Both 2020 and 2021 have been phenomenal years for new initial public offerings (IPOs) on the ASX boards. It seems rising markets and a recovering economy (at least until recently), serve as a magnet for private companies to become public.
So we have recently seen two prominent ASX IPOs – Airtasker Ltd (ASX: ART) and Doctor Care Anywhere Group PLC (ASX: DOC) – report their inaugural earnings results. So let's dig in and see how they went at their first hurdles.
Airtasker share price jumps on big revenue growth
Airtasker reported its FY21 earnings numbers just yesterday. And the market reaction has been one of indifference. Airtasker shares are sitting at the same price from before the report was released, despite a 0.5% bump yesterday to $1.01.
So Airtasker reported that its revenues managed to grow by an impressive 38% year on year to $26.6 million. As my Fool colleague Kerry covered yesterday, that was a beat on the expectations of $24.5 million
Meanwhile, the company also reported gross marketplace value (GMV) of $153.1 million. That is up 35% year on year and also beat the company's previous estimate of $143.7 million. This also included fast-paced growth in the United Kingdom market, with UK GMV up by a very respectable 232%.
Airtasker managed to report underlying pro forma earnings before interest, tax, depreciation, and amortisation (EBITDA) of exactly $0, against a $4 million loss the previous year.
These results unfortunately wouldn't put most Airtasker shareholders in the green though. The company is still down around 3.3% since its March IPO, and around 50% off of its all-time high, which it hit shortly after its ASX debut.
Doctor Care Anywhere triples revenue, halves losses
Doctor Care Anywhere is another recent ASX IPO, this one joining the ASX back in December last year. This medical services company released its half-year earnings report for the 6 months ending 30 June 2021 (1H21) earlier this week.
So Doctor Care reported stellar revenue growth for the first half of the year. This came in at 11.2 million pounds (British), a very nice 143.5% increase from the 4.6 million pounds the company recorded for the prior corresponding period in 2020 (1H20).
Doctor Care also revealed that its losses for the half shrunk dramatically, going from a loss of 18.7 million pounds in 1H20 to a loss of 8 million pounds in 1H21.
Gross profits also increased, rising from 3.3 million pounds in 1H20 to 5.8 million pounds in 1H21.
However, the company still recorded a net loss of 8 million pounds for the period. That was still less than the 12.7 million pound loss from 1H20.
Unfortunately for investors, these numbers did nothing for the Doctor Care Anywhere share price. Since making its ASX debut back in December for approximately 93 cents a share, today, Doctor Care Anywhere shares are down more than 22% to 72 cents a share. The company is also down more than 50% from its all-time high of $1.52 that we saw back in January.
Some other recent ASX IPOs to watch
Although Airtasker and Doctor Care Anywhere have recently given us a look at their books, there are some other recent ASX IPOs that will follow suit in the weeks and months ahead. These include Best & Less Group Holdings Ltd (ASX: BST), Nuix Ltd (ASX: NXL), and Endeavour Group Ltd (ASX: EDV). So keep an eye on those as well!
