- Company’s revenue per trip increased by 255% from Q2 FY21, supported by new vehicles and service classes.
- COVID-19 restrictions have increased the refund rates to AU$153k.
- Jayride anticipates solid earnings during the second half of FY22.
Investors have been watching the shares of the ASX listed airport transfers marketplace Jayride Group Limited (ASX:JAY) on its Q2 FY22 activities.
JAY shares closed 5.405% higher on Wednesday and opened up strong today.
Although the Company has incurred several headwinds during the second quarter, Q2 FY22 still marks the second-best quarter since the onset of the pandemic as net revenues are significantly higher from Q2 FY21.
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On Wednesday, the Company announced several key performance metrics for Q2 FY22. It revealed its plans to add new offers into its key travel brand partners with anticipated growth during the third quarter.
Key highlights –
- Although trips booked declined by 21% from Q1 FY22 at 51,400, it is 238% higher than those booked in Q2 FY21.
- The net revenue has decreased by 19% from Q1 FY22 to AU$396K in Q2 FY22, but 255% higher from Q2 FY21. Supported by the new vehicles and service classes, revenue per trip increased to AU$7.68.
- During the pandemic, JAY’s refunds increased to AU$153k in Q2 on COVID-19 restrictions.
The new vehicle types and service classes product offers have expanded Jayride’s total addressable market, adding to the increased net revenue per trip and improved customer satisfaction.
JAY revealed its plans to deploy its expandable offers to key travel brand partners, including Booking.com, to increase its market shares during Q3. Jayride expects to release its Q2 FY22 Quarterly Business Review and Appendix 4C during the last week of January 2022.
The stock JAY was spotted trading 2.564% higher at AU$0.200 per share at 10:51 AM AEDT.
The Company remains confident in its solid balance sheet and refund rates and expects solid future earnings during 2H FY22.