Airtasker reports strong GMV and revenue growth in H1

Airtasker posted another strong half of growth with H1 GMV up 15.5% yoy to $83.6 million.

The period was impacted by COVID-19 related lockdowns in the first quarter followed by a sharp rebound in the second quarter that saw Q2 GMV up 39.0% qoq to $48.6 million and weekly GMV increasing to $4.5 million in December representing accelerating year-on-year growth from peak-to-peak. 

The rebound in GMV was supported by customer acquisition increasing 2.1% yoy in October, 6.6% yoy in November and 8.9% yoy in December whilst average task price increased to a peak of $255 (up 24% yoy) in December.

Airtasker’s FY22 H1 revenue was up 10.4% yoy to $13.9 million and H1 gross profit up 9.5% yoy to $12.9m. During the half, in line with Airtasker’s mission: a number of measures were put in place to support our community of Taskers (including restoring tier status during lockdown) which resulted in a lower take rate (revenue as a percentage of GMV) during the period.

International update

In the US, Airtasker is in the ‘zero-to-one’ phase in which the team focuses on posted task growth. In Q2, Airtasker’s US marketplace saw posted task growth of 71% QoQ.

To date, Airtasker has focussed on 4 key cities in the US: Atlanta, Kansas City, Dallas and Miami. However the company is seeing additional Airtasker marketplaces emerging in non-core cities. In line with seasonal demand, US marketing investment will increase in the second half.

In the UK, Airtasker’s second quarter 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 (or posted tasks) grew by 106% on pcp with Tasker engagement (offers made) up 102% on pcp. 

Marketing update 

With the appointment of Airtasker’s first Chief Marketing Officer, Noelle Kim, in July 2021, hiring in the marketing team has accelerated with global marketing headcount doubling from 10 to 20. 

During H1, Airtasker continued to investment significantly into core organic growth marketing channels and the development of a global brand marketing campaign titled the “The Joy of Done” which will be rolled out across Australia and the UK. Global marketing investment in working-media has been heavily skewed to the second half with H1/H2 split of 25/75.