Serko's PBT loss widened 84.4% despite 47.4% revenue growth

Against Serko's own four-period history, however, 47.4% growth sits below the historical mean of 86.4%, so the headline growth rate is decelerating relative to the company's own pattern even as it remains positive.

More materially, the pre-tax loss widened 84.4% to $8.5m from $4.6m, and net loss widened 86.2% to $9.5m from $5.1m — both sit at the lower edge of Serko's historical range (four-period mean PBT growth -6.0%, NPAT growth -7.3%), meaning this is a materially weaker profitability outcome than Serko has typically posted, not a one-off dip within a normal band.

Cash tells a different story: operating cash flow rose 82.6% to $8.6m and free cash flow rose to $3.0m from $1.3m, above the historical range (mean -$15.9m). Cash on hand rose 196.2% to $65.0m, while total equity fell 18.0% to $92.2m and liabilities rose 120.5% to $31.2m.

PBT (-84.4%) and NPAT (-86.2%) growth both sit at the lower edge of Serko's own historical range, which matters because it shows the current cost base — likely reflecting GetThere integration and continued investment — is growing faster than revenue, eroding the operating leverage a SaaS model should deliver at 47.4% top-line growth.

Working capital is expanding materially. Trade debtors rose 144.1% to $8.0m and operating working capital increased by $15.9m to $19.2m, with receivable days rising from 28.7 to 47.5. This matters because a faster build in receivables than revenue growth signals collection or billing-timing risk that could pressure future cash generation even though current cash metrics look strong.

Cash generation outperformed the P&L. Free cash flow of $3.0m and operating cash flow growth of 82.6% are both stronger than the loss trajectory would suggest, and FCF sits above Serko's historical range. This matters because it shows near-term liquidity is not yet constrained — Serko holds $65.0m in cash and no disclosed debt — but it also means investors should not read the cash strength as confirmation that the underlying loss widening is benign.

Management's own commentary emphasises "cost discipline" and non-GAAP EBITDAFI growth to $6.1m alongside total income growth of 45% to $61.8m, but the statutory PBT and NPAT figures moved in the opposite direction to that narrative, which matters because the non-GAAP framing does not reconcile cleanly with the reported loss widening. HY26 revenue represents 67.8% of the implied FY26 total, so this is a period of accelerated first-half spend without a disclosed second-half shape to test consistency against.

The effective tax rate moved to -11.6% from -10.6%, a modest 1.8 percentage-point gap between the PBT and NPAT growth rates, so PBT is the cleaner read on operating performance rather than tax effects driving the divergence. Equity fell 18.0% to $92.2m as accumulated losses ate into the balance sheet, while liabilities more than doubled to $31.2m, which together suggest the cash and FCF strength is partly a function of financing and working-capital timing rather than a pure improvement in underlying unit economics.

This briefing cannot assess forward-period guidance or targets, because none were disclosed in the supplied materials.