Ceasing to be a substantial holder

Dear investors,

The latest announcement from Xref Ltd outlines our continued revenue growth, with a 10% increase to A$20.4M for the fiscal year ended 30 June 2023. Despite a net loss of A$3.4M, primarily due to increased employee expenses and share-based payments, our core segments of candidate referencing, ID verification, and engagement surveys all showed positive performance.

In particular, our candidate referencing segment saw a 3% increase to A$16M, driven by ongoing demand for our online reference checking platform. Additionally, our ID verification segment, offered through RapidID, continues to provide valuable solutions for identity verification and fraud prevention.

As we navigate the challenges and opportunities in the HR and recruitment technology space, we remain committed to delivering innovative solutions that empower organizations to make informed decisions. We invite you to engage with us further to learn more about our strategic initiatives and future growth prospects.

Should you have any questions or require additional information, please do not hesitate to reach out. Thank you for your continued support and interest in Xref Ltd.

Warm regards,

Management Team