Serko looks to 2017 for profitablity

SERKO IPO: Bob Shaw and Darrin Grafton sound the gong at the launch in their Parnell office today.24/06/14

Serko has announced its unaudited interim results for the six months to 30 September 2016, recording a 10% increase in trading revenue from the previous corresponding six-month period ended 30 September 2015.

Serko Online transaction volumes increased by 17%, resulting in a total income of $7.6m including grants for the first half of the 2017 financial year.

Losses before tax reduced by 39% to $2m compared to $3.3m for the same period last year. With current revenue growth and effective cost controls in place, the company said it has line of sight to profitability in the next financial year.

“We continued to expand our customer base in the first of half of the year with a 17 per cent increase in bookings,” Serko Chief Executive Officer, Darrin Grafton said.

“Organic growth came largely from our core base of enterprise customers in Australia, while we also introduced Serko to the Small and Medium business market with the launch of our new serko.travel application. It’s an exciting time, particularly as SME customers have the potential to more than double our current addressable market,” he said.

Launched in July, serko.travel gives smaller businesses (less than 150 employees) many of the benefits enjoyed by larger enterprises such as cost control, approval and reporting features, while also being integrated with Xero’s accounting software.

“serko.travel attracts new customers through key partnerships with the likes of Xero, while Helloworld and Flight Centre provide expert advice if required. More than 800 small businesses have signed up so far, with further growth expected in the second half of the year,” Grafton said.

“Looking ahead, Serko plans to continue its trajectory in growing revenues and pursing key partnership initiatives. The launch of our SME proposition will continue to extend our footprint across Australia and New Zealand.”

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