Hiremii Ltd (ASX:HMI) has delivered a “transformative” fiscal year ended June 30, 2022, supported by strong second-half revenue following the acquisition and integration of Inverse Group Pty Ltd.
Post Inverse’s acquisition, the company recorded strong revenue growth, delivering H2 FY22 revenue of $7.6 million – an increase of 96% compared to H1 FY22.
Moving forward, Hiremii is advancing its technology platform to prepare for launch, while establishing a profitable and growing recruitment and labour-hire business to complement the technology offering.
“Strong revenue growth”
Encouraged by the achievements over FY22, Hiremii managing director Andrew Hornby said: “Hiremii achieved strong revenue growth in the period, delivering H2 FY22 revenue of $7.6 million – an increase of 96% compared to H1 FY22.
“A restructure of the business was delivered swiftly, resulting in a quick integration and minimal disruption to continued growth, while de-risking the contractor profile by focusing on white collar longer contracts.
“Several technology milestones were achieved in the period, with knowledge graph development and integration of the Hiremii platform putting us in a position to launch in FY23.
“Inverse will continue to underpin investment into technology development throughout the coming year as we bring platform revenue online and respond to customer demand.”
FY22 highlights
During the fiscal year, Hiremii has put in place an experienced leadership team which includes Andrew Hornby in the role of managing director and Brad Kobus in the position of chief financial officer.
Hornby is also the chief commercial officer as well as CEO of Inverse Group Pty Ltd, a new acquisition by the company.
Notably, the company also recorded a strong FY22 revenue growth up 64.9% to $11.4 million compared with FY21.
Hiremii completed its restructure in March 2022, delivering an improved gross profit margin of 10.7%, and a reduced cost base that will deliver cash flow, enhance sustainability and support strong contractor growth.
Also during FY22, the company strengthened the recruitment team with experienced leadership and principals to underpin growth and allow for increased focus on the technology rollout.
Furthermore, acceleration of key client numbers by 100% to drive organic growth and cross-selling opportunities have been demonstrated during the fiscal year.
Inverse group acquisition
During FY22, Hiremii enhanced its full-service labour-hire and recruitment offering by completing the acquisition of Inverse Group Pty Ltd, a recruitment business with a focus on the energy, resource and digital sectors across Australia, New Zealand and South-East Asia.
As well as geographical expansion into the Asia Pacific region and increased sector diversity to include energy and resources, completion will result in $14.8 million combined unaudited 12-month trailing revenue as of September 30, 2021.