Freelancer Has Posted A $1 Million Profit In Its First Year As A Listed Company

Matt BarrieMatt Barrie / Supplied

Freelancer has posted a 2013 full-year profit of $1.1 million, up 46 per cent year on year.

Revenue grew 77 per cent to $18.8 million.

This is Freelancer’s first full-year results announcement as a listed company. Underlying earnings came in at $1.2 million – falling below analyst estimates of $1.6 million, according to the AFR.

Freelancer’s spectacular, billion-dollar IPO raised $14.1 million for the group in November, accounting for more than half of its $24.4 million in cash flow.

The jobs listing site added 2.9 million new registered users in 2013, double the 1.4 million added the previous year. Freelancer has amassed a total of 9.7 million registered users since launching in 2000.

Only about 8 per cent of Freelancer employers were from Australia, and a quarter came from the US.

US cash also accounted for $12.5 million (51.2 per cent) of its cash balance, while Australian cash accounted for $10.2 million.

US cash comprised 69 per cent of Freelancer’s $9.7 million cash balance in 2012.

Freelancer shares opened down 4.7 per cent at $1.41. It opened at $2.50 on its first day on the ASX.

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