During Q1FY17, Freelancer Ltd reported a 20% yoy
During Q1FY17, Freelancer Ltd reported a 20% yoy growth in cash receipts at $12.5 million on a rolling 12-month basis, with strong positive operating cashflow of $2.1 million. The company witnessed a robust growth in key metrics in the core marketplace segment during the quarter, while the core infrastructure, systems and processes are refurbished. Further, considerable progress has been made in Escrow.com payments business and the remaining is expected to be completed within the next two quarters. Q1 2017 saw a strong bounce in accepted projects as issues in the core desktop project funnel were corrected in mid-January 2017, while projects posted on mobile reported an exceptional growth of 79% yoy during the quarter. Moreover, the company’s advantage lies in the revenue composition as USD is the main operating currency of the group and contributed to 75% of revenue in FY16. The company held cash and equivalents of A$34.7 million with no debt on balance sheet as on March 2017. The stock declined 47.2% in last one year (as at June 20, 2017) and currently trading close to its 52 week low levels.
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