Reference checker Xref (ASX:XF1) is crowing about a break-even point being “clearly in sight”.

But it doesn’t say when that magical day will come.

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The company closed $1.1m worth of sales in the month of March alone and says international sales rose by 51 per cent in that quarter compared to a year ago.

It’s basing the break-even theory on average revenue per account: it expects clients to stay on longer, and the longer they stay the more they pay without costing Xref much more.

“While the new hires will increase the cost base, the company’s high operating leverage and strong growth trajectory mean that its cash flow break-even point is now clearly in sight,” it said.

Xref’s cash receipts lifted by 1.36 per cent and the cash burn increased by 35 per cent, from $1.4m to $1.9m on the back of slightly higher spending across the board.

But the company said the post-Christmas recovery began sooner than usual as international sales countered the traditionally slow Australian start to the year.

Client numbers grew from 980 at the end of December to 1100.

Stockhead is seeking comment from Xref.
 

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