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ASX newbie Airtasker raises sales forecast

·1-min read

User-generated jobs directory Airtasker says it will exceed the full-year sales estimates in its prospectus, despite having only joined the ASX in March.

The company on Wednesday said it reaped sales of $7.1 million for the three months to March 31.

This was almost 60 per cent of the $11.9 million in sales expected for the second half of its financial year.

Executives have raised the full-year sales forecast from $24.5 million to a range of $25.5 million to $26 million.

Airtasker allows people to post messages online seeking and offering work, from chores such as lawn moving and ironing, to tuition and computer services.

Former Macquarie banker Tim Fung founded the business in 2011.

He is using the $83.7 million raised from March's initial public offer to expand the business overseas.

The March quarter's gross merchandise value, which means the value of all goods and services sold, had a similar outcome to sales.

The $41.2 million in goods and services traded was close to 60 per cent of the estimate for the second half of $71.3 million.

The forecast for full-year gross merchandise value has since been raised from $143.7 million to $148 million to $152 million.

The business said costs for the March quarter were below those forecast.

Airtasker is like many early-stage technology companies in that it is yet to make a profit, and the company posted a $10.3 million loss in its 2020 financial year.

Shares sold for 65 cents in the initial public offer.

They were higher by 8.59 per cent to $1.39 at 1432 AEST.

They have traded as high as $1.97.