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- Airport transfer company Jayride Group (JAY) has been placed in a trading halt as it gears up to execute a capital raise
- The company expects the halt to be lifted on or before October 22, when it releases an announcement
- In its Q1 market update, Jayride revealed booked passenger trips grew 163 per cent from 6100 in Q4 FY20 to 15,900 in Q1 FY21
- Additionally, its net revenue grew 397 per cent to $103,900 compared to $20,900 in the previous quarter
- Shares in Jayride last traded for 16 cents on October 16
Airport transfer company Jayride Group (JAY) has been placed in a trading halt as it gears up to execute a capital raise.
The company expects the halt to be lifted on or before October 22, when it releases an announcement.
In its Q1 market update, Jayride revealed booked passenger trips grew 163 per cent from 6100 in Q4 FY20 to 15,900 in Q1 FY21.
Additionally, its net revenue grew 397 per cent to $103,900, compared to $20,900 in the previous quarter.
“We expect Jayride’s recovery in trips to continue. The latest trading weeks are Jayride’s highest for trips booked since the onset of COVID-19,” Managing Director Rod Bishop said at the time.
“Trips continue to increase across Q2 as we build towards the December holiday travel season. We look forward to continued easing of restrictions and increased travel across the December holiday travel season,” he added.
As more than 90 per cent of Jayride’s trips are sourced outside of Australia, the company hopes its northern hemisphere expansion strategy will drive recovery.
Additionally, the company will focus on soon-to-open travel routes, including Australia-New Zealand and Australia-Singapore.
Shares in Jayride last traded for 16 cents on October 16.
