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26 Oct 2016
News

Serko Limited – Market Update H1FY17


Serko Limited (SKO) advises that in respect of the six-month period ended 30 September 2016 (H1 FY17), and in line with expectations:

  • Unaudited trading revenue is expected to be approximately $7m, up 10% over the previous corresponding six- month period ended 30 September 2015 (PCP).

  • Total Income from all sources including grants will be approximately $7.6m for H1 FY17.

  • Net loss before tax for the period has reduced to approximately $2.0m (39% decrease over the PCP).

  • EBITDA1 loss for H1 FY17 has reduced to approximately $1.8m (44% decrease over the PCP).

  • Cash on hand as at 30 September 2016 will be approximately $4.8m.

  • Serko Online transaction volumes increased by 17% over the PCP.

  • Revenue growth was adversely impacted by the stronger NZD/AUD exchange rates in H1 FY17 and this effect accounts for over 50% of the difference between the percentage transaction growth and revenue growth.

The Serko Board expects to achieve break-even early in the 2018 financial year (FY18) and expects to record Serko’s first full-year profit in FY18. Cash on hand as at the end of March 2017 is expected to be between $3-4 million. Based on our current business model, cost and revenue expectations, Serko does not anticipate any requirement for additional capital.

Further information on Serko’s performance for the period ended 30 September 2016 will be provided at Serko’s preliminary earnings announcement to be held on 23 November 2016.


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