Freelancer Limited (ASX: $FLN) FY23 Business Update

Freelancer Limited (ASX: $FLN) released its business and activities update for FY23, reporting a Gross Merchandise Volume (GMV) of $1020.7 million, down 4.8% on pcp. The group achieved positive Net Profit Before Tax of $0.2m, marking a significant turnaround from a negative NPBT of $7.0m in FY22.

Executive Commentary

Throughout FY23, our focus was on user-facing product, including personalization to drive core marketplace conversion via AI, collaborative features to drive retention, engagement, and growth, and improving acquisition through organic channels. We are excited about the impact we expect the AI revolution to have on our marketplace in FY24, as businesses worldwide seek experts to assist in their transformation.

Summary

Freelancer reported a GMV of $1020.7 million in FY23, with positive Net Profit Before Tax of $0.2m, marking a significant turnaround from the previous year. The company's strategic focus for FY24 includes turning Freelancer into a 'narcotic' for clients, reinventing the world of work in the AI revolution, rethinking client acquisition, and aiming for world-leading UX and design. The company is optimistic about the impact of the AI revolution on its marketplace and aims to capitalize on the growing demand for AI technology. Additionally, the company deepened strategic engagements with Enterprise partners and achieved significant growth in the Escrow.com and Loadshift divisions.