SYDNEY, Feb. 27, 2014 /PRNewswire/ -- Freelancer
Limited (ASX:FLN) today released financial results for the year
ending 31 December 2013:
- Revenue of $18.8 million, up 77%
- Gross Payment Volume1 of $84.4 million, up 66%
- Operating EBITDA2 of $1.2 million, up 53%
- Operating Net Profit2 of $1.1 million, up 46%
Commenting on the result, Freelancer's CEO and Chairman
Matt Barrie said, "Freelancer had a
spectacular year in 2013 with revenue up 77% on the prior year.
Over the last three years, we have had strong monotonic
acceleration in both revenue and gross payment volume growth year
on year, as well as continued improvement in take rate and gross
margin- year on year."
"The result for FY13 has been driven by accelerated growth in
our online marketplace, continued product development and site
optimisation, and we are pleased to have exceeded our prospectus
forecast. The Company has historically managed its operating cost
base to be marginally profitable and cash flow positive with the
aim of maximising re-investment in product development and top-line
growth, and is pleased to have done so in FY13."
In January 2014 Freelancer.com hit
a major milestone, passing through 10 million members making it the
largest single marketplace of its kind based on the number of
users. The company's rapid success has seen small businesses,
startups and skilled professionals turn to the platform to connect,
grow their businesses and get work done. Small businesses are
investing more in online outsourcing with data showing around 4000
jobs being posted each day.
"We are at the very beginning of a global revolution in the way
that we do work. Over the decades to come, the rest of the world's
population will be connecting- at an accelerating pace. More and
more industries will be eaten by software, and more and more jobs
will be performed with a computer and will head into the cloud.
People on opposite sides of the world will increasingly work
together, and through software it will be as seamless as if they
were in the same room together."
"We believe, that in time, it is inevitable that a global
marketplace for services will emerge, that will be of a similar
size and scale as global marketplaces for products like eBay,
Amazon and Alibaba," he said.
"Freelancer is uniquely positioned to be this marketplace," he
concluded.
Notes to the editor
Results overview3
|
31-Dec
y/e
|
FY12
|
FY13
|
Growth
Y/Y
|
|
Net
Revenue
|
$10.6m
|
$18.8m
|
77%
|
|
Gross Payment
Volume1 (unaudited)
|
$50.8m
|
$84.4m
|
66%
|
|
Take
rate4 (%)
|
20.9%
|
22.2%
|
6%
|
|
Gross
margin (%)
|
87.4%
|
87.6%
|
0.3%
|
|
Operating
EBITDA2
|
$0.8m
|
$1.2m
|
53%
|
|
Operating
EBIT2
|
$0.7m
|
$1.0m
|
46%
|
|
Operating
NPAT2
|
$0.7m
|
$1.1m
|
46%
|
|
Cash balance as at
31-Dec
|
$9.7m
|
$24.4m
|
152%
|
|
New registered users
(unaudited)
|
1.4m
|
2.9m
|
104%
|
About Freelancer®
Triple Webby award winning Freelancer.com is the largest
freelancing and crowdsourcing marketplace in the world.
Freelancer.com connects businesses with over 10.3 million
independent professionals globally, specializing in nearly 600
fields. Over 5 million projects have been posted to date, in areas
as diverse as website development, logo design, marketing,
copywriting, astrophysics, aerospace engineering and
manufacturing.
http://www.freelancer.com
1 Gross Payment Volume (GPV) is calculated as the
total payments to Freelancer users for products and services
transacted through the Freelancer website plus total Freelancer
Revenue. Based on Freelancer's unaudited management accounts for
the years ended 31 December 2010,
2011, 2012 and 2013.
2 Exclusive of expensed IPO costs of $275k (net of tax) and non-cash share based
payments expense of $33k in FY13.
3 Unless otherwise indicated, the numbers contained in
this release are derived from the audited Freelancer Annual
Financial Statements for the 12 months ended 31 December 2013.
4 Take rate is calculated as Net Revenue divided by
Gross Payment Volume.
SOURCE Freelancer