- Human resources technology company, Xref (XF1) has reported strong results from its second quarter of the financial year
- Unaudited results for the quarter show that revenue hit $4.3 million for the Q2 FY22, representing a 65 per cent on the previous quarter
- Cash flow surplus of $1.4 million was achieved for H1 FY2022, this compares to a $1.2 million deficit reported for the same period in the previous year
- XF1 has recorded three quarters of positive cash flow and has traded profitably for the full calendar year of 2021 (unaudited)
- Shares are trading 8.21 per cent higher this morning at 72.5 cents each
Human resources technology company, Xref (XF1) has reported results from its second quarter of the financial year.
The unaudited results show sales of $4.6 million and cash receipts at $4.7 million. Revenue hit $4.3 million, representing a 65 per cent increase from the previous quarter.
The company says the first half of the financial year is usually its lowest sales period due to seasonal fluctuations in the Australian recruitment sector following the end of the financial year and the summer holiday season in the northern hemisphere.
However, in the most recent first half of the financial year, sales were reportedly up 96 per cent compared to the previous half. Revenue totalled $8.2 million for H1 FY22, representing a 68 per cent increase to the previous half.
The cash flow surplus for the current quarter was $200,000 and cash at the bank at the end of last year was $10.5 million.
Cash surplus for H1 FY2021 was $1.4 million compared to a $1.2 million deficit for the previous year during the same period.
Xref has achieved three-quarters of positive cash flow and has traded profitably for the full 2021 calendar year (unaudited).
Executive Director and CEO Lee-Martin Seymour said he is thrilled with the results.
“We are starting to see Australian seasonal fluctuations reduced by stronger demand in the sector and the growth of both RapidID and our overseas operations,” he said.
“We have built a strong foundation for FY2022. Both new business demand and current client usage during the holidays has been unprecedented and suggests that Q3 and 4
performance will be strong.”
The company will release the quarterly activities report later this month.
Shares were trading 8.21 per cent higher this morning at 72.5 cents each at 11.40 am AEDT.