HR-tech company Xref Limited (ASX:XF1) has recorded another strong quarter in Q1-FY22. XF1’s unaudited results for Q1 show a surge in sales by 126% compared to Q1-FY21 taking Revenue up 77%. The Company has also achieved a cash surplus.

What led to record sales growth for XF1?

The first quarter is usually the lowest sales period for XF1 as hiring trends fluctuate due to financial year-end and holiday season. Despite this, in Q1-FY22, XF1 witnessed growth in new sales opportunities by 104%, increasing total new client acquisitions by 78%.
Looking at the sales mix, newly acquired clients formed 19% of XF1’s sales, while 16% was from Europe and North America and 16% from RapidID.
Noteworthy additions to XF1’s client portfolio during Q1-FY22 include The Arnotts Group, Fortescue Future Industries and Ozcare in Australia, and Kiwibank in New Zealand. Few other international client additions were Maybourne Hotels and H&M Group in the UK, UEFA in Switzerland, the University of Pittsburgh in US and Home and Community Care services in Canada.
Most of its Revenue was contributed by clients added in FY-20, followed by new clients in FY22.