Announcement
MKTUPDTE: SKO: Trading Conditions Update
08:30am
SKO
22/03/2021 08:30
MKTUPDTE
NOT PRICE SENSITIVE
REL: 0830 HRS Serko Limited
MKTUPDTE: SKO: Trading Conditions Update
Serko Limited (NZX/ASX:SKO), a leader in online travel booking and expense
management for business, today provided a trading update, noting that
transaction volumes are showing a positive uplift.
Mr Grafton, Serko's CEO, said: "During March we have seen transaction volumes
increase, with transactions month-to-date averaging 68% of the transaction
volumes recorded for the same period in March 2019, which were unaffected by
Covid-19[1]. As previously announced, Serko has assumed in its forecasts
that travel volumes will be transacting in the range of 40-70% of pre-Covid
levels by March 2021, so we are pleased to see transactions currently
tracking to the higher end of this range.
"We are also seeing daily transaction volumes reaching their highest rate
since Covid started materially impacting Serko's travel volumes in mid-March
2020, and are pleased to note that some of this uplift is reflective of
continued onboarding of new customers in Australasia despite the effects of
Covid.
"These positive trends follow ongoing volatility over the past few months as
a result of further Covid-related travel restrictions, which saw transaction
volumes range from 58% of prior year volumes for the month of December 2020,
40% for January 2021 and 51% for February 2021."
"We continue to closely monitor travel trends and hope to see these positive
trends continue with the vaccination programs underway in key markets and
travel restrictions progressively lifting."
Ends
For and on behalf of Serko Limited
Susan Putt
Chief Financial Officer
Footnote
1. As of March 2021, Serko has begun benchmarking current transaction
volumes to 2019 volumes (in addition to 2020 volumes) as we believe this
provides a more meaningful indication of the resumption of travel by business
travellers. This is as a result of Covid-related travel restrictions
beginning to materially impact Serko's transaction volumes from mid-March
2020. For completeness, over the past week, relative to the same week in
2020, we are seeing daily transaction volumes exceed 200% of prior year
volumes, when (as noted) Covid-related border closures started materially
impacting Serko's transaction bookings.
End CA:00369463 For:SKO Type:MKTUPDTE Time:2021-03-22 08:30:48
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