Xref Limited (ASX: XRF), a human resources technology company that develops a SaaS-based ‘hire-to-retire’ platform offering pre-employment referencing checks, employee engagement tools, and automated candidate talent pooling, has announced its preliminary final report for the year ended 30 June 2026. The company reported a significant reduction in its loss from ordinary activities after tax, down 77.9% to $432,066. This improvement comes despite a 10.2% decrease in revenues from ordinary activities, which totalled $19,143,411 for the period.
The operational highlights detailed in the report indicate a strategic evolution for Xref. The company’s shift towards multi-year SaaS contracts has seen its New Platform Annual Recurring Revenue (ARR) surge by 50.1% year-on-year to $11.2 million, now constituting 71.1% of the Group’s total ARR. This focus on platform growth, coupled with significant operational efficiency gains through AI integration and platform consolidation, led to a 75.6% increase in underlying EBITDA, reaching $4.7 million. Total operating expenses were notably reduced by 23.9% to $14.9 million, primarily due to a 27.0% decrease in wages and salaries as the company optimised its cost base.
Following the reporting period, Xref strengthened its financial position through a successful refinancing of its debt facility. On 28 August 2026, the company repaid its existing borrowing facility and secured a new $6.3 million term facility with the Commonwealth Bank of Australia, maturing in August 2029, along with a $2.0 million overdraft facility. This new arrangement includes interest-only payments for the first two years on the term facility, enhancing liquidity and supporting ongoing operations. Looking ahead to FY27, Xref plans to accelerate legacy client migration, drive growth through strategic upsells, optimise lead flow conversion, and maximise client retention.
