Airtasker has reported its FY24 financial results, with the gig economy platform improving free cash flow by 115.3% (or $8.9 million) to $1.2 million, at the same time almost doubling EBITDA (97.8%) for a $0.2 million loss.

It's a significant improvement for the Australian tech startup, which first listed in March 2021, and last year posted an EBITDA loss of $8 million.

The company's marketplaces revenue grew by 9.8% on the previous year to $38.1m, with product investments to improve marketplace reliability driving a 26.3% decline in cancellations . That made for a record number of completed tasks, and 13.7% improvement on the full year monetisation rate to 20%.

The company reported having $17.8m in cash and term deposits on its balance sheet, with $11 million worth of media partnerships between Australian outdoor advertising business oOh!media and audio business ARN Media. The two-year deals account for $6 million in advertising inventory across oOh!'s out of home assets and $5 million with ARN Media.

Looking to segments, and the business is split across the 'Established Marketplaces Segment' (Australia) and the 'New Marketplaces Segment' (UK and US), plus Global Head Office expenditure which is not directly attributed to a segment.

The Established Marketplaces segment generated revenues of $45.2 million and a positive EBITDA of $31 million, up 24% on the previous year. The EBITDA of Australian marketplaces more than covered Global Head Office expenditure and innovation investments of $18.2 million to generate a positive Australian net EBITDA of $12.8 million (up from a flat $0.0 million in the 2023 financial year).

In the UK, a media partnership with Channel 4 aided the business to Gross Marketplace Volume (GMV) growth of 20% in the region to $8.6 million, and revenue growth of 41.1% to $1.3 million. The subsequent launch of a broadcast television campaign on the UK network saw Airtasker UK's marketplace demand grow in the fourth quarter, lifting Q4 UK revenues 76.3% to $0.5 million.

The Group's US marketplace continued momentum, with revenues lifting 73.7% to $0.1 million. Airtasker has continued to see encouraging US growth while being disciplined about marketing investment and exploring media partnership opportunities.

Across the year, Airtasker double down of cost cutting, reducing employee expenses by 26.1% (or $7.9m) to $22.4m and cut technology, general and admin expenses by 16.4% to $10.7 million.

Founder and CEO of Airtasker, Tim Fung, said: "Whilst macroeconomic conditions have been challenging, I’m pleased to announce that Airtasker has delivered on our promise of positive full year free cash flow of $1.2m whilst delivering solid revenue growth and building on our momentum in international markets. With our Australian marketplaces generating $31.0m EBITDA, $17.8m of cash and term deposits on balance sheet plus $11.0m in media assets from oOh!media and ARN - we’re looking forward to a positive FY25."