Hiremii, an Australia-based staffing platform for temporary and permanent hiring 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.

Revenue was driven by organic growth in candidate placements focused on future industry white-collar roles.

Gross profit stood at AUD 0.72 million (USD 476,352) for the quarter, up 16% over the previous corresponding period (Q2 2023: AUD 0.62 million (USD 410,192)) but down 3.2% over the previous quarter with permanent placement business not as strong as the record level of the previous quarter due to the seasonal slowdown in December. The gross margin percentage for the quarter stood at 9.7%.

Hiremii also reported record quarterly cash receipts of AUD 7.84 million (USD 5.18 million), up 44% over the prior year. When compared to the prior quarter, cash receipts were up 4.4% over the quarter. Staff costs were higher due to payment of annual bonuses and quarterly commissions. Administrative and corporate costs were kept in line over the quarter.

Managing director, Andrew Hornby, said, “We are delighted with the ongoing positive trajectory of the Inverse Group recruitment business successfully delivering on our strategy to enhance our existing contracts in the energy & resources industries.”

“The achievement of a record AUD 7.4 million (USD 4.9 million) in quarterly revenue is a testament to the dedicated efforts of our team, especially noteworthy during the traditionally slower end of the calendar year,” Hornby said. “Our strategic approach of targeting contractor growth to establish a solid earnings foundation through the recruitment team continues to progress well. In the near term, our emphasis is on expanding our permanent placement specialists to drive improved margins in the upcoming year.”

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. In December, the group also announced that it secured an AUD 500,000 placement for technology expansion from new and existing investors.

“The recent completion of a well-supported AUD 500,000 (USD 330,865) capital raise, coupled with the AUD 2 million (USD 1.3 million) Octet facility, positions us for continued expansion in the year ahead by enabling us to concentrate on sustained growth in recruitment, and sales and engagement in our technology division,” Hornby said.

Hiremii shares closed today at AUD 0.033 (USD 0.022), down 15.38% on the day and 6.45% above its 52-week low of AUD 0.031 (USD 0.021), set on 1 September 2023. The company has a market cap of AUD 4.76 million (USD 3.15 million).