- Airport transfer company Jayride Group (JAY) saw its revenue and trips booked increase in Q2 FY22 despite the ongoing COVID-19 pandemic
- The company booked 51,400 trips in the December quarter, down 21 per cent from Q1 FY22 but up 238 per cent from the prior corresponding period
- Additionally, net revenue totalled $396,000, down 19 per cent from Q1 FY22 but up 255 per cent over the year before
- The company estimates contribution profits are to be above pre-pandemic all-time highs as well as improved cash receipts from the previous quarter
- Jayride ends the day 5.41 per cent in the green with shares trading at 19.5 cents each
Airport transfer company Jayride Group (JAY) saw its revenue and trips booked increase in Q2 FY22 despite the ongoing COVID-19 pandemic.
The company booked 51,400 trips in the December quarter, down 21 per cent from Q1 FY22 but up 238 per cent from the prior corresponding period.
Additionally, net revenue totalled $396,000, down 19 per cent from Q1 FY22 but up 255 per cent over the year before.
Jayride’s new vehicles and service classes that launched in December are beginning to increase net revenue per trip, increasing to $7.68.
Refunds also grew to $153,000 due to lockdowns and delayed reopenings.
“Trips were modestly impacted in Q2 with winter in the northern hemisphere, Europe lockdowns and omicron-related border closures,” Managing Director Rod Bishop said.
“Q2 FY22 was our second-best quarter since the onset of the pandemic with trips up 238 per cent versus the prior corresponding period of Q2 FY21.”
Jayride estimates contribution profits are to be above pre-pandemic all-time highs for the third consecutive quarter.
The company also estimates improved cash receipts from the previous quarter as a result of improved operating processes and successful enhancements to collections.
Jayride expects to release its Q2 FY22 quarterly report and 4C during the week beginning January 24.
Jayride has ended the day 5.41 per cent in the green with shares trading at 19.5 cents for a $32.63 million market cap.