said its closing cash of AUD 14.4 million (USD 10.5 million) “has ensured we are well positioned to take advantage of the growing market opportunity in North America in Direct Sourcing. We have consolidated our position in the ANZ market with our SaaS offering.”

Shares in LiveHire closed yesterday at AUD 0.35 (USD 0.26), down 2.7% on the day. The company has a market cap of AUD 108.79 million (USD 79.7 million).