Nvoi (ASX:NVO) - CEO, Raife Watson
CEO, Raife Watson
Source: Nvoi
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  • Human resources tech specialist Nvoi (NVO) is trading strong today after its first business update under new CEO Steve Butler
  • The company pulled in record customer receipts over the month of September, which was Steve’s first full month as head of the company
  • Cash receipts for September can in at around $550,000, with full-quarter revenue at $740,000
  • On top of this, Nvoi says it has cut annualised costs by around $2.1 million under its restructured management team
  • Shares in the company are trading 20 per cent higher this afternoon and worth 1.2 cents each

Human resources tech specialist Nvoi (NVO) is trading strong today after its first business update under new CEO Steve Butler.

Steve was handed the Nvoi reins in August immediately after former CEO Raife Watson stepped down and has since helped lead the company to record customer receipts.

The company said in the month of September, cash receipts came in at roughly $550,000, with Nvoi almost breaking even for the month. Revenue for the September quarter was $740,000 altogether.

Moreover, the company said it has is now saved around $2.1 million in annualised costs under its restructured management team.

Steve said already the company has seen strong demand for its new and improved tech platform, which is set to go live well ahead of schedule.

“This is exciting and presents immediate opportunities for our clients and our business.” Steve said.

“Confidence in our business is critical to maintaining and forging new relationships. We are seeing a renewed confidence as we engage with clients of all sizes in multiple geographies,” he said.

“This confidence is underpinning a strong pipeline of major new and renewing contracts on the short-term horizon as we continue to build our global business.”

Today’s business update comes just two days after Nvoi signed a framework agreement with Fortune 500 staffing firm Adecco over the company’s new JXT recruitment platform.

Nvoi bought JXT in June for $650,000 after the recruitment business went into administration in December 2019.

The company decided to make the buy in light of COVID-19 joblessness across Australia. When the purchase was announced in May, then-CEO Raife Watson said it has never been more important for businesses to have a reliable platform to connect employers with job seekers.

Shares in Nvoi are up 20 per cent at 3:39 pm AEDT, currently trading for 1.2 cents each.

NVO by the numbers
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