Airport transfer marketplace Jayride says travel is making a comeback
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Jayride (ASX:JAY) was one of many ASX stocks hit by the elimination of travel demand but today says it is staging a comeback.
The company is a comparison site for private airport transfer services. Like its peers, it plunged in conjunction with the broader travel and tourism market due to government restrictions.
But today, Jayride said things were looking up and it would benefit as consumers sought “safe rides”.
In the September quarter, passenger trips booked rose by 163 per cent from 6,100 in the June quarter to 15,900. Additionally, net revenues grew 397 per cent compared to the prior quarter, from $20,900 to $103,900.
The company also witnessed a decline in revenues refunded by 20 per cent from $100,900 to $81,300.
The emergence of COVID-19 has seen a mass exit of travellers from public transport, which has led to an increase in private transport.
“Today’s cautious travellers do not want to hop on a public bus or train if they can avoid it,” Jayride managing director Rod Bishop said.
“They want the confidence of a pre-booked, COVID-19 prepared, health-secure, exclusive-use, door-to-door ride service which Jayride can provide through its 3,700 independent ride service companies.”
Bishop also said Jayride was eagerly anticipating the December holiday travel season.
The company admitted much of this recovery was outside Australia — in North America and Europe.
But said the opening of travel bubbles between Australia and New Zealand as well as Singapore would help increase business.
While shares are still a long way off the 39c they were trading at the start of 2020, they have recovered some of the losses to climb well up from the low of 7c they hit in April.