Even as international borders reopen, Aussies are all about exploring locally as Camplify (ASX: CHL) reports significant growth in domestic bookings. As we edge closer to holidays, people are looking to hire RVs and motorhomes to make the most of their vacations. The Company recorded a total revenue of $5.46 million, with Camplify’s Australian business reporting a revenue increase of 95.5%.
Camplify boasts a marketplace that allows RV owners to connect with hirers. During the Q1 FY23 period, the Company experienced over 91.4% growth in gross transaction value. It recorded a total GTV of $20.1 million. Global net revenue figures also grew during this period. Compared to the Q1 FY22, net revenue grew by nearly 78%. The results reflect the uplifted Aussie traveller’s spirit.
Government contracts impacted the commission rates, bringing down the take rate ever so slightly. To alleviate that, the Company undertook a change in its pricing structure during the quarter, and it garnered positive returns for the same. During Q1 FY23, the Company recorded cash receipts from customers of $23 million, representing a 200% increase on Q1FY22.
With travel restarting, the Company saw more and more people seeing through their pent up travel plans. Camplify saw future booking values continue to grow to over $20 million, increasing over 178% on Q1 FY22 when it was just $8 million.
Australia is dotted with hundreds of scenic camp-worthy locations that have made Camplify’s business a thriving one. Its GTV grew by 117% as the Company’s Australian customers booked more domestic holidays.
Additionally, the New Zealand market became the fastest growing market for the quarter. Its GTV increased significantly by 1586% on Q1 FY22. This was bolstered by its May 2022 acquisitions of NZ-based peer-to-peer platforms Mighway and ShareaCamper. After their migration onto the platform, Camplify has grown the New Zealand business significantly. This business unit represents over 18% of total Camplify future bookings value. This has increased from Q1 FY22 where New Zealand future bookings represented just 2% of the total.
Thanks to its acquisitions and new travel restrictions, Camplify’s customer base has grown significantly over the past year. In fact, during the quarter, the Camplify marketplace grew its total customer count by 29,235. To match this growth, it also increased its total RV fleet by about 70%, which now amounts to 10,961 vehicles. What’s impressive is that the Company achieved this growth while reducing its customer and owner acquisition costs. Hirer acquisition costs also reduced to $12.88 per listing, down from the full year average for FY22 of $13.39.
If you’re planning a nature escapade, it seems like now is the time.
Alinda is a Business Reporter for The Sentiment
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