Serko

Annual  
Report  
2024

This Annual Report is dated 28 May 2024 and is signed on behalf  
of the Board of Directors (Board) of Serko Limited by Claudia Batten,  
Chair, and Darrin Grafton, Chief Executive Officer (CEO).
Darrin Grafton 
Chief Executive Officer
Claudia Batten 
Chair

Contents
Serko at a glance. .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . 2
Financial highlights. .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . 3
Business highlights. .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . 4
Chair & CEO letter . .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . 6
Our strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Our products . .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . 10
ESG Report highlights. .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . 12
Our leadership. .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . 14
Management Commentary . .  .  .  .  .  .  .  . . . . . . . . . 18
Financial Statements . .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . 36
Independent Auditor’s Report . .  .  .  .  .  .  . . . . . . . . 70
Corporate Governance Statement . .  .  .  .  . . . . . . 75
Remuneration Report. .  .  .  .  .  .  .  .  .  . . . . . . . . . . . 105
Glossary. .  .  .  .  .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . . . . . . 126
Company Directory. .  .  .  .  .  .  .  .  .  .  . . . . . . . . . . . . 128
Business 
highlights
Chair and  
CEO letter
Management 
commentary
Financial 
statements
04
06
18
36

Serko at a glance
Our purpose
We bring  
people together
Our vision
Create a connected, 
frictionless travel 
experience
Our mission
Build the world’s  
leading business  
travel marketplace
180 +
countries with  
active users
4.9 million +
trips booked  
annually
640,000 +
registered customers 
across the globe
Darrin Grafton 
CEO & Co-founder
Something incredible happens when people come together. 
That’s why we travel. But all too often, we run into 
distractions. Schedule changes, expense reports,  
a bad night’s sleep. And a million other things.
We believe there’s a better way. We’re constantly innovating 
to remove friction from travel, designing our platform to 
transform the mundane into an experience. So when you  
are together, there’s more room for magic to happen.
2

*	 EBITDAF is a non-GAAP measure representing Earnings Before Interest, Taxation, Depreciation, Amortisation, Impairment, 
Foreign Exchange gains/losses and Fair value remeasurements.
Successful execution of our priorities, in an often complex and uncertain 
external environment, has led to significantly improved financial outcomes. 
Total income was $71.2 million — up 48% and above the middle of the  
guidance range revised upwards in November.
Year in review
Financial highlights
Balance Sheet
Cash on hand 
$80.6m
8% decrease
Avg cash burn/month 
$0.6m
78% improvement
Profit (Loss)
EBITDAF* Loss
$(1.6m)
93% improvement
Net loss after tax
$(15.9m)
48% improvement
Revenue
Total income
$71.2m
  48%
Costs
Operating expenses
$89.7m
Total spend
$83.9m
  1%
  8%
3
Serko at a glance

Underpinning Serko’s progress has been a deliberate and sustained shift in how we operate. 
We are seeing benefits from strengthened leadership and expertise, a scalable operating 
model and targeted investment to support innovation and growth. Today, Serko is a more 
robust and dynamic business as we pursue the next phase of our strategy.
Year in review
Business highlights
*Renewed April 2024
Strengthened  
market  
leadership
Retention and new  
growth in Australasia
Booking.com for 
Business growth
Partnership renewed  
for further five years*
Realising  
the growth 
opportunity ​
Enhanced 
leadership and 
expertise
Strengthened  
executive capability  
to support scale
Delivering  
operational 
leverage
On track for cash flow 
positive in FY25
A sustained  
shift in how  
Serko operates​
4

FY24 Business Highlights
Experimentation 
benefits
$4.3 million* annualised net 
revenue following successful 
product experimentations
Australasian  
market leadership
Strengthened market  
position with 13% increase 
in online bookings
Technology and  
product innovation
Strengthened product 
capabilities and integrations 
with continued enhancement 
of our technology platform
High employee  
engagement​
Employee engagement  
increased to 78%, from  
72% in FY23
Booking.com 
delivery and growth
65% increase in Completed  
Room Nights; renewal of 
partnership (in April 2024)
FY22
0.3m
FY23
FY24
1.5m
2.5m
Completed Room 
Nights (CRN)
 65% 
FY22
2.2m
FY23
FY24
4.1m
4.9m
 19% 
Total Online Bookings
All comparatives are year on year unless otherwise stated. 
* Estimate based on AB testing results in FY24 extrapolated for a full year using an average $ booking rate.
5
Serko at a glance

Dear shareholders,
Our strong performance in the past 
financial year is the result of Serko’s  
single-minded focus on building  
a globally-competitive business at  
scale across multiple periods.
Most recently, this focus has included the 
establishment, growth and renewal of our partnership 
with Booking.com, strengthened market leadership in 
Australasia, and strong recovery out of the pandemic.
In this year’s annual report we are pleased to share 
material progress on our priorities and significantly 
improved financial outcomes.
Two years ago, coming out of COVID, Serko’s total 
income was $18.9 million. Since then, we have defined  
our strategy and have executed against this and now, 
for FY24, we are reporting total income of $71.2 million. 
Underlying average monthly cash burn two years ago 
was $3.3 million. For FY24, it has reduced to just  
$0.6 million. 
Underpinning Serko’s progress has been a deliberate 
and sustained shift in how we operate. We are seeing 
benefits from strengthened leadership and expertise,  
a scalable operating model, and targeted investment  
to support innovation and growth. Today Serko is  
a more robust and dynamic business as we pursue  
the next phase of our strategy. 
There is still much more potential to be realised.  
We are driven to being the most innovative company  
we can be — for all our stakeholders: our partners,  
our customers, our people and our investors. 
Our purpose sits at the centre of our ambitions:  
to bring people together, through a connected, 
frictionless travel experience. 
We have built strong foundations with our current 
strategy (FY23-25) and we are now turning our minds 
to our plans beyond FY25. We look forward to sharing 
details with you in the second half of the year.
FY24 summary 
For the FY24 year, Serko achieved total income of  
$71.2 million, up 48% on the FY23 year, and above the 
middle of the guidance range as revised upwards in 
November. This was driven by an increase in online 
bookings, up 19% to 4.9 million and increased ARPB.
Total spend was $83.9 million, below the 2024  
guidance range of $86 million to $90 million and  
up 1% from $83.3 million in FY23.
EBITDAF losses were $1.6 million, down from  
$21.8 million, a 93% improvement and net losses  
after tax were $15.9 million, down from $30.5 million,  
a 48% improvement.
Higher revenue and limited cost growth in the period 
has led to an 78% reduction in average underlying 
monthly cash burn from $2.7 million in FY23 to  
$0.6 million in FY24.
Unmanaged travel 
In April 2024, we announced the renewal of our 
partnership with Booking.com for a further five years. 
This is a significant milestone for Serko — providing  
a strong foundation for global scale. 
We have continued to see overall growth in the 
Booking.com for Business partnership, underpinned 
by Completed Room Nights rising 65% to 2.5 million. 
Active customers using the Booking.com for 
Business platform increased 10% across the year 
to approximately 172,000. Average Revenue per 
Completed Room Night was up 4% on FY23.
6

This reflects the successful execution of the partnership 
to date and the strength of the opportunities ahead.  
The progress made, including customer acquisition  
and activation alongside important enhancements to 
the Booking.com for Business offer, has directly driven 
material revenue for Serko.
The foundations are in place and we are now 
implementing further scaling initiatives with  
Booking.com to drive increases in volumes.
Managed travel 
Online bookings increased 13% in Australasia from 
3.4 million to 3.9 million. Rio Tinto, one of the largest 
corporate travel accounts in Australia, went live on  
Zeno during the year via American Express Global 
Business Travel.
We continue to see potential in Australasia underpinned 
by new and existing customers. We have continued to 
deliver product improvements to our partners in the 
past year through a strengthened Zeno offering.
Balance sheet strength
Serko remains well capitalised with no debt.  
At 31 March, our cash on hand was $80.6 million  
with underlying average monthly cash burn at  
$0.6 million, a 78% improvement. 
7
Chair & CEO Letter

