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Serko Limited (NZX: SKO) FY21 Full Year Results Announcement

Wednesday 19th May 2021

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Serko today reports financial results for the year to 31 March 2021, a period when the Covid-19 pandemic severely disrupted travel markets globally and constrained demand for the company’s market leading travel and expense management solutions.

However, by the end of the year, Serko had experienced improving travel booking volumes across its core Australasian business and made good progress positioning the company for an expected recovery in its Northern Hemisphere markets and Serko had commenced the transition of existing ‘ for Business’ customers onto the new Zeno powered platform.

Summary Financial Results:

• Total Income (including grants) for the year was $16.9 million. Total Operating Revenue1 was $12.4 million, down 52% against $25.9 million in the prior year, heavily impacted by Covid-19.

• Recurring Product Revenues1 declined 53% to $11.3 million.

• Total travel booking volumes fell 63% against the 2020 financial year, but after reaching a trough in April 2020 have steadily recovered and for the month of March 2021 were 73% of volumes for March 2019 (which was unaffected by Covid-19).

• Peak Annualised Transactional Monthly Revenue (ATMR)1 for the current financial year was $17.2 million for March 2021, down 37% from $27.5 million in February 2020 (pre Covid-19 peak).

• Total Operating Expenses increased by 21% to $44.9 million from $37.1 million in the prior year, reflecting investment for our planned international expansion, including a net increase of 54 people to 287 full-time equivalent staff (FTE).

• Research & Development (R&D) costs decreased by 22% to $10.6 million.

• Net loss after tax for the year was $29.4 million, due to increased operating expenses and reduced revenue. EBITDAF declined by $16.2 million to a loss of $22.3 million, from $6.1 million loss in the prior year.

• Cash balances and short term deposits of $80 million at 31 March 2021 included the net funds received from the 2020 capital raise of $65 million. Cash burn for the year was $27.5 million equating to an average monthly cash burn of $2.3 million.

Please see the links below for details

Market Release - Cover Announcement

Market Release

Appendix 2

Investor Presentation

ESG Report

Annual Report

Source: Serko Limited

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