Hire Technologies Inc. (TSX-V: HIRE), a Toronto-based staffing firm, reported revenue rose 13.3% year over year in the fourth quarter ended Dec. 31, 2020, and gross margin jumped.
“We continue to expect very promising outcomes for the organization as we head into 2021,” CEO Simon Dealy said. “Following a 117% increase in job orders in Q4 2020 over the previous quarter, we saw a further 137% increase in Q1 2021.”
| (C$) | Q4 2020 | Q4 2019 | % change | Q4 2020 (US$) | |
| Revenue | $3,348,697 | $2,956,452 | 13.3% | $2,619,619 | |
| Gross profit | $1,317,050 | $662,378 | 98.8% | $1,030,302 | |
| Gross margin percentage | 39.3% | 22.4% | |||
| Net loss | ($4,788,474) | ($4,423,318) | nm | ($3,745,927) |
Hire Technologies completed three acquisitions in 2020: The Headhunters, The Kavin Group and Taylor Ryan. This year, it acquired Pulsify Inc., a provider of a cloud-based people management software platform.
Full-year results
| (C$) | 2020 | 2019 | % change | 2020 (US$) | |
| Revenue | $11,398,314 | $11,961,608 | -4.7% | $8,916,673 | |
| Gross profit | $3,439,384 | $2,839,215 | 21.1% | $2,690,561 | |
| Gross margin percentage | 30.2% | 23.7% | |||
| Net loss | ($10,716,222) | ($7,189,052) | nm | ($8,383,086) |
Share price and market cap
Shares in Hire Technologies were down 11.11% to 40 cents Canadian as of 11:37 a.m. Eastern time; they were 122.22% above their 52-week low of 18 cents set on May 27, 2020, according to FT.com. The company had a market cap of C$27.0 million (US$21.8 million).