Xref

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Open Sans

56% of clients migrated to SaaS during the half

ARR up 95% to $10.9m due to client migration

Revenue up 3.5% to $10m as employee engagement grows

Expenses of $12.9m - forecast to drop 9% in the second half

Cash collections reached $11.3m in H1FY24

“In the last 12 months we have expanded our product with the development of Pulse and Exit surveys, Trust Marketplace and through the successful acquisition of Voice Project 12 months ago to create Xref Engage.  We have also formed key partnerships with background checking vendors such as Certn and negotiated strategic integrations such as the recently announced partnership with Seek. We have also migrated our business model to SaaS with 56% of clients from the past 10 years now moved to subscription. We have performed this difficult transformation during one of the toughest economic markets and whilst doing so we have reduced expenses and refinanced and increased our debt facility. We have worked hard to position our business to survive the pressures of the current market as well as take full advantage of the opportunity moving forward.”

H1 FY24 Business Update

Summary