Freelancer released its full year results this week and has posted an operating NPAT loss of $1.5 million.
The market however was pleased with the news with the share price rising 6.75% to $0.69 on Monday. They’re up just over 2% today.
One of the drivers of this is the platform’s user growth.
Freelancer’s new user registrations jumped 60% year-on-year taking total registered users to 14.3 million.
And while new projects posted on the platform continued to rise in FY14 the average amount of each job fell 9% to $177. Although this was expected after Freelancer lowered the minimum project size from $US30 to $US10 last year.
Here’s the chart.
Company CEO and chairman Matt Barrie, who holds a 46% stake in Freelancer, said throughout FY14 his focus was increasing project and contest volumes.
“Freelancer is a high growth Internet company and reflects this consistently with high growth in net revenues each year driven by growth in marketplace volume,” he said.
“We built better tools to communicate and collaborate, improved our internal algorithms including matchmaking.”
Here are the numbers:
- Net revenue was up $26.1 million
- Operating NPAT was -$1.5 million
- Operating EBITDA -$2.1 million
For the year ahead Barrie said the company will focus on expanding the marketplace through products and user experience improvements.
“We will also continue to focus on strengthening the team, and expanding the functionality and penetration of our platform across mobile devices, and will continue to expand across regional and multilingual markets, and across job categories,” he said.
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