Hiremii Limited (ASX:HMI), an innovative AI technology company with burgeoning opportunities in the recruitment sector through its subsidiary, Inverse Group, is delighted to report a significant 48% revenue increase quarter-on-quarter, amassing a total of $6.255m for Q4 FY23, as outlined in the accompanying Appendix 4C cashflow statement.
Reflecting on the remarkable 82% revenue growth to $20.8m for the year ended 30 June 2023, Hiremii has established a strong foothold in the sector and is poised for further growth. The Company also reported an impressive 40% improvement in gross margin percent, standing at 12.4% for Q4 FY23, as a direct result of an uptick in permanent placements.
Fueling this momentum, Hiremii achieved a record-breaking gross profit of $777k for the quarter, signifying a 71% increase from the previous quarter. Similarly, the annual gross profit saw an unprecedented surge, climbing to $2.4m, up 122% from the previous year.
In line with these solid financials, the Company reported record quarterly cash receipts of $6.554m, marking a 20% increase from Q3 FY23. Hiremii's relentless commitment to leveraging high-margin revenue growth and implementing cost reductions has also facilitated achieving operating cash breakeven for the final quarter and year end FY23.
The Company has further bolstered its team with the appointment of Yolande Couderc, an experienced Technology Sales Director, to fortify the technology team and drive further growth in generative AI recruitment toolsets.
Speaking on these accomplishments, Andrew Hornby, Managing Director of Hiremii, commented, "We are delighted to deliver another strong set of results, closing the financial year with record revenue at $6.225m and gross profit at $0.777m in the Inverse Group subsidiary while welcoming experienced additions to our growing Technology team. I would like to recognise the tremendous effort by the Inverse team this year, delivering sustained growth during a talent-constrained hiring environment in WA."
With the generative AI becoming a norm in everyday recruitment workflows, Andrew Hornby highlighted the growing opportunity to leverage AI specifically for recruitment processes. "Automation of the AI capability to make it accessible in the broad market is our current imperative," he added.
In Q4 FY23, the focus was on enhancing the Go-To-Market approach, leveraging existing understanding and experience of integrating with Chat-GPT. Hornby believes the decision to focus on building a co-pilot for hiring personnel will see the bespoke use of generative AI to scale personalised engagement with candidates, presenting a first-mover opportunity to leverage other products, Shortlist and Adwriter.
"Our integrated team of data scientists, developers, commercialisation and sales professionals continue to work to drive automation in the fast-moving and exciting recruitment and technology sectors," Hornby concluded.
With these results, Hiremii Limited is set for an accelerated growth trajectory, reaffirming its position as a leading technology and recruitment company.