Airtasker Limited (ASX:ART) Announces Positive FY24 Results
Financial Performance Overview
Airtasker Limited (ASX:ART) reported a successful fiscal year 2024, generating $31.0 million in positive free cash flow. The company’s total revenue for the year was $45.2 million with expenses amounting to $14.2 million, showcasing strong financial health. The positive cash flow is attributed to the performance of Australian marketplaces, which significantly surpassed the $18.2 million investment in software platform and head office infrastructure.
Market Expansion and Media Partnerships
The company achieved a monetisation rate increase of 13.7% leading to an overall rate of 20%. Airtasker secured £3.5 million in media funding for Airtasker UK through a partnership that involves equity exchange, resulting in over 100% revenue growth from its first TV campaign. The company has effectively leveraged media partnerships, resulting in a cumulative investment of over $51 million across various channels in 2024 and signalling robust growth strategies in the UK and US markets.
Future Outlook
In FY25, Airtasker aims to maintain its momentum by delivering double-digit revenue growth and generating sufficient cash for continued expansion in international markets. CEO Tim Fung stated, “We are committed to enhancing Airtasker’s brand presence and increasing marketplace trust as we progress into 2025.” The company plans to capitalise on its scalable software platform to replicate profitable marketplace economics achieved in Australia in its new markets.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Airtasker. 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 Scott Phillips.
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