Xref posts record trading quarter
Xref surged on Tuesday, after the human resources technology company, reported a record fourth quarter of trading, boosted by strong sales growth as a result of new clients.
The company which provides reference checking and identity verification platform for organisations posted record sales of $6.37 million, and record cash receipts at $5.93 million in the period (unaudited).
New clients introduced during this time included RACV, NIB Group, Prospa and General Pants Group in Australia; Ministry of Health in New Zealand; Brighton & Hove Albion FC and Ferrovial Construction in the United Kingdom; and Eurofins Scientific and Mott Macdonald in the USA.
Xref noted in its latest update that COVID-19 has accelerated the global demand for remote working and employers' desire to improve governance is increasing. Subsequently, organisations are seeking better ways to perform candidate verification.
Xref acquires clients via its self-serve platform, its in-house enterprise sales teams or via its 30 channel. partners. As a result, Xref's reliance on outbound, direct sales activities is fast being replaced by inbound, marketing-led demand. During the quarter, Xref witnessed a rise in inbound leads from, in the most part, channel partner integrations, an improved global digital strategy and the network effect generated through the numerous sectors and global regions Xref is used in.
CEO Lee-Martin Seymour said: "The extreme unpredictability of market conditions in FY21, meant it was one of our most challenging financial years to date. However, we are proud of the many strategic decisions we made, which resulted in us emerging from the pressures of the pandemic in our strongest position to date. Over recent years we have focussed on building Xref's online brand presence, third party ratings and self-serve products. This digital-first approach has been vital to our growth in 2021 as global employers search online for better ways to verify and measure talent. Our results not only reflect the critical nature and demand for the Xref platform but demonstrate the brilliance and professionalism of the Xref team. The year ahead will bring new products, sustained profitability and continued growth. We are all very excited to discover what FY22 will hold."