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HIRE Technologies delivers C$2.6M of 2Q revenue as demand for contract and temporary placements heats up from IT sector

CEO Simon Dealy told investors that clients “continue to be resilient” amid ongoing uncertainty surrounding COVID-19, especially in the IT business vertical

HIRE Technologies Inc. -
Dealy touted the strength of the company in dealing with the coronavirus pandemic throughout the quarter

HIRE Technologies Inc (CVE:HIRE) CEO Simon Dealy touted the strength of the company in dealing with the coronavirus pandemic as the recruitment firm released its second-quarter results on Monday.

Revenue from contract and temporary placements in the IT sector was up 5.7%, contributing to an overall figure of C$2.6 million over the three-month period ended June 30, 2020, compared to the $2.93 million figure from the same year-ago period.

In a statement, CEO Dealy told investors that clients “continue to be resilient” amid ongoing uncertainty surrounding COVID-19, especially in the IT business vertical. Demand for flexible work is also steady, according to the executive.

READ: HIRE Technologies closes oversubscribed private placement that raised C$2.4M to fund new acquisitions and investments

“While this quarter for us was about making further operational improvements, we are now better positioned than ever to meet the changing demands of our clients," Dealy said.

"The comprehensive internal reorganization we initiated in the first quarter has allowed us to realize better margins on improved business coming in from our IT offering. Furthermore, with our recently completed private placement financing, we will move ahead with our acquisition mandate to create additional value for our stakeholders, clients, and future partners."

The company posted an adjusted net loss of $215,136, an improvement over the adjusted net loss of $897,378, or 0.03 per share, for the quarter ended June 30, 2019, while its gross margin came in at 21.1%.

HIRE said it is “well-positioned” to deal with the pandemic and meet the needs of its partners in the next and subsequent quarters, when it plans to continue to ink new acquisitions, investments and partnerships and organically grow its IT and Accounting divisions.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: HIRE Technologies Inc.

Price: 0.7 CAD

TSX-V:HIRE
Market: TSX-V
Market Cap: $33.76 m
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