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LiveHire Limited (ASX: LVH) has reported growth in its user base and revenue performance in the first half of FY18.
Over the first six months to the end of 2017, LiveHire's talent pool grew by 130 per cent to 538,000. At the end of 2016 the company had 234,000 users.
The group also saw significant revenue growth, up 173 per cent to $844,901, and cash receipts grew by 183 per cent to $984,980 for the half.
LiveHire is a platform for recruitment and potential employees. The platform aims to make managing the flow of talent into and through business easier and quicker, shifting recruitment of new talent from reactive to proactive, reducing time and cost to hire. The group listed on the ASX in June 2016 with $10 million raised in its IPO.
These results come as the company announces its plans to begin offering a service for large Australian companies.
The group expects to see exponential growth in its talent pool given this new focus on large enterprise customers.
During the half, the company began services three of the global top ten recruitment processing outsourcing firms, and evolved its revenue model for large enterprise partners to deliver maximum efficiency.
Also during the half the company began expanding its services across four new verticals - mining services, real estate, utilities and financial services. The groups services now cover 50 per cent of Australia's working population.
Throughout 2018, LiveHire is hoping to enter new industry verticals in Australia, including construction, Government, and manufacturing. Once complete, the company will be able to service 75 per cent of the Australian workforce.
In addition, the group will accelerate its technology updates by focusing on integrating artificial intelligence into the platform.
The company will continue to evolve its revenue model to respond to new markets and commercial requirements.
Shares in LiveHire are down 0.50 per cent to $0.99 per share at 11.07am AEDT.
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Business News Australia
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