Serko Limited (NZX: SKO) FY20 Half-Year Results Announcement

Wednesday 18th November 2020

Total revenue for the six-month period was $5.1 million compared to the estimated range of $4.5 million to $5.0 million stated in the capital raising documentation. The result was down 66% from the $14.7 million in the same period a year ago. This was primarily due to the impact of travel restrictions on the Company’s core Australasian travel transaction volumes.

Serko Chief Executive Darrin Grafton said: “We consider that Serko’s prospects within the travel industry remain significant over the medium to long-term, notwithstanding the currently known impacts of the COVID-19 pandemic, and we remain confident in the recovery of travel over time. We are committed to supporting our partners through this period of change and accelerating our drive to transform business travel and expense management globally.

Mr Grafton said “Serko’s strategic priorities for the coming year include:

• accelerating the development of, and globally scaling up, Zeno;

• supporting the increased demand for customer and reseller onboarding to drive volume across all markets, particularly in Europe and North America;

• expanding the breadth and depth of content channels across all markets, responding to new and changing business traveller needs; and

• enhancing the customer experience and functionality for changing market requirements.

“Through our capital raising, our shareholders have backed Serko to execute on this plan. We have now begun to plot a detailed course and are well advanced in hiring the software engineers to deliver on these goals. In addition, we are growing our support functions to meet the needs of a growing global operation. It is very early days, but we are excited by the task ahead of us and the potential rewards.

“We will consider small acquisitions and/or investments to assist Serko to accelerate execution of these strategic priorities, where it makes sense to do so,” Mr Grafton said.

See the links below for more details:

Results Announcement - Market Release

NZX Appendix 2

Investor Presentation

Financial Statements

Source: Serko Limited

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