Jayride is flying high after exceeding its 1 million passenger trip run rate milestone
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The world is happily embracing travel again. which is good news for Airport transfers marketplace Jayride, helping it past its 1 million passenger trip run rate milestone.
Jayride Group (ASX:JAY) has announced that in July the company not only achieved but exceeded its objective of a 1 million run rate for passenger trips booked for its first full month.
JAY set out to meet that milestone in February, surpassing it in July with 85,100 trips booked in the month when the company banked its largest month yet, boasting an increase from the record of 75,100 set in June 2023, and an increase of 74% on July 2022.
Trips in July were up in all major markets including Europe, North America, Asia, and Oceania.
Exceeding 1 million trips per year is one of the key milestones towards JAY delivering cash flow positive for FY24.
The Northern Hemisphere summer surge in demand and an ongoing structural shift for travellers to book their rides online and avoid a taxi rank has helped boost customers on JAY’s platform.
MD Rod Bishop said JAY is delivering on the anticipated Q4-Q1 Northern Hemisphere summer peak season.
“With this momentum we have passed the next milestone in our strategy to become a much larger and cash flow positive company,” he says.
“July is the first month we have ever exceeded an annualised run rate of 1 million+ passenger trips booked.
“This scale is an important driver in achieving our objective of becoming cash flow positive for FY24.”
Bishop says the company is also moving forward on delivering its other key objective of rebuilding net revenue to pre-pandemic levels of $10 per trip.
“We look forward to continuing our growth to create a larger, cash flow positive, Jayride.”
In its Q4 FY23 results JAY announced passenger trips grew to a record-breaking 199,100, representing a 46% increase on pcp.
Revenues soared by 42% to a total of $1.55 million, with the strong performance attributed, in large part, to the Northern Hemisphere summer peak season.
These positive results align with the recent data released by the International Air Transport Association in May 2023, indicating a sustained surge in air travel demand, almost reaching the levels observed in May 2019 before the Covid-19 pandemic.
Moreover, during the same quarter, the net revenue per trip showed a promising upswing, rising to $7.77 from $7.57 in the previous quarter.
This article was developed in collaboration with Jayride, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.