Hiremii's H1 FY24 key financial results and operational highlights

Hiremii Limited (ASX: $HMI) reported a loss of $618,111 for the half-year ended 31 December 2023, compared to $515,875 in the same period in 2022. The company's revenue in the first half of financial year 2024 increased by 52.2% to $314,346,381, driven by strong growth in technology-driven full-service labour hire and recruitment services. The company's gross profit also increased significantly, reaching $1,460,763, despite a trend towards more temporary placements rather than permanent ones. Hiremii's R&D Incentive received in H1 FY23 was not repeated due to revenue exceeding the ATO threshold for cash refunds. The company's EBITDA loss, excluding the R&D Incentive, reduced by 30.8% to $316,429 in H1 FY24.

Executive commentary on financial performance and strategic initiatives

Hiremii's technology-focused expansion into automated sourcing and video presentation of candidates, including the launch of sourcd.ai, has been a significant driver of revenue growth in the first half of financial year 2024. The company's marketing and sales efforts are continuing to roll out new products and identify valuable improvements. Despite the increase in operating expenses, the company has managed to reduce the EBITDA loss, excluding the R&D Incentive, demonstrating a positive trend in financial performance. The funds raised through capital raising activities are intended to advance the product suite development, develop innovative products with new applications incorporating generative artificial intelligence, and provide working capital for the growth of the Hiremii technology business.

Summary of Hiremii's financial performance and future outlook

Hiremii Limited (ASX: $HMI) reported a loss of $618,111 for the half-year ended 31 December 2023, with a significant increase in revenue and gross profit in the first half of financial year 2024. The company's strategic focus on technology-driven services, including the launch of sourcd.ai, has contributed to the revenue growth. Despite the increase in operating expenses, the company has managed to reduce the EBITDA loss, excluding the R&D Incentive, demonstrating a positive trend in financial performance. The funds raised through capital raising activities are intended to support the development of innovative products and provide working capital for the growth of the Hiremii technology business. Hiremii's ability to maintain shareholder support and its access to financing facilities are expected to support its future working capital needs and growth initiatives.