Hiremii, an Australia-based staffing platform for temporary and permanent hiring provided an update for the fourth quarter ended 30 June 2023. The group reported revenue of AUD 6.25 million (USD 4.25 million), an increase of 48% from the prior comparative period and up 22% over the quarter.

Revenue improved due to the increase in the number of contractors in place to over 100, with the segment continuing to show strong demand which is being addressed by Hiremii’s growing team of seasoned recruiters. May 2023 revenue of AUD 2.27 million (USD 1.54 million) was also a record level. The group said this was built on the growing contractor book of long term contractors resulting from strong service levels provided by experienced recruiters.

The company also reported revenue of AUD 20.8 million (USD 14.1 million) for the year ended 30 June 2023, up 82% from the prior comparative year.

Hiremii also saw record gross profit of AUD 777,000 (USD 528,049) for the quarter, increasing by 63% on the previous corresponding period. Gross profit for the year was up 122% on prior year to AUD 2.4 million (USD 1.6 million).

The group also reported record quarterly cash receipts of AUD 6.5 million (USD 4.4 million), up 20% over Q3. Cash receipt for the year stood at AUD 22.2 million (USD 15.1 million).

Managing Director, Andrew Hornby, said, "We are delighted to deliver another strong set of results, closing the financial year with record revenue at $6.2 million and gross profit at $0.7 million in the Inverse Group subsidiary while welcoming experienced additions to our growing Technology team.”

“The Inverse contractor book remains very strong, hitting record levels during the Quarter and growing steadily with both existing and new clients,” the group stated. “Continued exposure to new energy markets including lithium developers, rare earths, hydrogen, ammonia and wind underpins the strong demand.”

Hiremii added, “Inverse continues to target gross margin improvement opportunities through the delivery of permanent recruitment and sourced contractor growth.” The company said strong underlying demand is expected to continue in Inverse.

The company also announced its board chair Alison Gaines has elected to step down from the board, effective immediately.

Gaines said “The record revenues and operating cashflow breakeven announced in the FY23 Q4 Activity Report demonstrate that Hiremii has stabilised and grown its recruitment business, and the acquisition and integration of the Inverse Group has been successful. I am very pleased with business performance over the period.”

David Buckingham, current independent non-executive director, is stepping into the role as Interim Chair.

Hiremii shares closed at AUD 0.05 (USD 0.034), no change on the day and 25.00% above the 52 week low of AUD 0.04 (USD 0.027) set on 21 July 2023. The company has a market cap of AUD 5.86 million (USD 3.98 million).