The LiveHire Ltd (ASX: LVH) share price has opened higher today after the company released its results for the 2019 financial year (FY19). LiveHire shares opened at 34 cents this morning but have since trended higher and are sitting at 36 cents a share at the time of writing – a bump of 7.35%. This share price is still at the lower end of LiveHire's 52-week range, which currently sits at a high of 71 cents and a low of 24 cents.
What did LiveHire tell the market this morning?
LiveHire reported revenue increases of 59% year-on-year to $2.62 million for FY19, up from $1,65 million in FY18, while annualised recurring revenue is up 88% to $2.53 million.
Earnings (EBITDA) were negative at a $13.66 million loss (up from $10.04 million in FY18), giving LiveHire a net loss after tax for FY19 of $13.79 million. This was up 37% from FY18's loss of $10.10 million and translates to a loss of 5 cents per share (up from 4.1 in FY18).
Meanwhile, total assets reported at $39.32 million (up 14.9%) while total liabilities came in at $3.14 million (up 69%), giving LiveHire net assets of $36.03 million for FY19 (up 11% over FY18).
Outlook for LiveHire
In a pleasing sign, the company reported that user traffic on the LiveHire platform increased by 350% over the past year, which has been accompanied by software and infrastructure upgrades to accommodate this surge in demand. The company is bullish on its US market penetration so far, with product localisation now complete and live.
Whilst LiveHire has not provided any quantitative guidance for FY20, CEO Christy Forest described FY19 as "characterised by a brave transformational strategy to build new capabilities to help accelerate our entry into the US market", which the company hopes to continue into FY20.
