Jayride has posted a $6.9 million loss for the last financial year, but it wasn’t all bad news for the ASX-listed company.
Despite revenue from net commissions and fees booked dropping by 1.3 per cent to $3.2 million in the 12 months to 30 June 2020, total revenue for the airport transfer platform rose by one per cent to $3.9 million.
And if it wasn’t for a revenue decline of 39 per cent in the second half of FY20 due to COVID-19, you’d assume Jayride’s full-year revenue growth would’ve have been in the double digits.
The company had $1 million in cash at 30 June, and it expects to receive $1.2 million worth of grants in the first half of FY21, including a research and development tax incentive of $620,000 this month.
Assuming the commercial aviation sector recovers in line with the International Air Transport Association’s forecast, Jayride is anticipating market access to approximately 6.1 billion trips in 2021, which would be a 75 per cent recovery compared to 2019.
Featured image source: iStock/Chalabala