New Zealand's Serko jumps most in 3 years on smaller FY loss

Serko

17/05/2023 01:29

(Updates share movement, adds analyst comments)
    ** Shares of Serko Ltd  SKO.NZ  climb as much as 21.7% to
NZ$2.800, posting their biggest intraday pct gain since April
14, 2020
    * Business travel software maker posts FY net loss after tax
of NZ$30.5 mln ($19.35 mln) vs loss of NZ$36 mln a year earlier
    ** FY total income more than doubles to NZ$48 mln
    ** Co confirms "aspiration" of achieving NZ$100 mln in total
income in FY25
    ** Anticipates total income between NZ$63 mln and NZ$70 mln
for FY24 based on current trends
    ** Analysts at Citi say SKO's FY24 total income forecast is
10% ahead of consensus and 17% ahead of brokerage's estimate at
mid-point
    ** Brokerage expects SKO stock to react positively to strong
performance from Booking.com for Business and expects consensus
upgrades based on guidance
    ** SKO shares touch their highest level since Feb. 15
    ** Stock up 2.2% YTD, as of last close 

 ($1 = 1.5763 New Zealand dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((echha.jain@thomsonreuters.com))