With an ever growing side hustle culture and more time on our hands thanks to lockdowns, Airtasker (ASX: ART) is quickly becoming a household name.
The platform has claimed the title of Australia’s number one marketplace for local services. With their mission to empower people to realise the full value of their skills, more and more people are finding their way to Airtasker as a means of generating extra income.
Despite COVID disruptions, over $1.1 billion in work opportunities has been created through the Airtasker marketplace. The platform has seen an increase in the number of remote work opportunities advertised, a testament to people’s incredible adaptability. Post- lockdowns, the platform has seen a strong bounce back concurrent with easing of restrictions. The platform still managed to maintain their pattern of growth in consumer adoption and marketplace activity throughout the year.
For FY21 the Company reported increases across the board:
- 415k paying customers, up from 367k the year before
- An average task price increase from $159 to $198
- $153 million in gross marketplace volume, an increase of 35% compared to $113.2 million in the year prior
- Profit increase of 39% to $24.8 million
Abroad, Airtasker’s UK marketplace has been gaining popularity with a 232% increase in gross marketplace volume compared to last year.
The US expansion plan is progressing well with the integration of Kansas City based Zaarly underway. Airtasker acquired Zaarly, a leader in the home services industry, back in May to get a foot in the US $500 billion local services market.
Airtasker has identified a total addressable market of over $600 billion across Australia, the US and the UK.
With no debt and $45.9 million in cash and term deposits, their expansion in the near term at least, looks to be well funded.
CEO Tim Fung is excited by their full year results commenting: “It’s been a super awesome year and I’m really stoked to see the Airtasker marketplace create more job and income opportunities than ever, Now that our Australian marketplace is operating cash flow positive- and with our UK marketplace starting to flourish- we’re really excited to get to work on international growth!”
If Airtasker’s adoption within Australia is anything to go by, the platform’s user aligned business model and light touch operations are perfect for scalability and has ample ability to deliver revenue growth and increase consumer adoption.
Samantha Freidin is a business journalist at Emerald Financial whilst also completing a Masters of Marketing and Digital Communications at Monash University.
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