Jayride’s revenue plummets 97 per cent in June quarter

Jayride has given investors a peek under the hood to show just how badly the travel tech company has been suffering amid the COVID-19 pandemic.

In its latest quarterly update, Jayride revealed that the number of passenger trips booked through the online airport transfer marketplace was down 94 per cent in the three months to 30 June 2020, compared to the prior corresponding period.

However, Jayride forecasts booked passenger trips in July to be up over 100 per cent versus June, driven by travellers in the Northern Hemisphere taking advantage of the summer season.

The company also noted that more than 80 per cent of trips now booked via its marketplace are coming from outside Australia.

Jayride’s net revenue fell 97 per cent to $21,000 in the last quarter of FY20, but the company’s managing director, Rod Bishop, said its implementation of $7 million of annualised cost savings implemented in late March will help it “outlast a severe and prolonged downturn”.

“We also see an acceleration of the trend towards online booking of rides in the travel industry,” Bishop said.

“We are at an early stage in this long-term growth trajectory. With $21 million invested in technology and systems, we are well-placed to benefit from these tailwinds as the travel industry continues to recover.”

Featured image source: iStock/jimfeng