Serko has released its FY23 full year financial result, with total income of $48 million just ahead of the revised FY23 guidance range of $42 to $47 million.
This result demonstrates strong growth driven by earlier investment decisions and disciplined execution that allowed Serko to maximise the business travel recovery.
Serko’s total income for the FY23 year is 79% higher than for FY20, the financial year immediately prior to the pandemic and Serko’s previously highest year for revenue.
The result reflects our focus on cost discipline balanced with targeted investments for scale and growth. We remain well capitalised with underlying average monthly cash burn reducing from $3.3m to $2.7m.
Serko has seen significant growth in Booking.com for Business completed room nights, up 381% to 1.5 million from 320,000 and underpinned by growth in the second half. At the end of the period, the number of active customers was 157,000 an increase of 144% on the previous year.
Last week, an expanded Booking.com for Business offering was announced, with discounted corporate rates, loyalty points and 24/7 complimentary servicing provided by Travel Management Company partner, CWT. This is an exciting move, bringing two of our partners together through our Zeno technology platform to give business travellers a connected trip experience with all the business booking features, rates and service they want at no cost.
The recovery in business travel in Australia and New Zealand has been strong with online bookings up 77%. In Australasia, average online bookings for the year were 89% of pre-pandemic levels. In North America, we have continued to make progress and build our strategic position and we will continue to keep the market updated on material developments.
The full set of results information including Serko's 2023 Annual and ESG Reports are available from the Serko Investor Centre.