The IntelliHR Ltd (ASX: IHR) share price is leaping higher today, up 15.38% at 45 cents in early afternoon trading.
This follows the release of the data analytics company's financial results for the half-year ending 31 December (H1 FY21).
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What did intelliHR report?
In this morning's ASX release, intelliHR reported contracted annual recurring revenue of $2.87 million. That's up 82%, or $919,000, compared to the first half of FY20.
The company credited its international expansion for bringing in a record number of new contracted subscribers for the half-year. The 29,170 subscribers as at 31 December represented a 147% increase year-on-year.
There was also a 58% year-on-year increase in annual recurring revenue (ARR) per account. Its total new contracted customers for the half grew by 60% compared to the prior corresponding period (pcp), with 43 new customers added.
intelliHR's total expenses also ramped up by $1,47 million, 63.7% higher than H1 FY20. The company pointed to an increase of $1.02 million in employee benefits costs due to planned team growth and a $729,000 non-cash increase in expenses from the issue of new employee share benefits for the rise.
The company reported a loss after income tax expense of $3.03 million, compared to the loss of $2.32 million in the pcp. Diluted earnings per share (EPS) of –1.23 cents was up from –1.54 cents in the corresponding period.
A 20% reduction in the company's cash burn rate left it with the strongest cash position in its history, with $6.86 million cash as at the end of the half-year.
Management commentary
Commenting on the results, intelliHR managing director Robert Bromage said:
Over 40% of our subscribers are now located outside Australia and we have entered a new phase in our revenue generation with three international enterprise customers added in 1H21. This increased average customer headcount by 45%.
intelliHR's recent continued Enterprise success has established its credibility as having a strongly differentiated people management solution capable of competing with leading industry incumbents.
Looking ahead, Bromage added:
With multi-language support to be added to the platform in the coming weeks, our plan is to target Europe with expectations of market entry later this year, significantly increasing our addressable market.
About the intelliHR share price
It's been a great 12 months for intelliHR shareholders, with shares up 550% since this time last year. By comparison, the All Ordinaries Index (ASX: XAO) is down 2% in that same time.
Year-to-date, the intelliHR share price is down 16%.
