Freelancer's cash receipts are up 42% as users swell by 850,000 in single quarter

Freelancer’s management. Image supplied., the Australian crowdsourcing marketplace, had another positive quarter, with cash receipts up 42% to September 30 to $9.7 million.

The big increase is largely due to gains in user base – 850,000 more people joined the site in the quarter, and 450,000 more projects and contests were posted. Freelancer takes a commission on projects completed through the site and needs users to draw the jobs.

The company continues to be cash flow positive, after announcing earlier that the six months to June were and it now has a positive operating cash flow of $1.1 million for the year to date.

The company is also seeing the upside of a falling Australian dollar, to the tune of $2 million in the quarter.

The possibility of foreign exchange updates were flagged earlier this year.

A considerable portion of revenue comes from overseas users, and Freelancer periodically shifts money it holds in foreign currencies for its users.

The company raised $14.1 million in a spectacular IPO in November 2013 IPO, where it briefly topped a $1 billion market cap and closed at $1.60, almost triple the offer price.

Freelancer’s cash flow suffered for a while, as it concentrated on growing post-IPO. It has also made a number of recent acquisitions, including purchasing job aggregation marketplace DoNanza, and has expanded the into other areas, such as domain trading.

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