BikeExchange Shows Strong Growth in First Financial Report

As we reported previously here, BikeExchange recently floated on the Australian Stock Exchange (ASX). It’s ASX code is BEX.

As a public company, it’s now legally required to publish not only detailed financial information, but any other developments that might have a material impact upon the value of its shares.

In its first announcement relating to the March 2021 financial quarter, BikeExchange reported that it successfully raised $20 million through its initial public offering (IPO).

It held net cash of $18.9 million at 31 March 2021.

It saw growth across all sources of revenue with record lookthrough (meaning money paid out to investors and reinvested by the company) total transaction value (TTV), up 220% for Q3 compared to the previous corresponding period (pcp).

They also hired five new sales staff in the quarter.

Commenting on the performance, Global CEO Mark Watkin said: “This quarter saw us achieve multiple milestones: record lookthrough, total transaction value growth of 220%, a record number of consumers transacting on our marketplaces with 142% growth in transaction volume on pcp and active retail accounts up 14% from December 2020.

“In Q3 alone, we saw traffic sessions of 7.0 million, up 87% on pcp and sales enquiry value of over $400 million, reflecting strong consumer demand and increasing awareness of our marketplace business. Enquiry lead volumes continue to accelerate with an annualised run rate totalling $1.6 billion in value.

“The Q3 growth has been achieved to date without real deployment of the capital raised. We are commencing investment in marketing and sales capabilities, website optimisation and key skill additions. We’re now looking forward to further growth, helping us realise our purpose of making it easy for customers to buy and sell all things bike.”