Airport transfer provider Jayride Group (ASX:JAY) hits one million passengers

• Airport transfer logistics provider Jayride Group (JAY) announces it has hit one million passenger bookings
• Passenger trips booked in July 2023 are up 74 per cent year on year
• The company reports it’s currently benefitting from the peak Northern Hemisphere travel season
• The company now expects to deliver a positive cashflow result at the end of FY24
• Jayride Group shares last traded at 12 cents

Airport transfer logistics provider Jayride Group (JAY) has announced it officially hit a one million passenger trip run rate in July, pushing the company towards positive cash flow in FY24.

Passenger trips booked in July 2023 are up 74 per cent year on year.

The company set itself a one million passenger target in February of 2022. In July, 85,100 different trips were booked, reflecting the highest ever volume of trips booked.

The company said it’s currently benefitting from the peak Northern Hemisphere travel season, and leisure travel in Australia remains resilient.

The company now expects to deliver a positive cashflow result at the end of FY24 as the smallcap continues to expand the size of its operational footprint. No earnings guidance has yet been published.

“With this momentum, we have passed the next milestone in our strategy to become a much larger and cash flow positive company,” Jayride Group Managing Director Rod Bishop said.

“July has exceeded this milestone with 85,100 trips booked, which is our largest month yet, an increase from the prior month’s record of 75,100 in June 2023, and an increase of 74 [per cent] on the prior July 2022.”

Jayride Group shares last traded at 12 cents.