SKO
09/03/2015 08:30
FORECAST
PRICE SENSITIVE
REL: 0830 HRS Serko Limited
FORECAST: SKO: Serko Trading Update for March 2015 Year
Market Release
9 March 2015
Serko Trading Update for March 2015 Year
Serko (NZX: SKO) advises that it expects revenue for the year to 31 March
2015 to be 4-6% lower than the $11.002 million forecast in the company's
prospectus issued in May 2014. The revised forecast represents a 53 - 57%
increase in revenue compared to the 2014 year. This shortfall is primarily
attributable to the timing of billable software development, Serko Incharge
and the delayed launch of Serko Mobile.
The timing of a small proportion of billable services revenue from
customer-funded software customisation has shifted into the 2016 financial
year but is otherwise performing in line with expectations.
Serko's online expense management solution, Serko Incharge is expected to
fall slightly short of forecast revenue as a result of client procurement
delays.
Serko Online (SOL), the company's primary travel booking product, is
performing in line with expectations and is expected to meet the PFI forecast
for FY15.
The full year operating loss is anticipated to be in line with PFI although
the revenue shortfall will result in a slightly lower closing cash balance at
31 March 2015 compared to PFI.
Serko's outlook for FY16 is that revenue for the six months to September 2015
is likely to be lower than the $8.279 million PFI forecast by approximately
8%, half of which is due to the impact of exchange rate movements (calculated
at NZ$1 = AU$0.97) and the balance is due to the delayed launch of Serko
Mobile.
Serko will release its result for the 12 months to March 2015 on or about 22
May.
ENDS
For investor relations queries please contact:
Darrin Grafton
Chief Executive Officer
021 666 339
Tim Bluett
Chief Financial Officer
027 655 4461
[email protected]
About Serko
Serko is Australasia's leading online travel booking and expense management
company for businesses and is listed on the New Zealand Stock Exchange Main
Board (SKO.NZ). With its HQ in Auckland New Zealand, and with offices in
Sydney Australia, Xi'an City China and Gurgaon, India, Serko employs more
than 130 people worldwide.
Serko Online is an integrated Online Booking Tool used by administrators and
travellers to book flights, accommodation and car hire from the broadest
possible set of travel providers. The OBT ensures that travel bookings comply
with corporate travel management policy without limiting the users choice of
travel provider.
Visit www.serko.com for more information
End CA:00261564 For:SKO Type:FORECAST Time:2015-03-09 08:30:01
