Freelancer Posts $11.9 Million Net Revenue, Share Price Does Nothing

Freelancer.com CEO Matt Barrie.

ASX-listed Freelancer.com released its interim results today, posting a net revenue of $11.9 million up 41% compared to the first half of 2013.

The company reported an operating net loss after tax of $0.6 million and operating EBITDA loss of $0.8 million. Its shares were unchanged at $0.74 a short time ago.

Freelancer’s user growth over the past 12 months has been solid, with an unaudited jump of 138% to 2.8 million users in the first half of 2014, compared to the same period a year ago. The user growth included 1.8 million users acquired organically and another 1 million from acquisitions of other platforms – some are yet to be integrated into Freelancer.

However, the average project size fell 14% from $194 in FY13 to $167 for the first six months of 2014. The company said this was partly because it is looking at growth in emerging markets and has lowered the minimum job price from $US30 to $US10, a change it hopes will strengthen its global position.

Company CEO Matt Barrie said its online marketplace was growing strongly.

“The record revenue result is a measure of this performance as a whole. We have continued to focus on re-investment in key areas of the business such as product development to drive future growth in the company’s broader marketplace offering and executing on strategic acquisitions where appropriate,” he said.

In the past six months Freelancer’s acquisitions have included internet marketplace and community Warrior Forum, virtual content marketing community fatero.com and Polish online services site zlecenia.przez.net.

Looking to the next six months, Barrie said Freelancer is working to scale and expand its offering and strengthen its team.

“We continue to believe that it is inevitable that a global marketplace for services will emerge, that will be of a similar size and scale as global marketplaces for products like eBay, Amazon and Alibaba.” Barrie said.

“We will continue to focus on innovative product development, such as expanding our mobile offerings, and will continue to expand across regional and multilingual markets, and across job categories. The company expects strong growth to continue for the foreseeable future.”

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