Some would say it’s a tough time to be a job hunter, what with the economy and all. So, companies like recruitment and jobs marketplace Hiremii Limited (ASX: HMI) are using artificial intelligence to match employers with potential candidates. It’s like a dating app but better as it involves financial benefits for both sides. It’s no wonder then the Company’s business has been doing well.
Hiremii’s Q1 FY23 quarterly revenue increased by 265% on Q1 FY22 to $4.8 million and by 15% quarter-on-quarter as compared to Q4 FY22 revenue of $4.2 million. Its financial success has been largely driven by organic growth in candidate placements focused in future industry white collar roles. The Company also witnessed a 22% growth in its permanent placement revenue, boosting its gross margin to 11.6%. Finally, its cash receipts were up 14% to $4.7 million on the prior quarter. Most notably, for the first time, Hiremii achieved EBITDA breakeven in the month of September 2022.
Managing Director, Andrew Hornby, said, “Our recruitment subsidiary, Inverse Group, delivered strong growth on both our previous financial year and quarter, resulting in a record month in September and our maiden monthly positive EBITDA for the Hiremii group. The continued focus on delivering higher margin white collar appointments helped raise gross margins in the month of September to 14.5% with our investment in industry leading consultants starting to pay off.”
The Company’s core markets are energy, resources and technology, allowing recruiters to meet a highly skilled workforce that could assist with decarbonisation and energy transitions. At a time when sustainability has become integral to growth, companies are looking to get more innovative minds on board. That’s why Hiremii’s client base has been growing with eight tier one global customers signing up in its core markets.
Hiremii launched a new platform, SaaS product Shortlistmii, in the quarter with its trials providing positive feedback. The Company promoted the pilot of this product to its existing customer base, and it matches and ranks candidates in a way that a keyword search wouldn’t. The app is aimed at simplifying the overall hiring process. Promotional marketing activities for Shortlistmii are expected to begin in the next quarter.
Hornby added, “Hiremii Technology launched phase one of the platform during the period and have engaged closely with our trial partners to begin validating and gaining feedback on our existing and potential use cases. Our marketing effort is targeting the customer opportunities that have been identified as underserved and having potential for disruption.”
Currently, the team is conducting more research and coming up with a marketing strategy to set them apart. Hiremii has found that there is a huge market for an AI driven tool that generates content for role adverts. This way, it will be able to target national customers who could use the writing tool as a standalone product or as part of the integrated platform solution.
In the coming years, Hiremii has set its sights on increasing its revenue streams with the help of AI. Maybe it could help employees write customised cover letters for each recruiter.
Alinda is a Business Reporter for The Sentiment
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