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XREF ASX Announcement / Press Release : 6th October 2021 Xref Limited ( ASX : XF1 ) Quarterly Update : 126 % Sales Growth and $ 1.2m Cash Surplus in Q1FY22 • Sales - $ 5.4 million - up 126 % on the previous corresponding quarter Revenue - $ 3.9 million - up 77 % on the previous corresponding quarter Cash Receipts - $ 5.8 million Cash Surplus - $ 1.2 million Human resources technology company Xref Limited ( ASX : XF1 ) , ( ' Xref ' or ' the Company ' ) is pleased to report another strong trading performance in the September 2021 quarter , the first three months of the Company's 2022 financial year ( Q1 FY22 ) . Unaudited results for the quarter show sales of $ 5.4 million and strong cash receipts at $ 5.8 million . Revenue also reached $ 3.9 million . Record Sales Growth Taking into account the seasonality inherent in Xref's business , the Company's growth trajectory continued throughout Q1 FY22 . The fiscal first quarter is traditionally the Company's lowest sales period due to seasonal fluctuations in the Australian recruitment industry following the financial year - end and the summer holiday season in the Northern hemisphere . However , during the quarter new sales opportunities grew by 104 % and average deal size grew by 45 % compared to the corresponding quarter in our 2021 financial year ( Q1 FY21 ) As a result , total new client acquisitions grew by 78 % when compared to Q1 FY21 . Group sales reached $ 5.4 million during the quarter , up 126 % on the previous corresponding quarter ( Q1 FY21 ) and 113 % above the Q1 FY20 figure . Newly acquired clients accounted for 19 % of Xref sales , while 16 % came from Xref's international offices in Europe and North America and 16 % from RapidID . Sales from North America grew 83 % to $ 0.6m when compared to the previous corresponding quarter ( Q1 FY21 ) . Sales ( gross revenue ) by RapidID grew by 226 % to $ 0.9m when compared to the previous corresponding quarter ( Q1 FY21 ) . Group Sales ( Quarterly ) $ Millions $ 7 $ 6 $ 5 4 $ 4 $ 3 $ 2 $ 1 RapidID North America EMEA APAC $ 0 Q1 FY2021 Q2 FY2021 Q3 FY2021 Q4 FY2021 Q1 FY2022 1