Talent remains on the move and employers are facing an extremely competitive market. Employees, many of whom may have stayed in ‘safe’ roles are now buoyed with confidence to make a transition to something new. Employers will face a need to move quickly to hire the best talent so having the right processes in place to make confident hiring decisions quickly has never been more important.
The staged release of the enhanced platform, including Xref Pulse Surveys and the Trust Marketplace will continue throughout FY2023. These new services will dramatically increase Xref’s global addressable market. This strategy is expected to grow Xref’s share of the North America market via channel partners, wholesale, and self-serve subscription sales.
As talent acquisition grows to become increasingly remote on a more permanent basis, automated reference surveys, identity verification, and other pre-employment checks will continue to grow in demand. As a result, the Trust Marketplace will be in a good position to broaden relationships with Digital Trust Partners for more integrated checks, increasing availability for the global marketplace of checks. In addition, the recently announced Graduate Verification Service offered by RapidID will add further revenue as retail and wholesale distribution grow.
The Group expects further growth in overseas regions will reduce the impact of seasonality. Xref expects it will be able to maintain it’s achievement of a net profit after tax for FY2023 along with cash flow profitability. Xref will also continue to invest in growth through data-driven digital marketing with the self-serve initiative continuing to bring inbound leads. Through digital marketing, product innovation and leading customer service, Xref will continue to be a thought-leader and trusted partner to talent acquisition and HR teams globally.
Having been publicly listed for six years, we have strong shareholder support, in the form of both institutional and retail investors. It is important to us that our shareholders remain up-to-date with our emerging story and are clear on our value and strategy moving forward.