Darrin Grafton 
CEO & Co-founder
Claudia Batten 
Chair
Board and management
In February, AI and data technology entrepreneur  
Dr Sean Gourley joined the Board as an Independent 
Non-executive Director. Sean has impressive  
experience as a business and technology leader, 
including establishing and growing two ground-breaking 
Silicon Valley technology businesses.
He has been a force in the commercialisation of scaled 
data and AI solutions for more than a decade, with a 
focus on the United States. He is already proving an 
asset for Serko as we drive international growth. 
Sean will be standing for election at the Annual Meeting.
During the year, Joydip Das and Liz Fraser joined our 
Executive team — from multi-national firms — as Chief 
Product Officer and Chief Revenue Officer respectively. 
Both roles are new within Serko and Joydip and Liz are 
already delivering significant upside with their relevant 
and compelling backgrounds.
A sustainable Serko 
We are committed to doing what is right for our 
business, people, customers and communities. We 
believe strong environmental, social and governance 
(ESG) practices give Serko its social licence to operate, 
as well as creating long-term value for our business.
We have continued to develop our sustainability 
practices over the past year and are pleased to  
report our progress in our latest ESG Report — and 
Climate-Related Disclosures, released alongside  
this annual report. 
Outlook
Serko anticipates demand for business travel in  
its key markets to remain strong.
Serko expects new unmanaged customer acquisition 
and activation initiatives to drive increased volumes  
and total income during the FY25 year, weighted to  
the second half. Serko also anticipates growth at  
FY24 levels in its Australasian business. 
For the FY25 year, Serko anticipates total income  
in the range of $85 million – $92 million.
In line with previous statements, Serko expects  
to be cashflow positive for FY25.
With $80.6 million cash on hand at 31 March 2024  
and no debt, Serko is well positioned to consider 
organic and inorganic investments where these  
would advance strategic objectives. 
Risks to the achievement of Serko’s FY25 goals 
include the precise timing of delivery of initiatives 
and subsequent benefits, currency and ARPCRN 
movements, and geopolitical and macro-economic 
factors. 
Thank you
Thank you to you our shareholders for your engagement 
and support. Thank you to our partners for allowing 
us to work with you — to help you and your customers 
do business when you need to travel. And thank you to 
our team. The Board and the Executive Team see your 
dedication in all the hard work you do.
We look forward to another incredible year in FY25. 
8

FY23 – FY25 strategic goals
2
1
Unmanaged  
revenue
Establish significant  
market share  
in the unmanaged  
travel market
Customer  
success
Deliver an exceptional  
customer experience (CX)  
through experimentation
3
Managed  
revenue
Consistently grow market 
share in the global managed 
travel market through  
TMC partnerships and 
inorganic growth
4
Marketplace  
and content
Commercialise  
connected trip  
experience through  
an open platform
Culture
Create a culture  
of engaged Serkodians 
aligned to our purpose, 
mission and values
5
Our strategy
Our strategy provides our stakeholders - employees, customers, end users, 
partners, suppliers, shareholders and others - with a clear sense of what  
drives us, where we are heading and how we will create long-term value. 
Our current strategy is for the period FY23 – FY25. In the coming months  
we will be developing Serko’s strategy for beyond FY25. We look forward  
to sharing this with you.
9
Our strategy

Our products
Zeno is an integrated travel and expense platform that is revolutionising 
the world of corporate travel and expense management globally.
Zeno Travel
Zeno Travel is an online booking platform for  
mid to large size companies that have managed  
travel programmes (generally with a travel policy and  
a travel management company to support them). 
With Zeno, travellers get an interface like the 
leisure travel sites they’re used to, an extensive 
range of booking choices and personalised trip 
recommendations that speed up travel bookings.  
Travel managers get to add their own travel policies  
and negotiated rates and prioritise preferred suppliers 
so travellers see the best prices for trips and stay  
in budget. The result is better cost control and 
programme compliance coupled with increased  
traveller satisfaction. 
Zeno is available through our worldwide network of 
travel management company partners.
Zeno Expense
Zeno Expense automates corporate card and  
out-of-pocket expense submission, reconciliation  
and reimbursement. Employees take photos or upload 
receipts, add coding details and submit their expenses 
on the go. To make things even simpler, Zeno offers 
automated integrations with travel providers such as 
Uber for Business. 
Zeno’s intelligent technology helps to identify and 
manage out-of-policy claims and expense claim fraud, 
dramatically streamlining the expense administration 
function. Detailed reporting gives approvers and finance 
teams a more accurate picture of business expenses 
and potential problem areas.
Serko generates revenue through corporate customers paying  
a booking fee per transaction and through commission received 
from suppliers. 
Serko generates revenue through corporate customers paying  
a fee per active user or per expense report submitted. 
10

Booking.com for Business · Powered by Zeno
Booking.com for Business is the free, all-in-one business travel platform designed  
for small to medium-sized businesses (SMEs). Company users can book and manage 
complete trips for themselves or their teams, including accommodation, flights and  
rental cars — with no fees or ongoing subscription costs.  
Combining Zeno’s functionality with Booking.com’s simplicity  
and brand recognition
•	 Administrators and travellers can easily make corporate travel bookings in one place —  
no need to search multiple sites and tabs. 
•	 Choose from 2.5+ million properties, 420+ airlines and 40,000 car rental locations  
around the world. 
•	 Whether a business employs one person or 500, there’s no limit to how many  
can use Booking.com for Business and there are no fees. 
•	 Companies can save with exclusive business rates, enjoy Genius rewards and  
earn loyalty points with favourite hotel chains, airlines and rental car companies. 
•	 Complimentary 24/7 travel assistance is available by phone or email.
Serko generates revenue through supplier commission from travel bookings completed through  
Booking.com for Business.
11
Our products

ESG Report highlights
Working towards a 
sustainable future
Serko’s 2024 ESG Report available  
now at www.serko.com/investors
Environment
We are committed to continually improving our 
efficiency and reducing our impact on the environment. 
Our direct environmental footprint is relatively small  
and made up largely from third-party data centres,  
office energy consumption, employee travel and the 
typical consumables of a technology business. 
We believe there is an opportunity to play a role in 
reducing the environmental impact of business travel  
by providing technology that enables and encourages 
our customers to make smart, sustainable decisions. 
As we grow and connect increasing  
numbers of business travellers, we are 
committed to doing what is right for our 
business, people, customers, investors 
and communities. We believe strong ESG 
practices give Serko its social licence  
to operate, as well as creating long-term 
value for our business. 
Our latest ESG Report — and Climate-
Related Disclosures — provides Serko’s 
stakeholders with a view of the Company’s 
ESG performance and activities in the  
year ended 31 March 2024.
FY24 progress and highlights
•	 Completion of our inaugural mandatory  
Climate-related Disclosures under the Aotearoa  
New Zealand Climate Standard reporting framework
•	 Improved carbon intensity performance from  
11.68 to 9.82 (tCO2e of GHG emissions per $m  
of total income)
Introduction of  
Materiality Assessment  
We engaged external advisers to help us  
understand and prioritise the environmental,  
social, governance and commercial areas that  
matter most to our stakeholders and our business.
The materiality assessment provides a strong 
foundation for our strategy. By identifying and ranking 
the material topics, we are ensuring our strategy 
focuses on areas with the greatest impact and that  
we can communicate our progress more effectively.
A summary of outcomes from the assessment  
is in the ESG Report.
12

Governance
A key focus for the Board is to oversee and support  
the delivery of Serko’s strategy, which is primarily 
directed at the Booking.com partnership and unlocking 
the US market. 
Other governance activities across Serko in the past 
year include succession planning, ensuring appropriate 
remuneration structures and levels, embedding risk 
management and improving stakeholder engagement.
Social
Our culture is anchored by a clear company purpose, 
vision and guiding principles. They define how we 
operate together as a team and how we interact  
with our customers and partners.  
Giving back to the communities we operate in is 
incredibly important to us. Each year, all Serkodians  
are given a full day to spend working on local 
community initiatives that are meaningful to them. 
FY24 progress and highlights
•	 Improved capability in our Board and Executive team
•	 Refreshed executive remuneration structure
•	 Strengthened risk management practices through  
the business
•	 Materiality assessment completed, identifying areas 
that matter most to our stakeholders and business
•	 Strengthened stakeholder engagement
FY24 progress and highlights
•	 New Guiding Principles introduced to guide  
our behaviours, decisions and actions
•	 High employee engagement, up from 72%  
in FY23 to 78% in FY24
•	 Internal appointments for new or existing roles 
increased to 29%, up from 17% last year
•	 Serkodians invested 1,800 hours of their time  
in our ‘Day of Community’
•	 Achieved Advanced GenderTick accreditation
•	 Maintained a less than 1% median remuneration 
difference between males and females when 
comparing roles of comparable scope and complexity
13
Our products

