Australia – Freelancer reports record cash receipts in 2016

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By (Danny Romero)

Freelancer (FLN: ASX), the Australia-based online staffing platform has announced its results for Q4 2016 reporting cash receipts of AUD 13 million (USD 9.8 million). The company also announced results for the full year 2016 of AUD 51.9 million (USD 39.2 million), an increase of 35% and an all-time record for Freelancer.

The company’s year-on-year growth of 35% is its highest in USD constant currency since it began trading on the Australian Securities Exchange.

Matt Barrie, Chief Executive, commented, “2016 was a record year of cash receipts for Freelancer and best since IPO in USD constant currency – our highly cash generative business model yielded for the year record receipts from customers, positive operating cashflow and the company has a strong and growing balance sheet. This was achieved against the background of significant volatility in the Australian Dollar.”

For FY2016, operating cash flow was positive at AUD 4.5 million (USD 3.4 million). This is in line with the company’s strategy of being cash flow positive on an operating basis, to de-risk future growth, and is reflective of the group’s swing towards profitability at an unaudited operating EBITDA line (excluding non-cash share based payments).

The company was profitable at an unaudited operating EBITDA line for every month of Q4 2016, and expects to post a stronger result at this line item for 2H FY 2016 than in 1H FY16. Furthermore, Freelancer stated that the company has been able to accelerate growth alongside a significant reduction in marketing costs as a percentage of cash receipts. In Q4 2016 marketing costs as a percentage of cash receipts reduced to 16%, from 20-22% in prior quarters during 2016 and, due to efficiency improvements, will continue from this lower base through 2017.

Earlier in FY 2016 Freelancer expanded its leadership in the Latin American, Spanish and Portuguese markets by acquiring the Nubelo and Prolancer freelancing marketplaces in Q4. The acquisitions added 750,000 new users to the 1.8 million Latin American, Spanish, and Portuguese users already on Freelancer.In trading today, Freelancer Ltd shares closed at AUD 1.06 (USD 0.80), up 2.42% on the day and 7.07% above its 52-week low of AUD 0.99 (USD 0.75), set on 1 December 2016. Based on its current share price the company has a market value of AUD 471.9 million (USD 356.4 million).

Source:: Australia – Freelancer reports record cash receipts in 2016


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