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  • HIRE Technologies (HIRE) has released its financial results for the first quarter of 2021
  • Most notably, the company saw record revenues of $5.5 million, 89.1 per cent higher than the $2.9 million brought in in Q1 2020
  • HIRE will continue to look to strategically add to its technology offerings to enhance organic growth opportunities and grow recurring revenue streams
  • Hire Technologies Inc. (HIRE) is up 2.38 per cent on the day, trading at $0.43 per

HIRE Technologies has released its financial results for the first quarter of 2021, which ended on March 31.

Most notably, the company saw record revenues of $5.5 million, 89.1 per cent higher than the $2.9 million brought in in Q1 2020.

Other highlights include:

  • Record gross margins of $2.3 million in gross profit compared to $0.7 million in 2020;
  • Strong bottom line performance, with a net income of $2.2 million, $3 million higher than the net loss experienced in Q1 2020
  • Recurring contract placement revenue of $3.9 million, making up 71 per cent of the quarter’s revenue

Simon Dealy, CEO of HIRE Technologies, commented,

“Organic growth was very strong, with our subsidiaries reporting a 219% increase in job requests, a 28% increase in client acquisitions, and a 21% increase in completed placements.”

HIRE Technologies owns and operates staffing firms as well as platform technology that it uses to help those firms become more technologically advanced.

The company plans to add more partners inspired to join the “Powered by HIRE Technologies” growth platform from its strong pipeline of acquisition opportunities.

“Our business model, ability to execute, and the strength of our brands across Canada were fully demonstrated in the first quarter of 2021,” said Mr. Dealy. “To date, in 2021, economic growth is evident and signals a significant rise in demand for staffing solutions.”

The company recently acquired Pulsify, a cloud-based people management application designed around data analytics, meeting facilitation, immediate feedback, predictive insights, and the proprietary Net Manager Score.

HIRE will continue to look to strategically add to its technology offerings to enhance organic growth opportunities and grow recurring revenue streams.

“We are very optimistic,” said Mr. Dealy, “about the next steps in the execution of our strategic plan, with continued organic growth and profitability across our subsidiaries and a steady pipeline of acquisitions.”

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

Hire Technologies Inc. (HIRE) is up 2.38 per cent on the day, trading at $0.43 per share as of 11:35 am ET.

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