Serko announces FY18 financial results, sales up 28%
- Total operating revenue rises 28% to $18.3 million with recurring product revenue rising 27% to $16.4 million. Total income (including grants) rises 25% to $19.3 million.
- Profit before tax rises to $2.0 million from a $3.3 million loss in the prior year, representing a $5.3 million turnaround.
- EBITDA rises to $2.2 million from a $2.5 million loss in the prior year, representing a $4.7 million turnaround.
- Online transactions grow 20% on the previous year.
- Annualised Transactional Monthly Revenue (ATMR), an indicator of future recurring product revenue rises 24% to $18.4 million.
- Operating expenses decrease by 6% to $17.7 million.
- Cash flow positive with an increase in cash balances of $0.8m to $5.2 million from $4.45 million in the prior year.
Serko Limited today announced its first full-year profit since listing in 2014. Economies of scale were realised as demand for its cloud-based corporate travel and expense management solutions grew strongly within the Australasian markets. As previously announced, Serko is using this success to launch into the Northern Hemisphere to continue its growth trajectory.
Serko also announces it is targeting 25th June 2018 to undertake a Foreign Exempt Listing on the Australian Securities Exchange (ASX), subject to ASX approval, as part of a drive to broaden its investor base.
Full details including the NZX announcement, Annual Report and Results Presentation are available on the Serko Investor Centre.