- Airport transfer company Jayride (JAY) tables $396,000 in net revenue in Q2 FY22, up 256 per cent from the prior corresponding period (pcp)
- The number of trips booked was up 238 per cent over the prior corresponding period to 51,400 while contribution profit was up 322 per cent to $168,000
- Over the remainder of the financial year, Jayride plans to deploy new vehicle classes and service types into channels such as booking.com
- The company burnt through $647,000 in the quarter, leaving more than $5.58 million in total available funding
- Jayride ended Thursday’s session 2.56 per cent in the red with shares trading at 19 cents
Airport transfer company Jayride (JAY) tabled $396,000 in net revenue in Q2 FY22, up 256 per cent from the prior corresponding period (pcp).
The number of trips booked was up 238 per cent over the pcp to 51,400 but down 21 per cent from Q1 FY22.
The decrease was due to the northern hemisphere’s winter, Europe lockdowns and omicron-related border closures.
Q2 FY22 was Jayride’s second-best quarter since the beginning of the pandemic.
Contribution profit was up 322 per cent over the pcp but down from the previous quarter to $168,000.
This is Jayride’s second-highest quarterly contribution result ever and its third consecutive quarter with contributing profit above pre-pandemic all-time highs.
The increase is a result of improvement in revenue per trip and operating leverage.
Jayride’s service classes launched in December are beginning to increase net revenue per trip which increased to $7.71 from $7.50 in Q1 FY22.
Over the remainder of the financial year, the company plans to deploy new vehicle classes and service types into channels such as booking.com.
Jayride plans to deliver growth and improved contribution profit as trip volumes rise in the second half.
Jayride burnt through $647,000 in the quarter with the majority going towards staff, administration and corporate costs.
As of December 31, Jayride had $5.58 million in total available funding, representing 8.6 quarters of use if spending levels remain the same.
Jayride ended Thursday’s session 2.56 per cent in the red with shares trading at 19 cents in a $34.39 million market cap.