AD1 Holdings Limited (ASX: AD1) (AD1 or the Company) today released its business update and Appendix 4C for the quarter ended 30 September 2021 (Q1FY22).
Key highlights & business update:
• Cash receipts for Q1FY22 were $1.95 million, representing an increase of 52% compared to the previous quarter and of 125% compared to Q1FY21.
• Strong start for new financial year with significant domestic contract wins within the HR tech market including the Australian Department of Defence, Royal Australian Air Force and Queensland Department of Premier & Cabinet.
• Milestone contract signed with HR.com, a US-based HR social network for 1.9 million HR professionals which has created a pathway for AD1 to explore international opportunities.
• 4 new international clients signed across USA, Japan and Africa reconfirming the AoM product value.
• Approximately one year after being acquired by AD1, the Art of Mentoring (AoM) business achieved record growth of 94% compared to the previous quarter and 230% compared to the same period last year.
• ApplyDirect pipeline and interest are building for the existing enterprise recruitment platform with existing customer renewals nearing completion.
• ApplyDirect “off the shelf” product has been piloted with the first customers about to sign. We will continue to test and invest in user interface (UI) and product development.
• During the quarter, meters under management for the Company’s utilities division grew by approximately 12,000 (an increase of 8% Quarter on Quarter). This also represents an increase of 60% compared to the same period last year.
• On 25 October 2021, AD1 successfully raised over $2 million via a private placement to fund its plans for growth and expansion attracting new and existing institutional and sophisticated investors.
Commenting on the results for Q1FY22 and AD1’s plans for the upcoming quarters, the CEO of AD1, Mr Brendan Kavenagh said: “During the first quarter of the new financial year, we managed to achieve new customer wins, launched internal programs, built out future roadmaps and agreed upon key strategic priorities for each business. We onboarded new staff across each business and worked hard on our customer renewal targets while also building a stronger pipeline of potential opportunities for each business.”
“We are very pleased to have completed the successful capital raise in October. Completing the cash component of the acquisition was important so that we can move forward with plans to expand into the US with Art of Mentoring without distraction. We are now progressing with conversations with potential partners and industry leaders as to how we develop and execute our Go-To Market strategy in the US without disrupting the organic growth that we are currently experiencing locally.”
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