Claudia Batten
Independent Non-executive Director, Chair, New Zealand
Appointed 30 April 2014, re-elected August 2023
Claudia has been a founding member of two highly successful 
entrepreneurial ventures. The first venture was Massive Incorporated, a 
network for advertising in video games. Massive was sold to Microsoft in 
2006. In 2009 she co-founded Victors & Spoils (‘V&S’), the first advertising 
agency built on the principles of crowdsourcing. V&S was majority acquired 
by French holding company Havas Worldwide in 2011. Claudia is a strong 
supporter of the New Zealand start-up scene as an active mentor and 
adviser. She is also a Director of Air New Zealand and Vista Group.  
Claudia holds an LLB (Hons) and BCA from Victoria University (Wellington).
Jan Dawson
Independent Non-executive Director, New Zealand
Appointed on 18 August 2021, elected August 2022
Jan is Chair of Ports of Auckland Limited. She was previously Chair of 
Westpac New Zealand, Deputy Chair for Air New Zealand, and a Director of 
Beca, AIG NZ and Meridian Energy Limited, and a member of the University 
of Auckland Council. She was a partner of KPMG for 30 years and the Chair 
and Chief Executive of KPMG New Zealand from 2006 until 2011. She holds 
a Bachelor of Commerce from the University of Auckland and is a fellow 
of the New Zealand Institute of Chartered Accountants and a fellow of the 
Institute of Directors in New Zealand.
Our leadership
Board of Directors
Sean Gourley
Independent Non-executive Director, New Zealand
Appointed on 1 February 2024, up for election in 2024
Sean has established and grown two ground-breaking Silicon Valley 
technology companies: Primer, an AI and machine-learning company  
where he was CEO from 2015 to 2023, and Quid, an AI-powered visualisation 
company where he was Chief Technology Officer. In his early career, he 
was a research scientist at NASA and a research fellow at the University of 
Oxford where he published ground-breaking research into the mathematics 
of war in leading science journal Nature. He also served on the board of 
Anadarko Petroleum, a US-based Fortune 500 energy company, from 2015 
until its acquisition in 2019. Dr Gourley has a Master of Science majoring in 
physics from the University of Canterbury (NZ) and a PhD in physics from the 
University of Oxford, which he attended as a Rhodes Scholar.
14

Darrin Grafton
Executive Director, Chief Executive Officer & Co-founder
Appointed 5 April 2007, re-elected August 2022
Darrin has more than 30 years’ experience in travel technology and is a 
recognised industry innovator, previously named as one of the top 25 most 
influential executives in the travel industry by the BTN Group. Darrin has 
held directorships and senior management positions across a number 
of private and public companies, including the Gullivers Travel Group. In 
2021 Darrin was awarded the INFINZ Leadership Award and has previously 
been awarded the NZX Hi-Tech Entrepreneur Award. He is a member of the 
Institute of IT Professionals NZ and the Institute of Directors in New Zealand.
Bob Shaw
Executive Director, Chief Strategy Officer & Co-founder
Appointed 5 April 2007, re-elected August 2021 (up for re-election in 2024)
Bob has been involved in transforming the travel industry since 1987, 
collaborating with the world’s leading airlines, travel agencies and global 
distribution systems. He has held a number of directorships and senior 
management positions in various high-profile ventures, including Gullivers 
Travel Group and Interactive Technologies. Bob has been a past finalist for 
the EY Entrepreneur of the Year Award. He is a member of the Institute of  
IT Professionals NZ, the Institute of Directors NZ/Australia and was awarded 
the New Zealand Certificate in Data Processing.
Clyde McConaghy
Independent Non-executive Director, Australia
Appointed 30 April 2014, re-elected August 2022
Clyde is based in Australia. He is the founder of Optima Boards, providing 
independent director and advisory services to public, private, family office 
and charitable entities around the world. Clyde has worked in publishing, 
media, online and technology sectors, living in the United Kingdom (UK), 
Germany, China and Australia. He is a director of Neuroscience Research 
Australia and holds a BBus (University of South Australia), as well as an  
MBA from Cranfield University (UK). Clyde is a fellow of the Australian 
Institute of Company Directors.
15
Our leadership

Liz Fraser
Chief Revenue Officer (CRO)
Liz previously held the role of Commercial Director at MediaWorks. Prior to 
this role, Liz worked at Air New Zealand in various roles, including Regional 
General Manager of the Americas region based in Los Angeles, as well as 
General Manager Customer. Before joining the airline, Liz worked in the 
media industry at TVNZ, MSN and MediaWorks TV. Liz is also the Chair  
of Crescendo Trust of Aotearoa.
Joydip Das
Chief Product Officer (CPO)
Joydip has more than 25 years’ experience building software products 
and platforms for multiple technology start-ups and enterprise software 
companies in the United States (US). He’s passionate about creating product-
led cultures and operational models to help forward-thinking technology 
companies navigate the challenges of innovation and scalable growth.
Charlie Nowaczek
Chief Operating Officer (COO)
Charlie has over 25 years’ experience as an operations executive and 
management adviser, specialising in business transformation and 
operational excellence. Over the last decade he has been COO for  
a number of technology start-ups in the US and Canada.
Our leadership
Executive Team
Darrin Grafton
Chief Executive Officer (CEO), Executive Director & Co-founder
Darrin has more than 30 years’ experience in travel technology and is a 
recognised industry innovator, previously named as one of the top 25 most 
influential executives in the travel industry by the BTN Group. Darrin has held 
directorships and senior management positions across a number of private 
and public companies, including the Gullivers Travel Group. In 2021 Darrin 
was awarded the INFINZ Leadership Award and has previously been awarded 
the NZX Hi-Tech Entrepreneur Award. He is a member of the Institute of  
IT Professionals NZ and the Institute of Directors in New Zealand. 
16

Rachael Satherley
Chief People Officer (CPO)
Rachael has 20 years’ experience in people leadership roles across  
Europe, North America and Asia-Pacific, most recently with Expedia Group. 
She has a passion for unlocking individual, team and organisational potential 
through transformation.
Shane Sampson
Chief Financial Officer (CFO)
Shane joined Serko with over 30 years’ experience in finance and commercial 
leadership roles at Vector, Spark and Pulse Energy and most recently as the 
CFO of PushPay. Shane has a BCA and LLB (Hons) from Victoria University 
of Wellington and is a member of Chartered Accountants Australia and  
New Zealand.
Bob Shaw
Chief Strategy Officer (CSO), Executive Director & Co-founder
Bob has been involved in transforming the travel industry since 1987, 
collaborating with the world’s leading airlines, travel agencies and global 
distribution systems. He has held a number of directorships and senior 
management positions in various high-profile ventures, including Gullivers 
Travel Group and Interactive Technologies. Bob has been a past finalist for 
the EY Entrepreneur of the Year Award. He is a member of the Institute of  
IT Professionals NZ, the Institute of Directors NZ/Australia and was awarded 
the New Zealand Certificate in Data Processing.
Simon Young
Acting Chief Technology Officer (ACTO)
Simon has more than 20 years’ experience in local and global technology 
companies and joined Serko as the Vice President (VP) of Engineering in 
2023. He has held a number of executive leadership roles, including as Chief 
Product & Technology Officer at Trade Me and VP of Engineering at Halter.
17
Our leadership

Management 
commentary
Please read the following commentary with the financial statements 
and the related notes in this Report. Some parts of this commentary 
include information regarding the plans and strategy for the 
business and include forward-looking statements that involve risks 
and uncertainties.
Actual results and the timing of certain events may differ materially 
from future results expressed or implied by the forward-looking 
statements contained in the following commentary. All amounts  
are presented in New Zealand dollars (NZD), except where indicated. 
All references to a year are the financial year ended 31 March 2024, 
unless otherwise stated.
Non-GAAP (generally accepted accounting practice) measures have 
been included, as we believe they provide useful information for 
readers to assist in understanding Serko’s financial performance. 
Non-GAAP financial measures do not have standardised meanings 
and should not be viewed in isolation or considered as substitutes 
for measures reported in accordance with New Zealand equivalents 
to International Financial Reporting Standards (NZ IFRS). These 
measures have not been independently audited or reviewed.
18

($15.7m)
Net loss before tax
Business results 
Revenue increased 48% to $68.8 million primarily due to continued growth in Booking.com for Business and an 
ongoing business travel recovery. Total Income for the year to 31 March 2024 increased 48% to $71.2 million. 
Operating costs increased by 8% to $89.7 million driven, by higher amortisation, with the intangible assets useful lives 
reducing from five to three years in FY22, along with a reduction in capitalisation and increased Third party costs as 
transaction volumes increased. Serko recorded a net loss result after tax of $15.9 million, an improvement of  
48% against the prior year net loss after tax of $30.5 million. 
The Group recognised $2.4 million in other income (primarily grants), an increase of $0.9 million, or 58%, from the prior 
year. Other income primarily comprised of the research and development tax credit (RDTI). Grant income in relation 
to RDTI of $1.9 million was claimed in FY24, while a portion was treated as deferred income as the costs to which the 
grants related had been capitalised. This deferred income will be recognised in future years over the useful lives of the 
related assets. 
Foreign exchange losses of $1.1 million resulted in an adverse variance of $2.8 million compared to the prior year,  
this was due to a weaker average New Zealand dollar against both the Euro and United States dollar. Net finance 
income increased 52% to $3.9 million primarily reflecting increased interest earned on short-term investments. 
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Revenue
68,761
46,492
22,269
48%
Other income
2,424
1,533
891
58%
Total Income
71,185
48,025
23,160
48%
 
