Hiremii reports 12.3% revenue increase off the back of new purchase orders

Hiremii Limited (ASX:HMI) is encouraged by achieving audit reviewed revenue of $3.5 million for the first half of FY2021, plus unaudited revenue of $2.3 million for the period January 2021-April 2021, taking total unaudited revenue to $5.8 million for the 10 months to April 2021. This represents a 12.3% increase on the same 10-month period in the previous financial year. The company believes the revenue growth is due to new purchase orders during the period January to April 2021 totalling $717,000 from a Tier 1 client. Hiremii began deploying several new contractors under the recently executed master services agreement with the client, and has recently received further new scopes to deploy up to 10 new contractors under the same master service agreement. These new deployments are expected to contribute to revenue growth in the coming months. “Focused on revenue generation” The labour hire company finalised an oversubscribed initial public offering (IPO) in mid-May, raising $6 million and is now focused on continuing its growth trajectory over the coming months. Hiremii chief executive officer Christopher Brophy said: "With the completion of the IPO we can now turn our attention back to delivering our strategy, refocus on revenue generation activities and enhancing the capability of our automated services to our customers.” Average net operating burn rate reduced The company’s approximate net average monthly operating burn rate (calculated as revenue less operating expenses) in the January-April 2021 period was reduced by an estimated 40% on the monthly average in H1 FY2021 (from around $275,000/month in H1 FY2021 to around $163,000/month in the January – April 2021 period). The reductions have been a product of continued investment in technology and reductions in non-revenue generating expenses. The net burn rate is expected to increase slightly in the coming months due to the company’s expansion into New South Wales and Victoria in line with the company’s IPO plan to target Australia’s $40.7 billion recruitment and labour hire market. CV parsing and matching The Hiremii approach to CV parsing makes use of a deep learning infrastructure, allowing the platform to better adapt to the changing recruitment landscape, where emerging roles, new jobs and ever-evolving career trajectories make it difficult to structurally organise roles and designations in a static ontology. In addition, the company’s enhancement in search functionality now includes the semantic matching and candidate relevance weighting. This allows users to use broad search terms across various designation and skills descriptions thereby broadening the reach of candidate identification and also includes initial features to weight and rank candidates relative to how prominent their skills are within their CV. Machine learning training automation Hiremii continues to enhance machine learning and AI capability on search functionality to include semantic matching and candidate relevance weighting. The company is essentially seeking to automate the core machine learning pipeline capabilities to learn from user interactions – the initial phase of which is in testing and has received positive validation to date. Deployment of this function will see the machine learning model automatically trigger learning based on data gathered from user online CV activity which will serve as a foundation for generating higher data for improved model training.