Serko, the online travel booking business, reported a wider annual loss in line with its prospectus forecast, while delivering slower growth in sales than anticipated, and is targeting profitability in the first half of 2017.
The Auckland-based company posted a net loss of $6.43 million in the 12 months to March 31, more than the $6.33 million forecast in offer documents when the company was floated last year.
Sales rose 55 per cent to $10.4 million, about 5.8 per cent below the prospectus forecast and in line with Serko's warning in March that it would miss that target.
Serko has previously said some billable services would not be recognised until the 2016 financial year, while delays to its mobile app would weigh on revenue.
The company cut its revenue forecast for the first half of 2016 to $7.5 million to $8 million, down from the $8.3 million target in the offer document, expecting annual revenue of $16 million to $18 million.
