Hiremii, an Australia-based staffing platform for temporary and permanent hiring, reported Q1 2024 revenue of AUD 6.92 million (USD 4.3 million), an increase of 43% compared to the same period a year ago.

Revenue was driven by organic growth in candidate placements focused in future industry white collar roles. Revenue was also up 10.6% quarter-on-quarter. The company also noted September 2023 monthly revenue of AUD 2.41 million (USD 1.52 million) was a record level, built on a growing contractor book of long term contractors resulting from strong service levels provided by experienced recruiters.

Gross profit stood at AUD 742,000 (USD 468,253) for the quarter, up 33% over the year and 1.2% over the quarter.

The gross margin percentage for the quarter moderated to 10.7%, down by 1.0% over the quarter (Q4: 11.7%) resulting from more growth from lower margin contractors, a trend that is expected to be reversed over time.

Hiremii also noted record quarterly cash receipts of $7.51 million, a quarterly increase of 14.6%.

The company said its recruitment subsidiary Inverse Group, reported growth in its contractor book, increasing by 27% on the previous quarter. Inverse is based in Perth and provides white-collar recruitment services. It was acquired by Hiremii in November 2021.

Managing director, Andrew Hornby, said, "We are delighted to present another strong set of quarterly results in recruiting from Inverse Group, following the positive momentum gained during the year. Achieving our revenue target of AUD 6.92 million (USD 4.3 million) and gross profit of $0.742 million (USD 468,253) in our first quarter, we are well on track to achieve our ambitious FY24 targets.”

Hiremii shares closed at AUD 0.04 (USD 0.025), no change on the day and 29.03% above the 52 week low of AUD 0.031 (USD 0.020) set on 1 September 2023. The company has a market cap of AUD 4.34 million (USD 2.74 million).