 
 
 
 
Operating expenses
(89,735)
(82,819)
(6,916)
(8%)
Percentage of revenue
(131%)
(178%)
 
 
Foreign exchange gains/(losses)
(1,084)
1,737
(2,821)
(162%)
Net finance (expense)/income
3,948
2,596
1,352
52%
Net (loss) before tax
(15,686)
(30,461)
14,775
(49%)
Percentage of revenue
(23%)
(66%)
 
 
 
 
 
 
 
Income tax expense
(193)
(79)
(114)
(144%)
Net (loss) after tax
(15,879)
(30,540)
14,661
48%
Percentage of revenue
(23%)
(66%)
 
 
19
Management commentary

Growth in Total Income declined in the second half of the financial year impacted by lower unmanaged Completed 
room nights, a lower seasonal average revenue per completed room night and seasonally lower ANZ Managed Travel 
revenue. Total Spend in the second half of FY24 declined 1% relative to both the first half of FY24 and the second half 
of FY23, reflecting a reduction in Capitalisation that has offset increases in Third party direct costs as transactional 
volumes increase. Across FY24 we have seen a 48% growth in Total Income over FY23, while holding Total Spend 
growth at 1%, significantly improving Serko’s overall financial performance. 
Total Spend is a non-GAAP measure, which Serko uses internally to measure spend before the impacts of 
capitalisation and amortisation. In software businesses, the nature of the projects being worked on can result  
in significant differences in the proportion of product design and delivery costs capitalised. We consider that  
Total Spend is a more useful measure of the cost base of the business as it removes the volatility that can  
occur as a result of capitalisation decisions.
 Total Spend       Total Income
1H22
2H22
1H23
1H24
2H23
2H24
$0m
$10m
$20m
$30m
$40m
$50m
$9.5m
$9.4m
$19.4m
$28.6m
$42.2m
$42.2m
$41.7m
$41.1m
$33.9m
$28.4m
$34.8m
$36.3m
20

EBITDAF 
($1.6m)
EBITDAF Loss
EBITDAF is a non-GAAP measure representing Earnings Before the deduction of costs relating to Interest, Taxation, 
Depreciation, Amortisation, Foreign Currency (Gains)/Losses and Fair value remeasurement. 
EBITDAF improved by $20.2 million from a loss of $21.8 million to a loss of $1.6 million reflecting strong growth in 
Total Income partially offset by increased expenditure. 
Depreciation and amortisation increased by $3.9 million over the prior year primarily reflecting an increase in the 
average balance of computer software assets over the prior year. Depreciation includes right-of-use assets (leased 
premises) under IFRS-16 (Leases) of $1.1 million in FY24 (FY23 $1.1 million).
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Net (loss) after tax
(15,879)
(30,540)
14,661
48%
Deduct: net finance (expense)/income
(3,948)
(2,596)
(1,352)
(52%)
Add back: income tax
193
79
114
144%
Add back: depreciation and amortisation 
16,973
13,040
3,933
30%
Add back: net foreign exchange (gains)/losses
1,084
(1,737)
2,821
162%
EBITDAF (loss)
(1,577)
(21,754)
20,177
93%
Percentage of revenue
(2%)
(47%)
 
 
21
Management commentary

Revenue and other income (Total Income)
$71.2m
Total Income
Travel-related revenue includes travel platform booking revenue and supplier commissions revenue. 
Total income includes revenue from customers and other income such as grants but excludes finance income.
Total Income increased by 48% to $71.2 million from $48.0 million in FY23. 
Travel platform booking revenue increased by 18% to $19.2 million. Expense platform revenue increased  
by $0.3 million.
Supplier commissions revenue increased by 84% to $42.9 million reflecting growth in revenue from Booking.com  
for Business. Supplier commissions revenue is recognised net of consideration payable to customers of $2.0 million 
(2023: $1.8 million). 
Services revenue decreased by 36% to $1.0 million, while other revenues were flat at $0.3 million.
Total travel bookings by volume increased 23% over the prior year. Total travel bookings during FY24 were 
5.9 million. Total travel bookings include 1.0 million offline bookings (system automated bookings) that do not 
contribute significantly to revenue or are bundled into the Online Booking rate. Online Bookings for the year  
increased 19% to 4.9 million. 
Average Revenue Per Booking (ARPB) for travel-related revenue (travel platform and supplier commissions)  
increased during the year by 33% to $12.71 from $9.56, driven by a higher Average Revenue per Completed Room 
Night (ARPCRN) and the increased proportion of Booking.com for Business bookings.
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Revenue – transaction and usage fees:
 
 
 
 
Travel platform booking revenue
19,215
16,283
2,932
18%
Expense platform revenue
5,291
4,960
331
7%
Supplier commissions revenue
42,930
23,363
19,567
84%
Services revenue
1,000
1,555
(555)
(36%)
Other revenue
325
331
(6)
(2%)
Other income
2,424
1,533
891
58%
Total Income
71,185
48,025
23,160
48%
 
 
 
 
 
Total travel bookings (000)
5,920
4,804
1,116
23%
Online bookings (000)
4,916
4,146
770
19%
ARPB (travel-related revenue only/online bookings)
$12.71 
$9.56 
$3.15 
33%
Average Revenue per Completed Room Night (ARPCRN)
€9.75
€9.34
€0.41
4%
22

Revenue increased by 166% relative to FY20, the last year unaffected by Covid-19.
Long-term revenue trends
Booking volumes 1
1 	Booking volumes are total volumes and include Offline Bookings, which can be either bundled into a price per Online Booking or at an additional price, 
as these are primarily automated bookings but processed through the booking tool. 
 Other bookings
 Online bookings
FY13 FY14 FY15
FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
$0m
$10m
$20m
$30m
$40m
$50m
$60m
$70m
FY16
Covid-19 
impact
 Services
 Supplier commissions  
& other
 Expense platform
 Travel platform
 Other bookings
 Online bookings
FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23
FY24
1m
2m
3m
4m
5m
6m
Covid-19 
impact
23
Management commentary

Recent revenue trends
Total Income grew strongly in FY24, with an increase in Total Income of $23.2 million (+48%) and $6.3 million  
growth (+22%) in the second half of FY24, compared with the same half in FY23. Completed Room Nights for  
Booking.com for Business increased by 1.0 million (+65%) over FY23 with Active Customers growing to 172k in FY24 
from 157k at the end of FY23. Total Income in the second half of FY24 was impacted by lower unmanaged Completed 
Room Nights, a lower seasonal Average Revenue per Completed Room Night in Booking.com for Business bookings 
and seasonally lower ANZ Managed Travel revenue. 
Total Income ($m)
1H22
$9.5m
2H22
$9.4m
1H23
1H24
$19.4m
$36.3m
2H23
2H24
$28.6m
$34.8m
Total Online Bookings
1H22
1.1m
2H22
1.0m
1H23
1H24
2.0m
2.5m
2H23
2H24
2.2m
2.4m
24

Unmanaged revenue
Unmanaged revenue relates to Booking.com for Business and primarily comprises Supplier commissions revenue 
from hotel bookings. The ARPCRN is impacted by the price of the hotel room and the commission rate for that hotel. 
Revenue is recognised on the date the hotel stay is completed. Bookings can be for multiple rooms and Serko does 
not receive revenue in relation to bookings that are subsequently cancelled. Serko therefore focuses on Completed 
Room Nights (CRN) and Average Revenue per Completed Room Night (ARPCRN) as key metrics, unlike in Managed 
where bookings and ARPB are the key metrics. Completed Room Nights are higher than the number of bookings so 
that ARPB is higher than the ARPCRN. 
For unmanaged revenue, Online Bookings and Completed Room Nights do not include Global Distribution System 
(GDS) bookings, which are non-revenue generating for Serko.
Completed 
Room Nights 
(CRN)
Average Revenue 
per Completed 
Room Night 
(ARPCRN)
Active  
Customers
1H22
2H22
1H23
1H24
2H23
2H24
0.2m
0.5m
1.1m
1.3m
1.2m
0.1m
€6.61 €7.04
€10.10
€10.09
€9.03
€9.38
1H22
2H22
1H23
1H24
2H23
2H24
28k
64k
109k
157k
176k
172k
1H22
2H22
1H23
1H24
2H23
2H24
25
Management commentary

