DESPITE being significantly impacted in the 2H of the 2020 financial year due to travel restrictions, airport transport marketplace Jayride managed a slight 1% uptick in revenue to $3.86 million for the 12 months to 30 Jun.
The stoic result was set up by a strong first half of the year, which saw $2.4 million in earnings, before the pandemic battered the 2H period and drove down revenue by 34% to $1.46 million.
Prior to the outbreak in Mar, trading for Jayride was up by 65% on the previous corresponding period, with the ensuing travel crunch presiding over a 94% plummet in total trips taken.
Jayride also posted an operating loss of $6.27 million for the financial year, an improvement of 22% on the previous period’s loss of $8.06 million, with 2H 2020 improving by an encouraging 33% when compared to 1H 2020.
The FY financial report from the ASX-listed company also showed swift action was taken to insulate itself from the travel shutdown, implementing $7 million in savings and investing $21m in technology and talent, an attempt to take advantage of a predicted recovery following the pandemic.
Early signs of a rebound have been noted in trading since Apr, with Jul trips up by 111% to 5,100 when compared to Jun.
Jayride MD Rod Bishop said the business was now well positioned to “benefit from tailwinds” in 2021 as the travel sector recovers from the shutdown, focusing on cultivating new partnerships, targeting markets that are reopening, and increasing the quality of the passenger experience through a combo of COVID prepared rides and tailored booking options.
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Source: traveldaily