Xref Limited (ASX:XF1) Announces H1 FY2025 Business Update
Financial Performance
Xref reported a 10% increase in revenue for H1 FY2025, reaching $10.9 million. Total cash collections for the half amounted to $11.6 million, while net cash used in operations was $11.4 million. The company holds $4.9 million in cash at bank.
Strategic Update
The Board initiated a strategic review in May following multiple acquisition inquiries, resulting in an offer from SEEK to acquire Xref at $0.218 per share, representing a 61% premium. However, the scheme was terminated after only 68% of votes were in favour, below the required 75% threshold. Xref will continue as an independent company listed on the ASX and resume its growth strategy.
Product Pipeline
Xref is advancing its hire-to-retire platform with new products and marketing initiatives set to launch in the second half of FY2025. These include additional checks within Trust Marketplace, expansion of Self Sign-On and Enterprise Talent Pool, and the release of the Employee Voice Report.
Executive Comments
CEO and Founder, Lee-Martin Seymour, stated, “Throughout this process, we have remained focused on business as usual. As a result, we have an exciting pipeline of products and marketing initiatives set to launch in the second half of FY2025. I would like to extend my gratitude to the SEEK leadership team, who have been a pleasure to work with during the Scheme process.”
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Xref. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.