The Camplify Holdings Ltd (ASX: CHL) share price is racing higher today following a trading update from the company.
At the time of writing, the Camplify share price is $3.80, up 9.51%. It's worth noting that during morning trade, Camplify shares touched an all-time high of $3.90 before pulling back.
What did Camplify announce?
Camplify is a digital marketplace connecting RV owners with potential hirers in Australia, the United Kingdom, New Zealand, and Spain.
In its release, Camplify reported strong marketplace performance in Q1 FY22, despite the COVID-19 restrictions and lockdowns in Australia.
While half of the population was severely impacted by travel restrictions, Camplify managed to record growth across key metrics.
Gross transaction volumes (GTV) soared to $10.49 million, an increase of 69% over the prior corresponding period. Revenue also rose to $3.07 million, reflecting a jump of 106% when compared to Q1 FY21. Cash receipts came to $7.68 million.
Camplify advised that growth for the first 3 months of FY22 came predominately from its North Hemisphere operations. Notably, GTV accelerated by 152% in the United Kingdom and 212% in Spain due to the easing of restrictions in both countries.
Operating costs swelled by 30% over the previous quarter. Management noted that this is because of seasonality changes and the Southern Hemisphere lockdown effect.
Marketing costs doubled as additional focus was put on targeting growth in the winter months. The investment in longtail acquisition of RV owners in Australia in preparation for post-lockdown activity contributed to increased marketing spending.
During Q1 FY22, the Camplify marketplace grew by 19,898 customers and saw the total RV fleet reach 6,469.
Camplify noted that as the vaccine rollout continues, unrestricted domestic travel will resume in Australia and New Zealand. The pent-up demand for safe travel is expected to lead to consumers looking for easy holiday options.
About the Camplify share price
Since its initial public offering (IPO) in June, Camplify shares have posted a gain of almost 170% for investors. Its shares have continued on an upwards trend since then, reflecting bullish sentiment on the company.
Based on today's Camplify share price, the company has a market capitalisation of roughly $102 million with 27 million shares outstanding.
