To infinity and beyond with Serko

Online travel booking and expense management company Serko reported 55% revenue growth for the year with bottom line results in line with forecasts.

Since listing on the NZX in 2014, the company has managed to deliver a number of initiatives, including an app for the Apple Watch, the acquisition of Arnold Travel Technology and the integration of Incharge (expense management platform).

Serko has succeeded in forming partnerships with Expedia’s affiliate network to deliver hotel room booking, AirPlus for travel expense management, Intelligent Travel for a suite of new health and safety products as well as Routehappy for comfort-related flight information. Its long-term North American partner nuTravel Technology Solutions recently committed to a three-year reseller agreement for Serko Mobile with revenues from this partnership expected to kick in later in 2015/16.

Transactions via Serko’s core product Serko Online also experienced growth in transactions in line with forecasts, as did Incharge.

Serko’s ceo Darrin Grafton, who in December was named one of the global travel industry’s 25 most influential people, is pleased by Serko’s progress.

“We are incredibly proud of our achievements this year. Revenues are very healthy and we launched a range of important initiatives, partnerships, products and acquisitions that set a strong platform for the year ahead. While we are in growth and have a strong base to continue this we made a loss of $6.4m for the year, but expect to be in profitability in the first half of FY17. In the context of Serko being in the fast growing travel technology space with a significant increase in the size of potential user base, our solid result reflects strong demand and the important balancing of growth and profitability. We remain dedicated to pursuing growth and leveraging off our many partnerships, acquisitions and new products developed this year. These results demonstrate that demand for our products across the region is strong and our product vision is aligned with the needs of the market,” Grafton said.

For the full year the business expects revenue to be between $16 million and $18 million, which will continue Serko’s 50% plus year on year growth record.

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Email the Travel Weekly team at traveldesk@travelweekly.com.au

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