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View All NewsAustralia – Freelancer revenue up 1.5% in 2020
Freelancer (FLN:ASX) reported net revenue rose 1.5% for the full year 2020. Revenue was flat at its Freelancer.com talent platform; however, it was up 9% on its Escrow.com payments platform.
The Sydney, Australia-based company reported record gross payment volume in 2020 at AUD 891.8 million, an increase of 13.2% from the prior year. The increase in US dollars was 12.9% to USD 618.5 million.
Gross payment volume on Freelancer.com alone was AUD 192.1 million (USD 6.3 million), up 5.9% year over year.
Gross payment volume is calculated as the total payments to Freelancer or Escrow users for products and services plus total Freelancer and Escrow revenue.
| (AUD thousands) | FY 2020 | FY 2019 | % change | FY 2020 (USD thousands) |
| Revenue | $58,771 | $57,911 | 1.5% | $45,030 |
| Gross profit | $48,985 | $48,456 | 1.1% | $37,532 |
| Gross margin | 83.3% | 83.7% | ||
| Total comprehensive loss for the year | ($966) | ($1,463) | nm | ($740) |
Annual net revenue for Freelancer.com was AUD 50.5 million (USD 38.7 million), roughly flat when compared to the previous fiscal year. The company was negatively affected during the first quarter of the year as Chinese freelancers were having difficulty with work continuity during Covid. However, from the second quarter through the fourth quarter, Freelancer.com revenue was up 10% year over year in US dollars, the company’s primary operating currency.
Total jobs posted rose 13% to AUD 19.1 million.
Revenue by segment
| (AUD thousands) | FY 2020 | FY 2019 | % change | FY 2020 (USD thousands) |
| Online marketplace | $50,526 | $50,446 | 0.2% | $38,713 |
| Online payments | $8,244 | $7,563 | 9.0% | $6,316 |
Share price and market cap
Shares in Freelancer Ltd. were up 3.77% to AUD 0.55 (USD 0.43) as of 11:14 p.m. GMT; they were 26.67% below their 52-week high, FT.com reported. The company had a market cap of AUD 228.2 million (USD 179.5 million).