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Airtasker (ASX:ART) - CEO, Tim Fung
CEO, Tim Fung
Source: Business Insider
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  • Airtasker (ART) posts a “strong marketplace performance,” blowing past both its original and upgraded revenue forecasts for 2021
  • Gross Marketplace Volume (GMV) for the year came to $153.1 million, beating the most recent estimate of between $148 million and $152 million
  • The last three months were particularly notable, with Airtasker bringing in $39.4 million
  • The results were achieved while maintaining costs below prospectus forecast levels and despite the impact of COVID-related lockdowns
  • Shares in Airtasker are up 1.79 per cent to $1.14 as of 4:04 pm AEST

Airtasker (ART) has posted a “strong marketplace performance,” blowing past both its original and upgraded revenue forecasts for the 2021 financial year.

Gross Marketplace Volume (GMV) for the last 12 months came to $153.1 million, beating the figure put forward in its IPO prospectus of $143.7 million as well as the later increased estimate of between $148 million and $152 million.

The last three months were particularly notable, with Airtasker bringing in $39.4 million, representing a 39.1 per cent increase compared to the fourth quarter of the year before.

Airtasker said the better-than-expected results — to be released in full in August — were achieved while maintaining costs below prospectus forecast levels, and despite the impact of COVID-related lockdowns.

“The 14-day lockdown in Melbourne at the end of May 2021 saw a temporary decrease in marketplace activity followed by a sharp recovery,” the company said in a statement.

“More recent lockdowns in Sydney and other capital cities are expected to have a temporary impact on Q1 FY22 but given the strong performance into the lockdowns and sharp marketplace recoveries previously seen, no impact is expected to Airtasker’s full year FY22 outlook.”

The last half of the financial year proved to be a milestone period for Airtasker, which listed on the ASX in late March after completing an IPO that was more than five times oversubscribed.

Then, in May, it stepped up its US expansion plans with the $3.4 million acquisition of San Francisco-based local services marketplace Zaarly and the launch of a $20.7 million financing.

Shares in Airtasker are up 1.79 per cent to $1.14 as of 4:04 pm AEST.

ART by the numbers
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