Managed revenue
Travel volumes in Australia and New Zealand continued to recover throughout the 2024 financial year, with  
Online Bookings growing 13% on FY23. Over the year total bookings in Australasia were 95% of 2019 levels,  
the last pre-pandemic calendar year. New Zealand was at 123% of 2019 levels, reflecting the onboarding of a major 
New Zealand Travel Management Company (TMC) during 2019. Australia was at 91% of 2019 levels up from  
82% last year, reflecting business travel recovery and market share gains. March volumes were weaker in 2024,  
with Easter coming earlier reducing the month’s bookings, while the remaining second half volumes had the same 
seasonal variation as the prior year.
Australasia Online Bookings
1.1m
0.9m
1.7m
1.7m
2.0m
1.9m
Australasia ARPB
1H22
2H22
1H23
1H24
2H23
2H24
1H22
2H22
1H23
1H24
2H23
2H24
$4.91
$5.11 $5.06 $4.87 $5.02 $5.33
26

Revenue by geography
Serko earned 30% (FY23: 39%) of revenue from Australia and 4% (FY23: 5%) from New Zealand sources,  
with New Zealand-sourced income up 20% and Australia-sourced income up 13% over the prior year. 
North America revenue decreased by 1% and declined as a proportion of total revenue (FY24: 4% FY23: 6%)  
due to the growth in other regions. 
Europe and Other revenue increased by 85% to $42.2 million driven by continued growth in revenue from  
the Booking.com for Business partnership. 
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Australia
20,564
18,130
2,434
13%
New Zealand
2,981
2,480
501
20%
North America
2,980
3,015
(35)
(1%)
Europe and Other
42,236
22,867
19,369
85%
Total Revenue
68,761
46,492
22,269
48%
27
Management commentary

Business travellers managed 
by a TMC make a booking  
via Serko platforms
Booking and other fees
Serko provides technology platforms, including Zeno, that are used by Enterprise customers, Travel Management 
Companies (TMCs) and Booking.com to provide a seamless process of booking and managing travel for the world’s 
business travellers. The Zeno platform also offers travel and entertainment expense management services for simple 
financial control. Serko receives a combination of transaction fees and commissions for the use of the Zeno platform.
How Serko makes money
Business traveller  
submits receipts using  
Serko platforms
Monthly user fee
Business traveller books  
a hotel, car or taxi  
via Serko platforms
Supplier commissions
1	 Serko does not earn any supplier commission on Sabre/CWT bookings (currently low volume).
2	 The basis of charging can vary depending on the contractual terms with the customer, which may specify time and materials, capped or fixed pricing.
Supplier Commissions 
Revenue 
Travel Platform 
Booking Revenue 
Expense Platform 
Booking Revenue 
Services and Other 
Revenue & Income 
Business travellers 
book a hotel, flight, 
car or taxi via Booking 
for Business (B4B) 
platform. Booking.com 
receives commissions 
from suppliers, primarily 
hotels. Serko receives 
a component of these 
commissions where 
revenue is recognised at 
the time the relevant stay 
is completed, as bookings 
that are cancelled do not 
result in revenue.1 
Serko also earns 
commission income on a 
portion of bookings when 
corporates opt to book 
Serko-sourced hotel and 
other traveller-related 
services. Serko is paid 
directly from the suppliers 
of these services and it 
is included in supplier 
commissions.
Business travellers make 
a booking via Zeno and 
Serko receives revenue 
from the TMC managing 
the business traveller. 
Travel platform revenue 
is made up of transaction 
fees, ancillary service fees 
and contracted minimum 
payments (where 
applicable) and is stated 
net of volume-related 
rebates and discounts. 
Travel platform revenue 
is generally recognised 
at the time a booking is 
made.
The Zeno Expense 
management platforms 
allow registered users 
of corporate customers 
to process travel 
and expense claims 
for accounting and 
reimbursement. 
Expense platform 
revenues are derived  
from a combination of 
fees for active users, 
registered users and 
reports processed.
Services revenue is 
derived from customised 
software development 
undertaken on behalf of 
the TMCs, and installation 
services. It also includes 
the fees charged to 
develop connections 
to third party systems 
wanting to integrate  
with Serko’s platforms.2
Other revenue includes 
income from Serko mobile 
licence fees and other 
miscellaneous revenues.
Serko also receives 
research and development 
tax incentives (RDTI).
28

Operating expenses
Operating expenses grew by 8% to $89.7 million but declined as a percentage of revenue from 178% to 131% with 
continued revenue growth and focus on operating leverage.
Operating expense growth included growth in non-cash items, including amortisation and depreciation and a reduction 
in Capitalisation. The table below shows the year on year (YoY) change in total operating expenses.
Operating expenses FY24 v FY23
FY23  
Operating 
expenses
Remuneration 
and other 
benefits
Employee 
Incentive 
Share 
Scheme 
(EISS)
Lower  
Capital- 
isation
3rd party  
direct  
costs
Amortisation 
and  
depreciation
Other  
expenses
FY24  
Operating 
expenses
$65m
$95m
$90m
$85m
$80m
$75m
$70m
$1.0m
$1.0m
$2.4m
$1.8m
$3.9m
$0.9m
Operating Expenses
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Total remuneration and benefits
49,417
49,329
88
0%
Percentage of revenue
72%
106%
 
 
 
 
 
 
 
Third party direct costs
12,202
10,445
1,757
17%
Percentage of revenue
18%
22%
 
 
 
 
 
 
 
Other operating expenses
11,143
10,005
1,138
11%
Percentage of revenue
16%
22%
 
 
 
 
 
 
 
Total amortisation and depreciation
16,973
13,040
3,933
30%
Percentage of revenue
25%
28%
 
 
 
 
 
 
 
Total Operating Expense
89,735
82,819
6,916
8%
Percentage of revenue
131%
178%
 
 
$82.8m
$89.7m
29
Management commentary

Total Spend for the year was held almost constant at $83.9 million from $83.3 million (1% increase). A reduction in 
Capitalisation has offset increases in Other operating expenses and Third party direct costs as transactional volumes 
increase while scaling to accommodate the revenue growth. Total Spend as a percentage of revenue has decreased 
from 179% in FY23 to 122% in FY24. 
Total Spend from the first half to the second half declined by 1%. Serko has been scaling the business to support 
revenue growth and has largely reached the scale required to achieve its revenue targets. The majority of Serko’s  
Total Spend relates to remuneration and benefits and has grown from FY22 as headcount numbers have grown, 
peaking at the end of FY23 and then dropping in FY24. Serko continues to invest in new growth and cost-efficiency 
initiatives but aims to fund these primarily from efficiency gains rather than new spending.
Total Spend
Total Spend
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Expenses from ordinary activities
89,735
82,819
6,916
8%
 
 
 
 
 
Add back: capitalised development
11,187
13,551
(2,364)
(17%)
Deduct: depreciation and amortisation 
(16,973)
(13,040)
(3,933)
(30%)
 
 
 
 
 
Total Spend
83,949
83,330
619
1%
Percentage of revenue
122%
179%
 
 
1H22
2H22
1H23
1H24
2H23
2H24
$28.4m
$33.9m
$41.1m
$42.2m
$42.2m
$41.8m
30

Product design and development costs
Product design and development (PD&D) costs is a non-GAAP measure representing the internal and external costs 
related to PD&D that have been included in operating costs or capitalised as computer software development during 
the period. PD&D includes all activities related to the design, development and maintenance of Serko’s product but 
excludes operating costs, such as Hosting expenses. PD&D expenses include employee and contractor remuneration 
related to these activities.
Total PD&D costs decreased by 2% to $40.7 million as the average PD&D headcount has reduced in FY24 because of 
a reduction in contractor headcount. As a percentage of revenue PD&D costs reduced by 31 percentage points to 59%. 
Capitalised PD&D costs decreased by 17% to $11.2 million due to less spend on capitalisable projects.
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Total Product Design & Development
40,701
41,735
(1,034)
(2%)
Percentage of revenue
59%
90%
 
 
Less: capitalised product development costs
(11,187)
(13,551)
2,364
17%
Percentage of Product design & development costs
27%
32%
 
 
Total Product design & development costs (excluding amortisation)
29,514
28,184
1,330
5%
Percentage of revenue
43%
61%
 
 
Add: Amortisation of capitalised development costs
15,313
11,163
4,150
37%
Total
44,827
39,347
5,480
14%
Percentage of revenue
65%
85%
 
