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gossip lanka news line
gossip lanka news line
gossip lanka
hSenidBiz’s PeoplesHR Cloud Drives 1Q FY25 Success, Exit ARR Hits $3.5 Million
hSenid Business Solutions (hBS) announced its financial results for the quarter ending June 30, 2024, reporting a significant year-over-year growth of 30.5 percent, with total revenue reaching LKR 466.0 million. The PeoplesHR Cloud business continued to be the primary driver of growth showcasing a year-over-year growth of 27.9 percent. Recurring subscription revenues accounted for 84.9% of the PeoplesHR Cloud Business, recording a year-over-year growth of 44.2 percent.

The company surpassed an exit Annualized Recurring Revenue (ARR) of USD 3.5 million during the quarter, with total recurring revenues accounting for 57.7 percent of the total revenue. New deal closures for the quarter amounted to USD 357,482, reflecting a 44 percent year-over-year growth, with 87.5 percent of these new deals being PeoplesHR Cloud deals, and 46.5 percent sourced through the company's channel partner network.

Founder and Chairman Dinesh Saparamadu commented on the recurring revenue growth, "We are witnessing the results of the investments made over the last two years in our ARR growth numbers.  Building a strong base of recurring revenue is essential for achieving non-linear growth typical of software businesses."

The quarter saw the normalized EBIT and EBITDA margins continued to decline to -9.6% from -7.8% in Q4 FY24 due to the higher partner commissions on partner sourced deals. Despite this, the Free Cash Flow margin improved to -5% from -7% on a quarter-on-quarter basis, showing significant improvement compared to the -28% recorded for FY24.

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Ireland Education Fair 2024 Records Resounding Success with the Participation of Top Irish Universities
Organized by the esteemed Maryland Consultancy, the "Ireland Education Fair 2024" recently took place at the Maryland Consultancy premises in Nugegoda, marking a successful event. Attended by nearly all major Irish higher education institutions with a South Asia presence, the fair catered to over a hundred students eager to explore higher education opportunities in Ireland.

Participating Irish institutes included prestigious names such as "Trinity College Dublin," "University of Limerick," "University of Galway," "University College Cork," "Maynooth University," "Dublin City University," "Technological University of the Shannon," "South East Technological University," "Griffith College," "Dublin Business School," and "National College of Ireland." These institutions showcased a diverse array of undergraduate and postgraduate programs in fields such as Business, Management, Medicine, and Engineering.

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OSC triumphs at ARC Awards, securing global recognition
The Overseas School of Colombo (OSC) has marked an achievement winning Gold at the 2024 International ARC Awards for its 2022/23 Annual Report.

This recognition places OSC as the first IB World School globally and the first educational institution in Sri Lanka to claim this honour, reflecting its dedication to transparency, sustainability, and educational excellence.

The ARC Awards, often referred to as the ‘Academy Awards of Annual Reports’, are organised by MerComm Inc. and attract more than 1,000 entries annually from over 30 countries. They represent the pinnacle of achievement in corporate communication, honouring institutions that set the benchmark for innovative and effective reporting.

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