Why has the IntelliHR (ASX: IHR) share price jumped 8% on Thursday?

Two people jump and high five above a city skyline.

The IntelliHR Ltd (ASX: IHR) share price is soaring today after the company announced record quarterly sales and its breakthrough into a new enterprise market.

The software-as-a-service provider received more than $1 million worth of contracted annual reoccurring revenue and implementation over the first quarter of financial year 2022.

It also secured its first customer in the hotel and tourism market.

At the time of writing, the IntelliHR share price is 23.2 cents, 7.91% higher than its previous close.

Let’s take a closer look at today’s news from the human resources-focused technology company.

IntelliHR’s successful first quarter

The IntelliHR share price is taking off today after the company announced record quarterly sales and revenue growth.

The quarter just been saw IntelliHR’s annual reoccurring revenue reach $776,000. It also generated $225,000 from professional services.

Further, 43% of the company’s new revenue was generated from overseas customers. The company said this highlights its global potential and validates its sales channel.

IntelliHR won 33 new contracts over the first quarter.  As of 30 September, it had 43,784 contracted subscribers. Additionally, IntelliHR boasted 100% customer retention for the quarter.

Likely helping the IntelliHR share price today, is news the company has welcomed its first customer from the enterprise hotel and tourism market.

Jamaican-based Couples Resort signed up to use the company’s software to help support more than 1600 of its team members. Couples Resort’s contract is expected to bring in between $180,000 and $220,000 for IntelliHR.

Of the Couple Resort’s contract, IntelliHR’s Americas president and chief customer officer Glenn Donaldson said:

With the world gradually returning to normality, the tourism industry and hotel industry have become a key strategic focus with IntelliHR’s HR process configurability well positioned to support the personalised and culturally focused needs of this sector.

IntelliHR share price snapshot

Despite today’s uptick, the IntelliHR share price has been performing poorly lately.

It has fallen 58% since the start of 2021. However, it has gained 3% since this time last year.

The post Why has the IntelliHR (ASX: IHR) share price jumped 8% on Thursday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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