Siteminder reaffirms guidance after March quarter revenue lift
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The news: Hotel booking software company Siteminder has reaffirmed it is on track to turn profitable in the second half of the fiscal year after a solid lift in third quarter revenue.
The numbers: Revenue for the three months to March 2024 was up 23.3% from a year ago to $46 million, driven by strong booking activity.
Underlying free cash flow improved to -$0.2 million for the quarter which was -0.4% of revenue compared to -22.7% during the previous corresponding period.
The context: Siteminder said it continues to expect to be profitable on an underlying earnings basis for the second half of the fiscal, along with being free cash flow positive.
It has also kept growth guidance unchanged and continues to target organic revenue growth of 30% in the medium term. The Sydney-based e-commerce platform allows hotels to sell their rooms on their own websites and through third parties. Siteminder said it has signed up 14 distribution partners for its new Channels Plus offering, with Trip.com being the latest one.
The source: ASX announcement
