• Revenue up 10% to $10.9m in H1 FY2025
• Total cash collections: $11.6m in H1 FY2025
• Net cash used in operations: $11.4m in H1 FY2025
• Cash at bank $4.9m

Xref, a global HR tech platform, today announced its business update for the first half of the financial year 2025. All results in this release are preliminary and unaudited. The Xref FY2025 Interim Report will be released in late February together with an investor presentation. Over the past two years, Xref has transformed its platform and business model, positioning the company strongly for future growth. Despite challenging economic conditions, Xref's disciplined approach to expense management and sales execution has been effective. The company had received multiple acquisition inquiries, which resulted in the Board's decision to initiate a strategic review last May. This rigorous process led to an offer from SEEK to acquire Xref at $0.218 per share -- representing a 61% premium to the share price before the strategic review was announced. However, the scheme of arrangement with SEEK was not approved by the required 75% of shareholders. Consequently, the Scheme Implementation Deed has been terminated, and Xref will now continue as an independent company listed on the ASX, resuming its growth strategy. Throughout the Scheme process, the business has continued to make progress on growing subscription revenue and managing its cash. Revenue for H1 FY2025 grew 10% to $10.9m, with 80 new clients joining Xref, 95% of which joined on subscription-based contracts. Total cash collections for the half were $11.64m, which is higher than cash used in operations of $11.4m. Xref has also secured a $2.3 million research and development refundable tax offset. The company remains focused on advancing its hire-to-retire platform, driving SaaS growth, expanding self-sign-on capabilities, enhancing talent pooling, and further automating engagement surveys to deliver even greater value to its customers.

Xref remains focused on advancing its hire-to-retire platform, offering industry-leading reference checks, a comprehensive marketplace for background checks, and innovative tools to enhance employee engagement and talent pooling. Key priorities include driving SaaS growth, expanding self-sign-on capabilities, enhancing talent pooling, and further automating engagement surveys to deliver even greater value to customers. The company is also focusing on cost efficiencies and maximising recurring revenue to build a pathway to sustainable and growing profit.