Australian creative work commissioning platform Freelancer’s half-year results are out, and the company has posted a 56% increase in net revenue to $26.2 million.
The company posted its first positive operating EBITDA of $100,000 and a net after-tax loss of $100,000. It has cash and equivalents of $35.2 million on hand.
Overall Freelancer has 20 million users worldwide and Escrow.com, the secure payments service it acquired last year, now has 1 million users, having added more than 40,000 users in the six months to June.
“Freelancer is continuing its exceptional growth, with record net revenue, gross volumes, registered users and posted projects in 1H16,” said CEO Matt Barrie. “Freelancer’s growth is accelerating and it is at an inflection point in terms of profitability.”
Platforms like Freelancer, which allows users to submit requests for work like website design and development and other creative tasks and then allows bidders to submit their prices for the tasks, have been changing the equation for businesses that need occasional small projects delivered. In recent years this has put downward pressure on prices in the sector in countries like Australia as the marketplace increasingly goes global.
Barrie noted the company had “a unique exposure to a deflationary environment.”
This chart shows the net revenue, which was on the back of another surge in gross payment volumes – the value of the transactions on the platform – to $354.9 million.
And this shows the past six months has seen a huge surge in the number of jobs being posted to the platform form has surged to 200,000-plus every month.