Wednesday 18th May 2022
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Serko Limited (NZX & ASX: SKO), a leader in travel and expense management for business, today announces results for the year to 31 March 2022, showing the company benefiting from an ongoing recovery in international travel markets and the advancement of its partnership with global travel giant Booking.com.
Summary Financial Results:
• Total income (revenue and other income) increased 12% to $18.9 million
• Segment revenue1 was $19.8 million, a 17% increase on the prior year and above the midpoint of our revenue guidance of $18.5 million and $20.5 million
• Online travel booking volumes rose 67% to 2.15 million, boosted by the easing of COVID travel restrictions and new Booking.com for Business transactions
• Booking.com for Business added an additional 54,000 new registered companies, taking the total to more than 420,000 net new registered companies, while room booking volumes grew to 39,000 in March 2022
• Average revenue per booking (ARPB) for travel-related revenue increased during the year by 8% to $5.80, driven primarily by the strong average revenue per completed room booking of over $20 for Booking.com for Business.
• Net losses after tax increased by 22% to $36.0 million reflecting investment to develop the significant opportunities Serko sees in international markets. EBITDAF2 losses increased 26% to $28.1 million from $22.3 million
• Average monthly cash burn for the 6 months to 31 March 2022 was $3.0 million, lower than our guidance of close to $4 million, partly reflecting additional non-recurring payments from customers.
• Cash and cash equivalents at 31 March 2022 were $124.5 million, lifted by the $83.3 million capital raising ($80.1 million net of costs) undertaken towards the end of 2021
• Serko expects revenue to approximately double from the prior year and plans to increase our rate of investment into our products and markets in line with revenue projections.
All dollar amounts are New Zealand dollars unless otherwise stated.
Please find attached the following documents containing additional information:
• Market Release
• Results Announcement (NZX Appendix 2)
• Investor Presentation
• Annual Report
• ESG Report (including Corporate Governance Statement)
These documents will also be made available on: www.serko.com/investor-centre/
The full-year results will be discussed on a conference call at 11.30am (NZT) today:
To participate in the call dial one of the following numbers 5- 10 minutes prior to the call start time. The call confirmation code is 696244.
Location Phone Type Phone Number
New Zealand Tollfree/Freephone 0800 423 972
New Zealand, Auckland Local +64 (0)9 9133 624
Australia Tollfree/Freephone 1 800 590 693
Australia, Sydney Local +61 (0)2 7250 5438
Singapore Tollfree/Freephone 800 120 7297
Singapore, Singapore Local +65 6703 6913
Hong Kong, Hong Kong Local +852 3008 1533
United States/Canada Tollfree/Freephone 800-289-0459
United Kingdom Tollfree/Freephone 0800 358 6374
United Kingdom Local +44 (0)330 165 3646
For and on behalf of Serko by Shane Sampson.
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