If you’re anything like me, you probably have all the ride-sharing apps downloaded to your phone because you’re the type of person to get upset if you overpay even a few dollars for a short trip when you could’ve gotten it cheaper.
This bargain-hunting behaviour comes into play and shines the most when travelling, especially when you need to frequently travel back and forth between airports.
One Company with the same mindset is Sydney-based Jayride Group (ASX: JAY) which operates as an airport transfer marketplace allowing travellers to compare and book rides between airports spanning the globe to ensure customers get the lowest price. Having access to 110+ countries worldwide, travellers have the option to book with over 3,700 ride-sharing companies that operate in over 1,600 airports.
Committed to sourcing the lowest prices, Jayride has announced today that its advancements in the European market are picking up speed as the Company launches its European Growth Hub.
Based in London, The Hub will strengthen the Company’s ‘European go-to-market strategy’ where they can establish a local presence and accelerate regional expansion.
“This is a pivotal moment for Jayride. The Hub will give us a stronger local presence, access to new partners and talent, and allow us to create a centre of excellence to improve European localisation,” said Managing Director, Rod Bishop.
As outlined in the business’s most recent quarterly report dated 30 June 2022, the Company was pleased to finally be cash flow positive, locking in a positive $500K in Q4, a $691K increase quarter-over-quarter. That did however include ‘pre-growth investments’ in sales, marketing and technology to bolster their services. At a statutory level, Jayride had $51k in (negative) operating cash flow which took their YTD cash burn to $3.2m.
Being cash flow positive (when accounting for their adjustment) directly correlates to the world returning to normal following the COVID-19 pandemic, where Jayride experienced a massive uptick in customers using their marketplace to get away from the border-locked country they have been stuck in for the past two years.
Noted in the Q4 report, Jayride booked over 136,000 trips in that quarter alone, up from 46,900 in Q4 2021, a 189% increase year-over-year.
“We are delighted to report Jayride has delivered a record contribution profit and, importantly, achieved its first ever quarter with positive cash flows after stand-still operating costs,” said Rod Bishop in the Q4 FY22 report.
As part of the Company’s expansion strategy, Jayride can apply methods they learned in London and apply them internationally. Finally achieving a profitable quarter, the Company has geared itself to drive growth over the next few years.
“In FY23, we look forward to further growth and the achievement of new major milestones as we take advantage of this once-in-a-generation opportunity to build a substantially larger and more profitable Jayride.”
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