 
31
Management commentary

Headcount and average income per headcount
By function:
Headcount has reduced from 364 at 31 March 2023 to 347 at 31 March 2024, down 5%, with the majority of the 
decrease in product development and maintenance as we reduced contractor headcount.
By Region:
Headcount growth was in the Australia and China offices, while in New Zealand it decreased as the majority of the 
product development and maintenance resources are based in New Zealand.
Function of headcount
Geography of headcount
 Administration
 Sales and marketing
 Customer support
 Product development  
and maintenance
 US
 Australia
 China
 New Zealand
Year ended 31 March
2024
2023
Change
%
Product development and maintenance
238
261
(23)
(9%)
Sales and marketing
22
20
2
10%
Customer support
44
42
2
5%
Administration
43
41
2
5%
Total headcount at end of year
347
364
(17)
(5%)
Average income per headcount (NZD $000)
200
138
62
45%
Year ended 31 March
2024
2023
Change
%
New Zealand
231
250
(19)
(8%)
Australia
19
15
4
27%
United States
23
27
(4)
(15%)
China
74
72
2
3%
Total headcount at end of year
347
364
(17)
(5%)
FY23
FY24
FY23
FY24
32

1H22
2H22
1H23
1H24
2H23
2H24
By Employment type:
Serko has reduced the number of contractors previously introduced to support key product developments as those 
initiatives have completed.
After significant headcount growth in FY23 there has been a 5% reduction in overall FY24 headcount as Serko worked 
to optimise its resourcing levels.
Total Headcount
 Employees       Contractors
Year ended 31 March
2024
2023
Change
%
Permanent staff
337
336
1
0%
Contractors
10
28
(18)
(64%)
Total headcount at end of year
347
364
(17)
(5%)
0
400
300
200
100
312
331
363
364
345
347
33
Management commentary

Underlying cash flows
The table above reconciles Underlying Cash Flows to the Cash Flow Statement in the Financial Statements.  
Underlying cash flow is cash flows adjusted for items, which are technically cash flows but do not reflect the  
operating cash requirements of the business, such as net flows between cash and short-term investments and  
net funds from capital raise. We have also made adjustments for payments paid in FY23 that would ordinarily have 
been paid in FY22 and relate to FY22.
Cash flows from operating activities improved from a net outflow of $19.2 million to a net inflow of $4.7 million,  
which is as a result of increased receipts from customers due to increased revenue.
Cash flows from investing activities includes cash outflows for property, plant and equipment and intangibles. 
Capitalised development decreased in FY24, which resulted in a decrease in cash flow from investing activities  
with additional outflows in cash flows from operating activities.
Financing cash flows for the year includes receipts for share options exercised by employees.
Total underlying cash burn for the year decreased from $32.6 million to $7.1 million, representing a 78% reduction 
in cash burn. The underlying average monthly cash burn decreased from $2.7 million to $0.6 million, a similar 78% 
decrease in average outflow per month.
Cash balances and short-term deposits decreased 8% to $80.6 million as at 31 March 2024, a $7.1 million reduction. 
Underlying cash flow is a non-GAAP measure comprising cash flow excluding movements between cash and  
short-term investments, cash flows related to capital raises and exceptional items from a timing perspective.
Year ended 31 March
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Adjusted cash flows from operating activities
4,732
(19,156)
23,888
125%
 
 
 
 
 
Adjusted cash flows from investing activities
(11,425)
(14,014)
2,589
18%
 
 
 
 
 
Adjusted cash flows from financing activities
- 
21
(21)
-
 
 
 
 
 
Net foreign exchange differences
(412)
529
(941)
(178%)
 
 
 
 
 
Underlying cash flow
(7,105)
(32,620)
25,515
78%
 
 
 
 
 
Average monthly underlying cash burn
(592)
(2,718)
2,126
78%
 
 
 
 
 
Cash, cash equivalents and short-term deposits at beginning of year
87,744
124,513
(36,769)
(30%)
 
 
 
 
 
Add back adjustments:
 
 
 
 
One-off payment relating to 2022 made in 2023
-
(4,149)
4,149
-
 
 
 
 
 
Reported cash, cash equivalents and short-term deposits at end of year
80,639
87,744
(7,105)
(8%)
34

Looking across the last six halves underlying cash flows peaked at $22.1 million in the six months to 31 March 2022 
($3.7 million average monthly cash burn) and have declined to $3.7 million in the second half of FY24 ($0.6 million 
average monthly cash burn) reflecting strong operating leverage as revenue has grown.
Underlying average  
monthly cash burn
Underlying cash flow
Serko’s balance sheet remains strong with cash and short-term investments of $80.6 million and no debt. Intangibles 
have dropped in FY24 relative to FY23, with lower levels of capitalised product development alongside continued 
amortisation of the existing value of Intangible assets.
Statement of Financial Position
Balance Sheet
2024
2023
Change
%
 
($000)
($000)
($000)
 
 
 
 
 
 
Cash and Short-term Deposits
80,639
87,744
(7,105)
(8%)
Other Current Assets
14,782
13,835
947
7%
Intangibles
31,099
35,041
(3,942)
(11%)
Other Non-current Assets
3,620
4,296
(676)
(16%)
Total Assets
130,140
140,916
(10,776)
(8%)
 
 
 
 
 
Current Liabilities
13,334
12,242
1,092
9%
Non-current Liabilities
1,080
2,744
(1,664)
(61%)
Equity
115,726
125,930
(10,204)
(8%)
Total Liabilities and Equity
130,140
140,916
(10,776)
(8%)
1H22
2H22
1H23
1H24
2H23
2H24
1H22
2H22
1H23
1H24
2H23
2H24
$2.9m
$3.7m $3.6m
$1.8m
$0.6m $0.6m
-$17.6m
-$22.1m -$21.6m
-$11.0m
-$3.7m
-$3.4m
35
Management commentary

Financial  
Statements
For the year ending 31 March 2024
Consolidated statement of comprehensive income
38
Consolidated statement of changes in equity
39
Consolidated statement of financial position
40
Consolidated statement of cash flows
41
Notes to the financial statements
42 
Independent auditor’s report
70 
36

The directors of Serko Limited are pleased to present the financial statements  
for Serko Limited and its subsidiaries (the Group) for the year ended 31 March 2024  
to shareholders.
The directors are responsible for presenting financial statements in accordance with 
New Zealand law and generally accepted accounting practice, which fairly present the 
financial position of the Group as at 31 March 2024 and the results of its operations 
and cash flows for the year ended on that date.
The directors consider the financial statements of the Group have been prepared using 
accounting policies that have been consistently applied and supported by reasonable 
judgements and estimates and that all relevant financial reporting and accounting 
standards have been followed.
The directors believe that proper accounting records have been kept that enable,  
with reasonable accuracy, the determination of the financial position of the Group  
and facilitate compliance of the financial statements with the Companies Act 1993, 
NZX Listing Rules, Financial Reporting Act 2013 and the Financial Markets Conduct  
Act 2013.
The directors consider they have taken adequate steps to safeguard the assets  
of the Group and to prevent and detect fraud and other irregularities. Internal control 
procedures are also considered to be sufficient to provide a reasonable assurance  
as to the integrity and reliability of the financial statements.
The financial statements are signed on behalf of the Board of Directors  
on 28 May 2024 by:
Jan Dawson 
Chair of Audit, Risk and Sustainability Committee
Claudia Batten 
Chair
37
Financial statements

Consolidated Statement of Comprehensive Income
For the year ended 31 March 2024
The accompanying notes form part of these financial statements.
 
Notes
31 Mar 2024
31 Mar 2023
 
 
$ (000)
$ (000)
 
 
 
Revenue
4
68,761 
 46,492
Other income
4
2,424 
 1,533
Total income
 
71,185 
 48,025
 
 
 
Remuneration and benefits
 
(49,417) 
 (49,329)
Other operating expenses
 
(23,345) 
 (20,450)
Amortisation and depreciation
 
(16,973) 
 (13,040)
Expenses from ordinary activities
5
(89,735) 
 (82,819)
 
 
 
Loss before finance items
 
(18,550) 
 (34,794)
 
 
 
Foreign exchange gains/(losses) – net
 
(1,084) 
 1,737
Finance income
5
4,167 
 2,878
Finance expenses
5
(219) 
 (282)
Loss before income tax
 
(15,686) 
 (30,461)
 
 
 
Income tax expense
6
(193) 
 (79)
Net loss 
 
(15,879) 
 (30,540)
 
 
 
Movement in foreign currency translation reserve
 
627 
 (440)
Total comprehensive loss for the period
 
(15,252) 
 (30,980)
 
 
 
Earnings per share
 
 
Basic and diluted earnings/(loss) per share (dollars)
16
(0.13) 
 (0.26)
38

Consolidated Statement of Changes in Equity
For the year ended 31 March 2024
The accompanying notes form part of these financial statements.
*	 Items in other comprehensive income/(loss) may be reclassified to the income statement and are shown net of tax.
 
