AD1 Holdings’ (ASX:AD1) portfolio of software businesses continues to perform, with its Art of Mentoring (AoM) division increasing revenue by 400% for the March quarter (Q3 FY2022) compared to the prior corresponding period .
Compared to the second quarter of fiscal 2022, AoM’s revenue increased by 38%.
Across AD1’s portfolio, inflows were $1.56 million, 3% higher than the prior March quarter and consistent with the second quarter of fiscal 2022.
Commenting on the company’s performance, AD1 CEO Brendan Kavenagh said the company was “pleased to have delivered another solid quarter” of growth.
“The team continues to focus on growing each of our key divisions and expansion into offshore markets has proven successful, with additional opportunity channel partner signings and pipeline growth specifically for AoM .”
Mr Kavenagh noted that a recent discovery trip to the United States had sparked “significant interest” across the country in the AoM.
“As a result, we are currently planning to relocate our co-founder to capitalize on this exciting opportunity and facilitate stronger future growth.”
Solid growth in all divisions
Group-wide, AD1 recorded “solid growth” with 17 new customers onboarded across all divisions.
AD1 says this reflects the quality of its product offerings.
According to AD1, its “off-the-shelf” recruitment product Jobtale is recognized in the small and medium-sized business market as driving efficiencies in candidate attraction, storytelling, while facilitating a “faster and more efficient” recruiting experience. better”.
To date, this division has signed over 50 pilot customers and is on track to have 100 customers by the end of June.
In response to support for its products, AD1 has added leadership and product development capabilities to its national teams.
AD1 says this will enable it to deliver improved experiences and increase its response rates to the growing demands of its customers.
The ApplyDirect division saw a 13.7% increase in annual recurring revenue, with AD1 attributing this to continued renewal conversations with key customers and upselling to its existing customer base.
Meanwhile, the Utilities business recorded “steady organic growth” with an 18% increase in revenue compared to the third quarter of fiscal 2021.
Outlook
AD1 closed the third quarter of fiscal 2022 with $3.04 million in the bank.
As the company progresses through the year, it will focus on adding new customers in each of its divisions, as well as its plans to expand into the US market with its AoM offering.
“We expect that in the fourth quarter of fiscal 2022, AD1 will finalize its expansion plans in the United States and continue to pursue channel partner opportunities that will support additional growth within the business,” said the society.
In addition, AD1 has indicated that it will continue to explore acquisition opportunities in the HR technology sector to complement and expand its product offering and increase group revenue.