AD1 Holdings’ tech investment delivers strong full-year performance
Annual revenue for AD1 Holdings has grown 12% with key customer wins achieved across the group.
Technology company AD1 Holdings (ASX: AD1) has announced a solid year of growth on the back of heavy investment in technology and product development.
Annual group revenue rose by 12% to $6 million, while cash receipts from customers grew by 35% to reach $6.8 million.
Revenue from its Art of Mentoring platform increased by 44% in its first full financial year of being integrated with the group.
The ApplyDirect and Utility Software Services (USS) divisions each maintained their recurring revenue, while investing in software and product development, with ApplyDirect also onboarding new customers.
AD1 created another revenue stream during the year with the recently launched human resources (HR) technology software-as-a-service (SaaS) platform, Jobtale, which has signed up around 100 customers and 10 key pilot partners.
AD1 chief executive officer Brendan Kavenagh said the company is pleased with key customer wins contributing to the group’s solid year of growth.
“Over the course of the year, we invested heavily into sales and marketing, development of products, and technology … and we have already seen benefits with increased upsell activities and new customer wins and renewals.”
“Moving into FY2023, we are well positioned to capitalise on a strong pipeline of contract wins which is currently 200% stronger than the same period last year,” he added.
Mr Kavenagh said the company is focused on executing its growth strategy, targeting geographic expansion in North America, while further improving its product suite and growing its portfolio of SaaS businesses.
The company’s research and development tax incentive of $1.8 million also reflects its strong investments in technology and products to further drive growth.
Launch of Jobtale
AD1 recently added Jobtale to its SaaS business portfolio as a complementary platform to AppyDirect and Art of Mentoring. The product is highly scalable with a monthly subscription model that will generate a new revenue stream for the company.
It is described as a disruptive HR SaaS platform that provides companies with innovative and creative tools (including video and storytelling) to attract and engage top talent via their network.
Jobtale is targeted at the small to mid-business market, although it is expected to also appeal to larger enterprise customers and can provide cross-selling opportunities across ApplyDirect and Art of Mentoring.
“So far approximately 100 customers have signed up and early feedback from pilot partners has been extremely pleasing,” Mr Kavenagh said.
Art of Mentoring platform
AD1 Holdings’ Art of Mentoring platform is designed to streamline administration and enable strategic mentoring services to deliver measurable results for clients. The company says solutions include the creation of more effective onboarding procedures for new employees, better engagement and retention, higher productivity, greater collaboration and stronger leadership teams.
In addition to a 44% growth in revenue, Art of Mentoring delivered an increase of 78% in cash receipts. This was supported by 27 new contracts wins including the expansion into North America with the signing of a HR.com 12-month pilot with the US Department of Labor.