HIRE Technologies - Simon Dealy, CEO
Simon Dealy, CEO
Source: Cantech Letter
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • HIRE Technologies (HIRE) has announced its financial results for the second quarter of 2021
  • The company experienced revenue growth of 146 per cent compared to the second quarter of 2020
  • HIRE expects that continued organic and acquisitive growth will continue to positively influence its financial performance moving forward
  • HIRE Technologies is focused on the acquisition of information technology, staffing, and HR consulting firms
  • HIRE Technologies (HIRE) is currently down 3.45 per cent, trading at $0.28 per share

HIRE Technologies (HIRE) has announced its financial results for the second quarter of 2021.

The company experienced revenue growth of 146 per cent compared to the second quarter of 2020, as well as organic growth of 44 per cent.

Other financial highlights included recurring contract placement revenue of $4.6 million, compared to $2.5 million in Q2 2020.

Simon Dealy, HIRE’s CEO, commented on the results.

“With a 173% increase in job orders and a 31% increase in placements, our managing directors across the company demonstrated their commitment to meeting client demands despite the ongoing uncertainty with COVID-19,” he said.

“As we look to continue to add leading enterprises to our portfolio,” he added, “market conditions are conducive to immediate value creation and will serve to accelerate our acquisition program.”

The company also continued to improve its bottom line, with an EBITDA loss of $0.7 million this quarter compared to a loss of $1 million in Q2 2020. This was due in part to the company’s investment in shared services staff to support near-term acquisitions.

HIRE expects that continued organic and acquisitive growth will continue to positively influence its financial performance moving forward. The company recently announced its acquisition of Leaders and Co., Consulting in Governance and Leadership Inc.

Gross margin trended up, and HIRE brought in $2.5 million in gross margin this quarter, $1.9 million higher than Q2 2020.

“Execution of our business strategy along with solid organic growth propelled our business to record top-line results,” said Mr. Dealy.

HIRE Technologies is focused on the acquisition of information technology, staffing, and HR consulting firms.

HIRE Technologies (HIRE) is currently down 3.45 per cent, trading at $0.28 per share as of 11:47 am ET.

More From The Market Herald
Converge Technology Corp - CEO, Shaun Maine

" Converge Technology (TSX:CTS) announces licensing agreement with IBM

Converge Technology (CTS) announced a licensing agreement with IBM to extend its cloud capabilities with Converge Enterprise Cloud on IBM Power for Google
Infinity Stone Ventures - CEO, Zayn Kalyan.

" Infinity Stone (CSE:GEMS) upgrades graphite at Rockstone Graphite Property

Infinity Stone Ventures (GEMS) has successfully upgraded a graphite sample from its Rockstone Graphite Property to 96.1 per cent Cg (graphitic carbon).
Nanalysis (TSXV:NSCI) - Founder & CEO, Sean Krakiwsky.

" Nanalysis (TSXV:NSCI) signs $160M security contract

Nanalysis Scientific (NSCI) has signed a six-year $160 million contract with Canadian Air Transportation Security Authority (CATSA).

" Jasper Commerce (TSXV:JPIM) joins Square App Marketplace

Jasper Commerce (JPIM) has announced the launch of the Jasper PIM Square solution on the Square App Marketplace.