Full Year 2024 Hipages Group Holdings Ltd Earnings Call Transcript
Key Points
- hipages Group Holdings Ltd (ASX:HPG) achieved a significant milestone by reaching positive free cash flow in FY24.
- Recurring revenue grew by 15% to $72.1 million, demonstrating strong financial performance.
- The launch of hipages tradiecore, a single app merging core solutions, marks a key strategic evolution for the company.
- Subscription tradies increased by 3% to 36,700, indicating growth in the user base.
- The company remains well-capitalized with $21.3 million in liquidity and no debt, providing a strong financial position.
- Subdued consumer demand in the current economic environment resulted in a 6% decline in job volumes.
- Operating expenses increased in certain areas, such as sales employment costs (up 16%) and marketing spend (up 6%).
- Despite positive free cash flow, the net profit after tax before significant items was only $0.1 million.
- The transition to the new hipages tradiecore app may pose challenges in terms of user adoption and retention.
- The company faces ongoing pressure to maintain cost discipline while continuing to invest in technology and marketing.
Good morning. We appreciate you joining us on this busy Thursday morning. I'm Robin Sharon-Zipser, CEO and Co-Founder of hipages Group. With me on the call is Jaco Jonker, our Chief Finance and Operations Officer. We are really pleased to present a hipages Group financial results for FY24.
Before we get into the results, I will provide you with a short recap of our business and then run through the FY24 highlights before handing to Jaco for the financial and operational overview. I will then address strategy and outlook before handing over for questions.
Hipages Group is Australia and New Zealand's number one platform to connect homeowners and tradies. More than 4.8 million Australians and New Zealanders have used hipages Group and change the way they find, hire, and manage trusted tradies, providing work to over 37,000 subscribed trade businesses.
hipages strategic evolution from marketplace to platform hit a key milestone in April of 2024, with
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
