Airtasker GMV and revenue up, H2 guidance upgraded
Airtasker posted another strong quarter of growth with GMV increasing 39% quarter-on-quarter to $48.6 million (up 23% on pcp) and revenue up 37.5% QoQ to $8.1 million (up 16.6% on pcp).
Following easing of lockdowns in Q2, weekly GMV increased to $4.5 million in December 2021 representing accelerating year-on-year growth from peak-to-peak. The rebound was supported by customer acquisition being up 2.1% on pcp in October, 6.6% on pcp in November and 8.9% on pcp in December whilst average task price in Q2 increased to $255 (up 24% on pcp).
Commenting on the results, Airtasker Co-founder and CEO Tim Fung said, “The strong performance this quarter demonstrates the robust and resilient underlying growth of the Airtasker marketplace. Based on our current growth trajectory, a clear outlook on no further lockdowns and an exciting product and marketing roadmap - we’re super pleased to be upgrading our H2 guidance for FY22.”
Guidance upgrade
Initial guidance (provided May 2021, prior to lockdowns commencing in June 2021) was FY22 GMV of $200m split $95m and $105m (47/53%) between H1 and H2. Whilst lockdowns impacted H1, the company has upgraded H2 guidance based on strong growth trajectory and increased marketing investment.
H2 GMV guidance is increased to $107-$110m GMV representing full year GMV of $191m-194m GMV and lockdown-adjusted GMV of $205-208m. The upgraded guidance is supported by:
Assumption of no further lockdowns
Current underlying GMV trajectory outperforming initial guidance
Ramp up of working-media marketing investment in H2 with a forecast H1/H2 split of media spend being approximately 25/75%.
International growth
The US marketplace saw posted task growth of 71% QoQ. In the first 6 months since launching in the US, Airtasker has focussed on 4 key cities (Atlanta, Kansas City, Dallas and Miami) however additional Airtasker marketplaces are also emerging in non-core cities across the US. In line with seasonal demand, US marketing investment will increase in H2 FY22 (working-media marketing investment H1/H2 split of 20/80%).
UK Q2 GMV was up 121% on pcp. Growth was a result of both demand and supply sides of the marketplace growing in sync: In Q2, UK demand (posted tasks) grew by 106% on pcp with Tasker engagement (offers made) up 102% on pcp. A dedicated UK Country Manager is now in place focused initially on London GMV growth and an above-the-line marketing campaign is planned in Q4 (working-media marketing investment H1/H2 split of 20/80%).
Leadership team appointments
Strong key additions to the executive leadership team continue with the appointment of Isa Notermans (former Global Head of Diversity at Spotify) in the role of Chief HR Officer and Patrick Collins (former Head of Product and Technology at Zip) in the role of Chief Product Officer.