Australia-based B2C talent platform Airtasker reported revenue increased by 56.9% to AUD 21.8 million (USD 14.7 million) for the six months period ended 31 December 2022.

The group’s result reflected the rebound in the Airtasker marketplace in Australia post-Covid-19, organic growth and the contribution of revenue from the Oneflare marketplace. The result also reflected steady international growth, principally in the UK and US.

Oneflare is an Australia-based B2C services platform with a strong presence in trades, home improvement and professional services.

EBITDA for H1 20223 was a loss of AUD 5.1 million (USD 3.4 million) versus a loss of AUD 3.7 million (USD 2.5 million) in the prior year, reflecting increased employee expenses with the addition of the Oneflare staff as well as engineering, product development and marketing staff to support the expansion of the business.

Airtasker’s marketplace activity is represented by gross marketplace volume (‘GMV’), which grew 57.9% to AUD 131.7 million (USD 88.4 million). In the prior year period, in particular the first quarter of the 2022 financial year, the business was significantly impacted by Covid-19 related restrictions and lockdowns in Australia. The Airtasker marketplaces are also highly seasonal and as such the spring/summer seasons, in both the northern and southern hemispheres, generally experience greater activity with stronger demand and supply versus the autumn/winter seasons.

The Australian marketplaces, comprising Airtasker and Oneflare, generated revenue of AUD 21.4 million, up 56.0%. The Australian Airtasker marketplace generated revenue of AUD 16.7 million up 21.7% over the prior year period while the Oneflare marketplace contributed revenue of AUD 4.7 million for H1 2023. The Oneflare marketplace is performing ahead of revenue expectations communicated when the acquisition was announced.

The international Airtasker marketplaces, principally the UK and US, generated revenue of AUD 0.4 million in H1 2023, up 116.4% on the prior year period. During H123, Airtasker experienced steady growth in its UK marketplace.

Airtasker Co-founder and CEO Tim Fung said, “We’re super pleased to announce another record result for Airtasker, with revenue up 57% and our operating cash burn down 29% against the prior comparative period. The integration of the Oneflare business acquired n FY 2022 is progressing well with revenues also on plan. Meanwhile, our new international marketplaces in the UK and the US are continuing to develop as expected, with growth in both customer demand and supply of taskers.”

News of the company’s widening EBITDA loss saw Airtasker shares set a new 52-week low during today's trading session when it reached AUD 0.24 (USD 0.16). Over this period, the share price is down -61.03%. Shares were down 5.36% on the day. The company has a market cap of AUD 125.88 million (USD 84.5 million).