29 July 2020
Freelancer (FLN: ASX), the Australia-based online freelance platform, reported net revenue for the six months ending 30 June 2020 of AUD 29.4 million (USD 21.1 million), an increase of 3.0% compared to the same period last year.
|(AUD millions)||H1 2020||H1 2019||Change||H1 2019 (USD millions)|
|Loss After Tax||-1.1||0.1||N/A||-0.7|
The company said it had not seen any significant adverse effects on its business and operations during the period due to the pandemic. To the contrary, the company said it is seeing a positive impact on revenue and Gross Payment Volume due to the increased adoption of its marketplace by organisations transitioning to remote work environments.
The group said gross margin was slightly lower than the prior corresponding period due to higher cost of sales associated with additional provisioning.
Freelancer said its EBITDA included depreciation of AUD 2.1 million (USD 1.5 million) and finance costs of AUD 0.6 million (USD 0.4 million) relating to office leases (accounted for in accordance with changes in AASB (Australian Accounting Standards Board) 16 Leases).
The Freelancer brand (its online marketplace) reported revenue of AUD 25.7 million (USD 18.4 million) during the H1 period, up 4% compared to last year. Escrow.com (online payment services) reported revenue of AUD 3.8 million (USD 2.7 million), down 1% compared to last year.
Gross Payment Volume for the period was AUD 417 million, up 4% compared to last year and an all-time record for Freelancer and Escrow. Gross Payment Volume is calculated as the total payments to Freelancer or Escrow.com users for products and services transacted through the Freelancer or Escrow.com websites plus net revenue.
Shares in Freelancer closed at AUD 0.60 (USD 0.43) yesterday, down 4.0% on the day and 36.84% below its 52-week high of AUD 0.95 (USD 0.68), set on 1 August 2019. The company has a market value of AUD 282.05 million (USD 202.48 million).