28/08/2023
We are pleased to provide the Annual Report and Appendix 4E for the year ended 30 June 2023.
Commenting on the achievements in FY23, Managing Director, Andrew Hornby said; “We progressed through significant milestones and advancements in our AI product suite during the year, completing the major development of Shortlist, integrating a Large Language Model (LLM) into the platform and enabling us to take the product through to customer trials. Having received encouraging results from thetrials, we moved from the development phase of the business to commercialisation with the commencement of a Chief Commercial Officer and Head of Sales towards the end of FY23.
We continue to develop innovative solutions using artificial intelligence powered by deep industry experience of the Company's wider team. Our near-term focus is on completing Hiremii’s innovative AI Co-Pilot product “Sourcd” which intelligently automates personalisation of candidate engagement leading to greater success in attracting higher calibre candidates at speed and scale. This important step will enable us to move closer to providing industry with a fully automated approach to candidate attraction, recruitment and onboarding.
Hiremii subsidiary, Inverse Group delivered another record set of results during the period, achieving 82% growth in revenue to $20.8m, 77% growth in cash receipts to $22.2m, 16% Gross Margin improvement to 11.4% and gross profit of $2.4m. We have benefitted from the investments we began making in the prior year, which have included client acquisition, attracting high calibre consultants and de-risking our contractor portfolio. Looking ahead, our focus remains on maturing our large multinational customers, contractor growth and margin improvement”.
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