Freelancer Limited Reports FY24 Financial Results with Improved Profitability and Strong Cash Position

Freelancer Limited reported Gross Marketplace Value of $948.6 million for FY24, representing a 7.1% decrease from the previous fiscal year, while revenue declined by 4.2% to $53.1 million. Despite these modest declines, the company demonstrated a remarkable financial turnaround in the second half, achieving a net profit after tax of $0.2 million compared to a $1.0 million loss in the first half. This improvement was supported by significant cost efficiencies and strong cash generation throughout the period.

The company's strategic focus on artificial intelligence integration delivered tangible benefits across its marketplace operations. AI implementation elevated skills, liquidity, quality, and overall value within the platform, positioning AI development as the next major wave of projects following web and mobile initiatives. These enhancements resulted in a 5% improvement in customer retention rates and boosted conversion metrics, demonstrating the effectiveness of the company's technological investments. More detailed information about Freelancer Limited's FY24 performance is available through their investor documentation.

Financial metrics revealed a dramatic improvement in cash flow management, with the company generating positive operating cash flow of $5.8 million excluding foreign exchange losses, compared to $1.9 million in the previous corresponding period. Cash reserves increased to $23.2 million, representing a 9.5% growth from the first half of FY24. The company also achieved an 18.6% year-on-year increase in new client deposits during the fourth quarter, indicating strong momentum in customer acquisition that is expected to drive future growth through the sales funnel.

Operating costs were reduced by 5.8% compared to FY23, reflecting ongoing efforts to enhance operational efficiency and establish a sustainable cost structure for long-term profitability. The company's diverse business segments showed varying performance, with Freelancer.com revenue declining 8.2% to $40.6 million while Escrow.com revenue increased 14.5% to $10.4 million. The complete financial results and additional details were published on news distribution platforms following the official announcement.

With 79 million registered users and over 24 million projects completed across more than 2,700 service categories, Freelancer Limited maintains its position as the world's largest freelancing and crowdsourcing marketplace. The company's ecosystem, which includes Escrow.com's secure payment services handling over $5 billion in transactions and Loadshift's freight marketplace with 550 million kilometers of freight posted, provides comprehensive solutions for both individual consumers and large enterprises. The improved financial position and strategic advancements position the company for potential expansion and continued market leadership in FY25.