Notes
Share 
capital
Share-based 
payment 
reserve
Foreign 
currency 
translation 
reserve
Accumulated 
losses
Total
 
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
 
 
 
 
 
 
Balance as at 1 April 2023
 
237,976 
 10,637 
 (676)
 (122,007)
125,930
Net loss for the year
 
-
-
-
(15,879)
(15,879)
Other comprehensive income/(loss)*
 
-
-
627
-
627
Total comprehensive loss for the year
 
-
-
627
(15,879)
(15,252)
 
 
Transactions with owners
 
Equity-settled share-based payments
 
6,570
(1,545)
-
23
5,048
Balance as at 31 March 2024
15
244,546
9,092
(49)
(137,863)
115,726
 
 
 
 
 
 
 
 
 
 
 
 
Balance as at 1 April 2022
 
235,101 
 7,483 
 (236)
 (91,467)
150,881
Net loss for the year
 
 - 
 - 
 - 
 (30,540)
 (30,540)
Other comprehensive income/(loss)*
 
 - 
 - 
 (440)
 - 
 (440)
Total comprehensive loss for the year
 
 - 
 - 
 (440)
 (30,540)
 (30,980)
 
 
 
 
 
 
Transactions with owners
 
 
 
 
 
Equity-settled share-based payments
 
2,875 
 3,154 
 - 
 - 
6,029
Balance as at 31 March 2023
15
237,976 
 10,637 
 (676)
 (122,007)
125,930
39
Financial statements

Jan Dawson 
Chair of Audit, Risk and Sustainability Committee
Claudia Batten 
Chair
Consolidated Statement of Financial Position
As at 31 March 2024
For and on behalf of the Board of Directors, who authorise these financial statements for issue on 28 May 2024
The accompanying notes form part of these financial statements.
 
Notes
31 Mar 2024
31 Mar 2023
 
 
$ (000)
$ (000)
 
Current assets
Cash at bank 
7
14,139
15,244
Short-term deposits
7
66,500
72,500
Trade and other receivables
8
14,637
13,691
Derivative financial instruments
9
145
144
Total current assets
95,421
101,579
 
Non-current assets
Property, plant and equipment
10
2,500
3,946
Intangible assets 
11
31,099
35,041
Deferred tax asset
6
1,120
350
Total non-current assets
34,719
39,337
 
Total assets
130,140
140,916
 
Current liabilities
Trade and other payables
12
9,734
9,862
Deferred income
14
1,489
1,204
Lease liabilities
13
1,035
1,093
Derivative financial instruments
9
421
-
Income tax payable
655
83
Total current liabilities
13,334
12,242
 
Non-current liabilities
Deferred income
14
132
727
Lease liabilities
13
948
2,017
Total non-current liabilities
1,080
2,744
 
Total liabilities
14,414
14,986
 
Equity
Share capital
15
244,546
237,976
Share-based payment reserve
17
9,092
10,637
Foreign currency translation reserve
(49)
 (676)
Accumulated losses
(137,863)
 (122,007)
Total equity
115,726
125,930
 
 
Total equity and liabilities
130,140
140,916
40

Consolidated Statement of Cash Flows
As at 31 March 2024
The accompanying notes form part of these financial statements.
 
Notes
31 Mar 2024
31 Mar 2023
 
$ (000)
$ (000)
 
Cash flows from operating activities
Receipts from customers
69,101
 43,102
Interest received
4,339
 2,170
Receipts from government grants
1,663
 1,629
Taxation paid
(391)
 (393)
Payments to suppliers and employees
(70,946)
 (70,812)
Interest payments on lease liabilities
(169)
 (223)
Net GST refunded
2,298
 2,201
Net cash flows (used in)/from operating activities
19 
5,895
 (22,326)
 
Cash flows from investing activities
Purchase of property, plant and equipment
(232)
 (463)
Capitalised development costs and other intangible assets
(11,193)
 (13,551)
Investment in term deposits
(85,000)
(117,500)
Proceeds from matured term deposits
91,000
135,000
Net cash flows (used in)/from investing activities
(5,425)
3,486
 
Cash flows from financing activities
Issue of ordinary shares
-
 21
Payment of lease liabilities
(1,163)
 (951)
Net repayment of loans
-
 (28)
Net cash flows (used in)/from financing activities
(1,163)
 (958)
 
Net decrease in total cash
(693)
 (19,798)
Net foreign exchange difference
(412)
 529
Cash and cash equivalents at beginning of period
15,244
 34,513
Cash and cash equivalents at the end of the period
14,139
15,244
 
Cash and cash equivalents comprises the following:
Cash at bank and on hand
7
14,139
 15,244
 
14,139
 15,244
41
Financial statements

Notes to the Financial Statements
For the year ended 31 March 2024
1. CORPORATE INFORMATION
The financial statements of Serko Limited  
(Company or Serko) and subsidiaries (the Group)  
were authorised for issue in accordance with a  
Board resolution.
The Company is a limited liability company domiciled 
and incorporated in New Zealand under the Companies 
Act 1993 and is listed on the New Zealand Stock 
Exchange (NZX) and the Australian Securities Exchange 
(ASX) as an ASX Foreign Exempt Listing. The Company 
is a for-profit entity and is required to be treated as 
an FMC reporting entity under the Financial Markets 
Conduct Act 2013.
Its registered office is at Unit 14d, 125 The Strand, 
Parnell, Auckland, New Zealand.
The Group provides online business travel booking 
software solutions and is headquartered in Auckland, 
New Zealand.
2. BASIS OF ACCOUNTING
The principal accounting policies applied in the 
preparation of these consolidated financial statements 
are set out in the respective notes and in this note. 
These policies have been consistently applied to all  
the years presented, unless otherwise stated.
a) Basis of preparation
The financial statements have been prepared in 
accordance with Generally Accepted Accounting 
Practice in New Zealand (NZ GAAP) and the 
requirements of the Financial Markets Conduct Act 
2013. The financial statements comply with New 
Zealand equivalents to IFRS Accounting Standards  
and IFRS Accounting Standards, as appropriate for 
profit-oriented entities with public accountability.  
Other than where described below, or in the notes,  
the consolidated financial statements have been 
prepared using the historical cost convention.
The financial statements are presented in New Zealand 
dollars (NZD) and all values are rounded to the nearest 
thousand dollars unless stated otherwise.
b) Going concern
The Board has considered the ability of the Group to 
continue to operate as a going concern for at least the 
next 12 months from the date the financial statements 
are authorised for issue. It is the conclusion of the 
Board that the Group will continue to operate as a going 
concern and the consolidated financial statements 
have been prepared on that basis. In reaching their 
conclusion the Board has considered the following 
factors:
•	 Cash reserves (Cash at bank and Short-term 
deposits) at 31 March 2024 of $80.6 million provides 
a sufficient level of headroom to support the business 
for at least the next 12 months; and
•	 Average monthly cash burn for the year was  
$0.6 million.
c) Basis of consolidation
The Group consolidated financial statements 
incorporate the financial statements of the Company 
and entities controlled by the Company. Control is 
achieved when the Company:
•	 Has power over the investee;
•	 Is exposed, or has the rights, to variable returns from 
its involvement with the investee; and
•	 Has the ability to use its power to affect its returns.
Subsidiaries are consolidated from the date the 
Company obtains control. They are de-consolidated 
from the date that control is lost. The acquisition 
method of accounting is used to account for the 
acquisition of subsidiaries by the Group. The 
consideration transferred for an acquisition is measured 
as the fair value of the assets transferred by the Group, 
equity instruments issued, and liabilities incurred or 
assumed, by the Group at the date of exchange.  
42

