It’s been tough sledding for the travel industry over the past two years but with holidays having resumed across most of the world, airport transfers company Jayride (ASX: JAY) has something to look forward to with new integrations into some of the world’s busiest online booking platforms.
Despite being the world’s largest marketplace for airport transfers, Jayride is still a long way off returning to their pre-COVID level of bookings but are on their way nonetheless. For the Quarter ended 31 December 2021, Jayride generated $396k in revenue which was a 255% increase on the previous corresponding period. It was however, a decline of 19% on the September quarter with Omicron fears having stalled international and domestic travel throughout the month of December.
“Trips were modestly impacted in Q2 with winter in the northern hemisphere, Europe lockdowns, and omicron-related border closures,” said Jayride Managing Director, Rod Bishop.
“Q2 FY22 was our second-best quarter since the onset of the pandemic with trips up 238% versus the prior corresponding period of Q2 FY21. We continue to win share in Europe, as evidenced by trips which are above pre-pandemic all-time highs at 22K.
“We remain focused on executing our growth strategies to capture reopenings and increase market share, and are selectively deploying the proceeds from our $11M capital raise to build a larger and more profitable Jayride.”
That $396k for the December Quarter generated from 51,400 trips booked is still a long way from the $1.26 million in quarterly revenue generated from 123,000 trips which is how the Company was trending prior to the onset of a global pandemic.
Committed to returning to those glory days, the Company has diligently been upgrading their platform capabilities with plans in place to deploy new services into Booking.com and other popular online travel booking platforms.
New vehicle types and service classes will also be added to the marketplace which Jayride expect will expand their addressable market and improve customer satisfaction once travel restrictions are lifted.
“These initiatives are adding to growth, as well as enhancing our future earnings potential. Our strong balance sheet positions us for growth in 2H FY22 and beyond,” said Bishop.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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