Xref has reported their trading performance during the final quarter of the Company’s 2022 financial year (Q4 FY2022). Unaudited results for the quarter show sales of $5.8 million and cash receipts of $5.5 million. Revenue also reached $4.6 million.
Xref has achieved $21 million in sales during FY2022, up 35 % on the previous corresponding period. Revenues totalled $18.6 million for FY2022, up 28 % on the previous corresponding period.
Revenue from the use of Xref Credits grew 27% and sales of Xref Credits grew 4% when compared to the previous June Quarter. However, the lower demand for cryptocurrency reduced Identity checks sold by RapidID by 62% when compared to the same period. As a result, sales were $5.8m, 9% lower when compared to Q4 FY2021. For this reason, the following operational update compares growth figures with the proceeding Q3 FY2022 results. Despite the decline in demand for crypto Xref is excited to launch the Trust Marketplace. Sales of identity and graduate checks as well as additional checks from vendors on the Trust Marketplace will replace the reduction in sales from the Crypto market. RapidID was highly dependent on crypto clients previously and the new growth plan will diversify the revenue sources of Rapid and therefore de-risk that part of the business. A detailed update on the Trust Marketplace will be released during its website launch in September.
Executive Director / CEO Lee-Martin Seymour said: “During the fourth quarter many of the organisations we work with had been adversely impacted by floods, sickness, salary pressure, rising interest rates, the effects of war in Ukraine and the Australian federal election. However, due to the broad sectors and regions that contribute to our revenue we have once again broken records, remained profitable and demonstrated our resilience. We are delighted to launch our new investor presentation which showcases our new platform, strategy and value and signals what is set to be a very exciting year ahead.”