Cloud-based talent acquisition company LiveHire (ASX: LVH) has boosted its presence across a number of key industries with seven new client wins during 2018, managing a collective workforce of 8000 full-time equivalent employees.
The company has signed contracts with Xero, Nissan Australia, Calibre Group, Agent Plus and Komatsu Australia to consolidate its position in the property, construction, engineering and manufacturing sectors and expects to attract a steady flow of new candidates (known as ‘talent community connections’ or TCCs) for roles within these companies.
Two additional contracts signed with firms in the advertising and technology space remain confidential.
The new client wins represent an approximate 40% increase on LiveHire’s Average Revenue Per Client (ARPC) for the 2018 financial year, within the scope of current contracts.
Launched in 2012, LiveHire is a cloud-based human resources productivity tool for sourcing and recruitment, providing cost-effective ‘talent on demand’ for small to large enterprises.
The platform delivers a proactive sourcing and internal mobility solution with ongoing connection to interested, available and quality candidates and claims significant time and cost savings over traditional paper-based recruitment processes.
Candidates accept an invite to join ‘talent communities’ and create their unique LiveHire digital profile before joining additional communities to establish an online network.
A shared ‘talent economy’ is created, and LiveHire’s algorithms track communications between employers and talent to better understand when people are ready for a new role.
LiveHire chief executive officer Christy Forest said the platform enables companies to fill their roles on an ongoing basis with demonstrated cost and time savings.
With the average time to hire a new team member more than doubling since 2013 to 68 days, at a direct cost of $5700 for recruitment and up to $34,000 in total loss including company productivity, she said the platform offers significant benefits.
“LiveHire enables talent acquisition teams to dramatically reduce these figures,” Ms Forest said.
“With some clients, we have seen the time to hire just 48 hours, bringing them significant cost and time savings and increased competitiveness.”
LiveHire this week announced improved performance metrics and financial increases of more than 110% for the 2018 reporting year, compared the previous corresponding period.
The company’s final recurring revenues and cash receipts for the year were more than double that achieved in 2017 – revenues were up 113% to $1.65 million compared to the previous $776,000, while cash receipts increased by 116% to $2.0m from $927,000.
TCCs grew by 85% compared to the previous financial year, with 671,254 connections amongst existing and new significant clients at 30 June 2018, compared to 362,130 in 2017.
This growth was achieved by expanding connections for existing clients, as well as new clients in vertical markets entered during the year.
LiveHire ended the year in a strong financial position, having successfully raised $20 million in December through an oversubscribed placement of approximately 19.05 million ordinary shares at $1.05 per share.
The company is debt free and had more than $30 million cash at bank at year end.
“Looking ahead to 2019, we have clear goals to help employers continue to attract, engage and hire the diverse talent that their organisations need to succeed,” Ms Forest said.
At midday, LiveHire shares were trading 6.38% higher at $0.50.