SKO Suspends FY20 Revenue Guidance

Due to the rapidly increasing uncertainty surrounding the duration and scale of the Covid-19 outbreak, and the impact it and the related border control restrictions are having on corporate travel, Serko Limited (NZX/ASX:SKO), has today announced it is withdrawing its full year 2020 revenue guidance. "On 25 February 2020, Serko advised the market that it expected to come in at the lower end of its guidance range of achieving total operating revenue growth of between 20% and 40% for the year ended 31 March." Serko's CEO, Mr Grafton said. "The spread of the virus and subsequent increase in border access restrictions is making it difficult to predict the impact the virus is likely to have on Serko's year end position. "On this basis, we think it is prudent to withdraw guidance at this time", said Mr Grafton. "Our priority during this period of uncertainty is to maintain Serko's current balance sheet strength and position. Our focus is ensuring the company continues to grow following this challenging trading period." "Serko presently has a strong cash balance, following its successful capital raising undertaken late last year, and the Executive Team and Board are optimising the business for long-term growth by carefully managing the allocation of capital during this period." More information will be provided as Serko finalises its results for the year ending 31 March 2020. For and on behalf of Serko Limited Susan Putt Chief Financial Officer Ends For investor relations queries please contact: Susan Putt Chief Financial Officer Serko +64 9 309 4754 or +64 21 388 009 investor.relations@serko.com End CA:00349990 For:SKO Type:MKTUPDTE Time:2020-03-16 09:20:01