hipages Group overview and financial targets

hipages Group (ASX: $HPG) is the largest online tradie marketplace in Australia and New Zealand, connecting tradies with residential and commercial consumers. With over 4.5 million users posting jobs and more than 35,000 subscription tradies, the company has achieved a monthly recurring revenue of $6.6 million. hipages Group is targeting positive free cash in FY24 and has a strong balance sheet with approximately $19 million in free cash.

Executive Commentary on Strategic Evolution and Financial Targets

We operate a tradie subscription model that drives highly predictable monthly recurring revenue. Our strategic end-to-end tradie platform, Tradiecore, is expected to drive improvement in our tradie acquisition and retention metrics. We have a well-defined near and medium-term financial targets and are on track to become net cash flow positive in FY24. Our focus is on marketplace optimization, tradie platform evolution, and lead pricing optimization to drive the uptake of existing services and enhance Tradiecore functionality.

Summary of hipages Group Announcement and Outlook

hipages Group (ASX: $HPG) is focused on driving growth and supporting its strategic evolution from marketplace to platform. The company aims to achieve positive free cash in FY24, leveraging its operating leverage and free cash generation to further drive scale and financial returns. With a strong balance sheet and a track record of managing marketplace growth, hipages Group is well-positioned to capitalize on the ongoing marketplace optimization opportunity and the strategic evolution of Tradiecore. The company's ambitions include marketplace optimization, tradie platform evolution, lead pricing optimization, and the expansion of consumer products and services. With a focus on sustainable growth and strong momentum, hipages Group is poised for continued success in the near and medium-term.