Airtasker posts strong bounce as lockdowns end

Airtasker demonstrated solid marketplace performance in Q1 FY22 with GMV up 6.2% yoy to $35.0 million despite key markets Sydney and Melbourne being in lockdown for all or substantially all of the quarter (and other markets being in lockdown for various parts of the quarter), showing the underlying growth and resilience of the marketplace.  

The marketplace performed well in an environment marked by extensive Covid-19 related restrictions during the period, with receipts from customers up 2.3% to $6.5 million compared to Q1 FY21.

Since the easing of restrictions in major markets, Sydney and Melbourne, Airtasker has experienced a sharp bounce back with latest weekly GMV1 of $3.6 million, or $185 million on an annualised run rate basis. Airtasker is heading into its strongest southern hemisphere seasonal growth period.

International market growth continues with Q1 FY22 international GMV up more than 100% yoy driven by strong growth in the UK compared to Q1 FY21. The Zaarly integration and US expansion is progressing well with city-level markets launching in Dallas, Kansas City and Miami. We note that in contrast to an increase in seasonal growth in Australia, Airtasker’s northern hemisphere marketplaces in the US and UK are now entering winter which represents a seasonally slower period.