A leading freelancing and crowdsourcing marketplace, Freelancer Limited (ASX: FLN) has posted positive results for the 2019 March quarter, with all-time record cash receipts of $14.0 million for the period. Further, the company reported all-time record Gross Payment Volume of $45.9 million, up 14.2% on the previous corresponding period (pcp)
Following the release of the quarterly results, the company’s shares witnessed an uplift of 21.429% during the intraday trade as on 29 April 2019. In the past six months, the share price of the company has increased by 19.66% as on 26 April 2019.
During the March quarter, the company made significant progress in deploying a new front-end technical stack. During the quarter, the company made a major release for its iOS app to bring the company’s standard of design for messaging up to par with many of the popular messaging apps used around the world. The app was very well received which was shown in a rating of 4.9 out of 5 in the App Store for the latest release.
In the March quarter, the company announced Arrow Electronics as the first commercial enterprise customer from Freelancer Enterprise. During the quarter, the company closed Hillco Streambank’s IPv4 Global Brokerage, which is the largest IP address space broker in the world, and till now Hillco Streambank’s IPv4.Global has transacted more than $300 Mn in volume.
Recently Escrow.com closed one of the largest car marketplaces in North America to process payments for vehicles. As per the company’s announcement, Escrow.com will be the sole purchase option for all private party listings. In the first quarter of 2019, the company’s total licensed coverage of the U.S. States increased from 44 to 46 and now the company is expecting two additional money transmission licenses to be granted in the second quarter of 2019.
The company recently won its 12th Webby for the People’s Voice for Best Website: Employment in the 23rd Annual Webby Awards.
In the first quarter of 2019, Freightlancer Inc., a marketplace that connects customers to thousands of transport companies, was licensed to operate in the United States as a Freight Broker.
At the end of 2019 March quarter, the company had cash and cash equivalent of $35.1 million. Further, the company reported positive operating cash flow of $2.0 million in the quarter.
In FY 2018, the Company achieved Net Revenue of $51.9 million, up 3% on the previous corresponding period (pcp), and an all-time record Gross Payment Volume of $740.6 million, up 26% on pcp. Further, the company reported gross margin of 85.2% in FY18, down by 2.3% on pcp, but remains within a consistent range since 2011. In FY18, the company posted a negative operating cash flow of $0.9 million in FY18, adversely impacted by increased trade receivables of $0.6 million from the company’s enterprise customers.
FLN’s shares last traded at $0.0850 with a market capitalization of circa $318.92 million as on 29 March 2019.
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