Hiremii, an Australia-based staffing platform for temporary and permanent hiring, reported yesterday its total comprehensive loss increased to AUD 618,111 (USD 402,782) when compared to the prior corresponding period.

The increase came after a research and development incentive of AUD 237,379 (USD 154,684) of H1 2023 was not receivable in H1 2024 (H1 2023 total comprehensive loss: AUD 515,875 (USD 336,162) as ATO (Australian Tax Office) thresholds were exceeded for cash refund and qualifying.

Hiremii earlier this year reported revenue of AUD 7.42 million (USD 4.91 million) for the second quarter ended 31 December 2023, up 61.5% when compared to the prior-year period.

In its half-year report published yesterday, Hiremii said its client base continues to grow, signing master service agreements with several global ASX (Australian Stock Exchange), and US listed customers in core markets of energy, resources and technology. It also saw continued high demand for highly skilled workforce enabling decarbonisation and energy transition.

Managing director Andrew Hornby said, “In the first half of the year, Hiremii celebrates a number of achievements marked by advancements in our recruitment subsidiary, Inverse Group. We are pleased to report sustained improvements in both top and bottom-line performance while maintaining our commitment to prudent financial management.”

Hornby continued, “Hiremii Technology has successfully navigated through a challenging period. As we conclude the first half, our focus has been on the resource and energy industry vertical. This strategy positions us to capitalise on the rich data and extensive customer base of Inverse Group, fostering the development of our AI technology.”

In October 2023, the group’s recruitment and labour hire division, Inverse Group, announced a collaboration with Octet Finance Pty Ltd to establish a financing facility, amounting to AUD 2,000,000 (USD 1.3 million). In December, the group also announced that it secured an AUD 500,000 (USD 325,847) placement for technology expansion from new and existing investors.

“With the successful closure of our capital raise and financial partnership with Octet providing a robust finance facility, we are strategically positioned to manage the working capital requirements of our growing recruitment business. This places Hiremii in a strong financial position, empowering us for growth in both the resources sector and AI development, facilitating accelerated expansion across both business streams,” Hornby said.

Hiremii shares closed at AUD 0.03 (USD 0.020), no change on the day and equivalent to its 52-week low of AUD 0.03 (USD 0.020), set on 26 February 2024. The company has a market cap of AUD 3.97 million (USD 2.6 million).