Demand for the company’s disruptive reference checking technology has delivered record revenues for the quarter, putting it in a good position to break even this year.
Disruptive human resources tech company, Xref (ASX:XF1), which focuses on automating the candidate reference checking process for employers, has delivered record revenues and sales for the first quarter of 2021.
The company reported that revenues increased by 36 per cent during the period to $3 million, while sales were up by 62 per cent to $4 million. This resulted in cash receipts from sales rising by 46 per cent to $3.5 million, and increasing the company’s cash balance to $6.24 million.
What’s equally important was that cash expense decreased by 17 per cent to $3.5 million during the period, which will go a long way towards improving the bottom line as it strives for breakeven.
New strategic clients and markets
Xref says that new clients acquired during the quarter represented 13 per cent of total sales.
In Australia, newly acquired clients include some well-known names including Australian Prudential Regulation Authority (APRA), Cash Converters, and the Children’s Cancer Institute.
In North America, healthcare companies such as Baylis Medical and CrossMed Healthcare, and financial Granite Solutions Groupe were also signed up as clients.
Xref has also broken into the South African market during the quarter, where it acquired the publicly listed fashion retail company, Mr. Price…