The Airtasker Ltd (ASX: ART) share price is on watch today after the marketplace business announced its FY22 first quarter numbers.
FY22 first quarter
Airtasker said it achieved solid marketplace performance in the first quarter of the new financial year, with gross marketplace volume (GMV) rising 6.2% year on year to $35 million despite the key markets of Sydney and Melbourne being locked down for a lot of the quarter.
International market growth continued in the first quarter. International GMV went up by more than 100%, driven by strong growth in the UK year on year.
Airtasker said that the Zaarly integration and US expansion is progressing well. City-level markets launched in Dallas, Kansas City and Miami. The company noted that the colder weather season usually represents a seasonally slower period.
The company said that its FY22 first quarter cash outflows increased compared to the FY21 fourth quarter due to a ramp up of international advertising and a number of increased remuneration and tax payments.
New management appointment
Airtasker said it continues to strengthen its leadership with the appointment of former Zip Co Ltd (ASX: Z1P) chief technology and product officer, Patrick Collins, as chief product officer.
Airtasker co-founder and CEO Tim Fung said: “Patrick brings to Airtasker more than two decades of product leadership experience developed in leading Silicon Valley and Australian technology companies including Fifth Finger and Zip Co. We’re very excited to bring him on board as we scale internationally and continue to invest in a world class customer experience.”
Annualised $185 million of GMV
The company said that since the easing of restrictions in major markets, Sydney and Melbourne, Airtasker has experienced a sharp bounce back. The latest weekly GMV was $3.6 million, or $185 million on an annualised run rate basis.
Airtasker noted it’s now heading into its strongest southern hemisphere seasonal growth period.
Summary thoughts on Airtasker and the share price
I’m impressed by Airtasker’s continuing growth. I think that the company has a very promising future with a very large potential addressable market. With a very high gross profit margin, it’s certainly one to watch in my opinion.
I would be happy to add it to my portfolio today, along with some other ASX growth shares I’ve got my eyes on.
