Freelancer Limited reported financial results for fiscal year 2024, revealing a nuanced picture of performance amid challenging market conditions. The company's Gross Marketplace Value (GMV) reached $948.6 million, representing a 7.1% decline from the previous year, while group revenue settled at $53.1 million, down 4.2%.
The company's strategic pivot toward artificial intelligence appears to be a key differentiator. AI integration has yielded tangible benefits, including enhanced marketplace skills, improved liquidity, and a 5% boost in user retention. The organization anticipates AI development emerging as the next significant project wave following web and mobile trends.
Financial highlights include a notable improvement in second-half profitability, with net profit after tax turning positive at $0.2 million. Operating cash flow increased substantially to $5.8 million compared to $1.9 million in the prior comparable period. The company also reduced operating costs by 5.8%, demonstrating a commitment to operational efficiency.
Customer acquisition showed promising momentum, with new client deposits increasing 18.6% year-on-year in the fourth quarter. Cash reserves grew to $23.2 million, up 9.5% from the first half of the year, providing a solid foundation for potential expansion in fiscal year 2025.
The company's ecosystem, connecting over 79 million registered users, spans multiple service domains including freelancing, secure online payments, and freight marketplaces. This diversified approach positions Freelancer Limited to leverage emerging digital service opportunities across various industries.
