The Camplify Holdings Ltd (ASX: CHL) share price is flying, up almost 20% in today's trading session.
Thanks to today's bullish price action, shares in the caravan-sharing platform have stormed 110% higher in the past month.
Let's take a look at what's been fuelling the Camplify share price.
Image source: Getty Images
Why is the Camplify share price flying?
There have been several catalysts that have been propelling shares in Camplify higher.
However, the company hasn't released any price-sensitive news to explain today's euphoric price-action.
Despite the lack of news, the New South Wales government's 'Roadmap to Freedom' could explain why shares in Camplify are soaring.
The roadmap outlines that once the state passes its 70% double vaccination target, travel restrictions may be eased.
As a result, domestic trips, including trips to regional areas and caravan parks and camping grounds, can open.
Another catalyst that has propelled the Camplify share price higher in the past month was its full-year results for FY21.
How did Camplify perform in FY21?
Despite the impact of COVID-19, Camplify reported strong growth for FY21.
For the full year, the company highlighted that gross-transactional volume (GTV) grew 170% to $32.9 million. In particular, Camplify noted that every market the company operates in saw an increase in GTV.
The Camplify share price has been steadily climbing since the result was announced.
Other highlights of the company's FY21 report included;
- GTV compound annual growth rate (CAGR) of 103% (FY19 – FY21)
- $8.4m revenue, continuing strong growth
- Revenue CAGR of 129% (FY19 – FY21)
- Take rate increasing to 25.7%
Camplify made special mention of its UK segment, which saw a 523% growth in revenue despite the country being in lockdown for 137 days.
CEO and founder Justin Hales noted;
Camplify is a high-growth company focused on achieving core growth metrics. COVID has been a challenge to the business, however we have accelerated the busines during this period, including a successful ASX listing in June 2021. The company and the board of directors are extremely pleased with the results, and the businesses focus on delivering growth for shareholders.
More on Camplify
Camplify runs a digital platform similar to Airbnb, that allows owners of campervans and motorhomes to rent out their vehicles to others.
It operates in Australia, New Zealand, the UK, and Spain. In addition, Camplify boasts one of the largest RV fleets in Australia with 5400 vehicles on its books.
Similar to Airbnb, Camplify receives a platform fee for facilitating transactions and generates additional incomes through complementary products.
Since debuting on the exchange in late June, shares in Camplify have doubled.
Earlier today, the Camplify share price hit an all-tie high of $3. At the time of writing, it is trading at $2.92, up $19 on the previous close.