Costs directly attributable to the acquisition are 
recognised in the income statement. At the acquisition 
date the identifiable assets acquired and the liabilities 
assumed are recognised at their fair value.
A change in the ownership interest of a subsidiary, 
without a cease of control, is accounted for as an equity 
transaction. If the Group ceases control over  
a subsidiary, it:
•	 Derecognises the assets (including goodwill) and 
liabilities of the subsidiary;
•	 Derecognises the carrying amount of any 
noncontrolling interests;
•	 Derecognises the cumulative translation difference 
recorded in equity;
•	 Recognises the fair value of the consideration 
received;
•	 Recognises the fair value of any investment retained;
•	 Recognises any surplus or deficit in profit or loss; and
•	 Reclassifies the parent’s share of components 
previously recognised in other comprehensive income 
to profit or loss or retained earnings, as appropriate, 
as would be required if the Group had directly 
disposed of the related assets or liabilities.
Intra-Group transactions, balances and unrealised gains 
and losses on transactions between Group companies 
are eliminated. Accounting policies of subsidiaries are 
consistent with the policies adopted by the Group.
d) Foreign currency translation
i) Functional and presentation currency
Items included in these consolidated financial 
statements of each of the Group’s entities are 
measured using the currency of the primary economic 
environment in which the entity operates (the functional 
currency). These financial statements are presented in 
New Zealand dollars, which is the Group’s presentation 
currency and the parent’s functional currency.
Key factors supporting the determination that  
New Zealand dollars are the Company’s functional 
currency are:
•	 Serko is NZX listed and has raised capital in  
New Zealand dollars;
•	 Serko generates revenue in multiple currencies; and
•	 New Zealand dollars are the primary currency for 
labour, operating cost and capital expenditure.
ii) Transactions and balances
Transactions in foreign currencies are initially recorded 
in the functional currency by applying the exchange 
rates ruling at the date of the transaction. Monetary 
assets and liabilities denominated in foreign currencies 
are retranslated at the rate of exchange ruling at 
balance date.
Non-monetary items measured in terms of historical 
cost in a foreign currency are translated using the 
exchange rate as at the date of the initial transaction. 
Non-monetary items measured at fair value in a 
foreign currency are translated using the exchange 
rates at the date when the fair value was determined. 
Foreign exchange gains and losses resulting from 
the settlement of such transactions, and from the 
translation at year end of exchange rates for monetary 
assets and liabilities denominated in foreign currencies, 
are recognised in the profit and loss.
iii) Foreign currency translation reserve 
(FCTR)
Serko translates the results of its foreign operations 
from their functional currencies to the presentation 
currency using the closing exchange rate at balance 
date for assets and liabilities and the average monthly 
exchange rates for income and expenses. The 
difference arising from the translation of the statement 
of financial position at the closing rates and the 
statement of comprehensive income at the average 
rates is recognised in other comprehensive income and 
accumulated within the foreign currency translation 
reserve within the statement of changes in equity.
43
Notes to financial statements

e) Sales tax
The Consolidated Statement of Comprehensive Income 
and the Consolidated Statement of Cash Flows have 
been prepared so that all components are stated 
exclusive of sales tax, except where sales tax is not 
recoverable. All items in the Consolidated Statement 
of Financial Position are stated net of sales tax except 
for trade receivables and trade payables, which include 
sales tax payable/receivable. Sales tax includes Goods 
and Services Tax.
f) Application of new and revised standards, 
amendments and interpretations
IFRS 18 Presentation and Disclosure in Financial 
Statements (IFRS 18) was issued in April 2024 as 
replacement for IAS 1 Presentation of Financial 
Statements (IAS 1). The Group is currently assessing 
the impact of IFRS 18 and will disclose a more detailed 
assessment in the future.
The Group has considered all NZ IFRS standards, 
interpretations and amendments that have been 
issued, but are not yet effective, and aside from the 
aforementioned IFRS 18, concluded that there are none 
which would materially impact the Group. The Group 
has not adopted, and currently does not anticipate 
adopting, any standards that are mandatory in future 
periods, prior to their effective date.
g) Comparatives
Certain comparative amounts have been reclassified  
to conform to the current year’s presentation. 
3. SIGNIFICANT ACCOUNTING ESTIMATES 
AND JUDGEMENTS
The preparation of the Group’s consolidated financial 
statements requires the Group to make judgements, 
estimates and assumptions that affect the reported 
amounts of revenues, expenses, assets and liabilities 
and the accompanying disclosures.
The significant judgements, estimates, and 
assumptions made by management in the preparation 
of these financial statements are outlined within the 
financial statement notes to which they relate.  
A summary of these judgements is as follows:
•	 Capitalised development costs (note 11)
•	 Impairment of intangible assets (note 11)
•	 Revenue (note 4)
4. REVENUE AND OTHER INCOME
Revenue is recognised and measured at the fair value of 
the consideration received or receivable to the extent it 
is probable that the entity will collect the consideration 
to which it will be entitled in exchange for the goods 
or services that will be transferred to the customer. 
Revenue is disclosed net of credit notes, rebates and 
discounts.
a) Revenue from transaction and usage fees
Revenue from transaction and usage fees include travel 
platform booking revenue, expense platform revenue 
and supplier commission revenue.
Revenue from travel platform bookings is recorded at 
the time the travel bookings are processed through 
Serko’s platforms. The revenue generated is derived 
from numerous customer contracts that feature diverse 
pricing structures including transactional and usage 
fees with varying triggers for recognising revenue. 
Some contracts have fixed minimum booking volume 
arrangements. These commitments typically cover the 
duration of the agreement and extend across multiple 
financial reporting periods, and revenue is recognised 
over the period of volume commitment. Serko records 
revenue from its portfolio of contracts with reference to 
actual transactions, forecast transactions and minimum 
contracted commitments. Management exercises 
judgement to estimate future transaction volumes in 
order to determine projected revenue and accrue or 
defer revenue accordingly. For contracts without fixed 
consideration, we have applied the ‘as invoiced’ basis  
of recognition.
Expense platform revenue is earned over a month, 
however we have applied the practical expedient by 
recognising revenue at a point in time. Revenue is 
recognised on an active user basis at the end of  
each month.
Supplier commission revenue, predominantly from 
hotel bookings, is recognised when the performance 
obligation is fulfilled, which is when the reservation 
has been completed (completed stay). Management 
exercises judgement to estimate the amount of accrued 
commissions due at reporting date due to the timing of 
commissions received from partners.
b) Revenue from services
Revenue from services is generated from installation or 
other chargeable work orders and is recognised upon 
completion of the contract or services.
44

4. REVENUE AND OTHER INCOME (continued)
c) Contract assets
Contract assets primarily relate to accrued supplier commissions revenue (refer note 8).
The contract asset is reclassified to trade receivables at the point at which it is invoiced to the customer. Contract 
modifications arising from changes in pricing minimum guaranteed volumes are assessed on an individual basis and 
are accounted for prospectively, rather than adjusting the revenue for already satisfied performance obligations.
d) Contract liabilities
If payments received exceed the revenue recognised to date, a contract liability is recognised for the difference  
(refer note 14).
 
Notes
2024
2023
 
 
$ (000)
$ (000)
 
 
Revenue – transaction and usage fees:
 
Travel platform booking revenue
 
19,215
16,283
Expense platform revenue
 
5,291
4,960
Supplier commissions revenue
 
42,930
23,363
Services revenue
 
1,000
1,555
Other revenue
 
325
331
Total revenue
 
68,761
46,492
 
 
Government grants
14
2,412
1,533
Other
 
12
-
Total other income
 
2,424
1,533
 
 
Total revenue and other income
 
71,185
48,025
 
 
 
 
 
2024
2023
 
 
$ (000)
$ (000)
 
 
 
Geographic information
 
 
Australia
 
20,564
18,130
New Zealand
 
2,981
2,480
US
 
2,980
3,015
Europe and Other
 
42,236
22,867
Total revenue
 
68,761
46,492
45
Notes to financial statements

4. REVENUE AND OTHER INCOME (continued)
The Board and Executive Team monitor the results of the Group’s operations as a whole for the purpose of making 
decisions about resource allocation and performance assessment and therefore the Board has determined the Group 
is a single reportable operating segment. For the year ended 31 March 2024 Serko had two customers (2023: two) 
that contributed more than 10% of the revenue for the Group. These customers accounted for $52.2 million of the 
revenue for the year ended 31 March 2024 (2023: $33.3 million).
Serko reduces supplier commissions revenue by the amount of consideration payable to customers relating to jointly 
agreed marketing fees. For the year ended 31 March 2024, consideration payable to customers was $2.0 million 
(2023: $1.8 million).
5. EXPENSES
 
2024
2023
 
$ (000)
$ (000)
 
Loss before finance and taxation includes the following expenses:
 
Employee remuneration
41,633
40,924
Contributions to pension plans
2,148
1,759
Share-based payment expenses
5,048
6,008
Other remuneration and benefits
588
638
Total remuneration and benefits
49,417
49,329
 
Hosting expenses
7,796
6,638
Third party connection costs
2,257
1,889
Other platform related costs
2,149
1,918
Auditor remuneration and other assurance fees
290
268
Directors’ fees
465
447
Directors’ fees - subsidiaries
18
18
Movement of expected credit loss allowance on receivables
(601)
28
Bad debts written off
647
13
Rental and operating lease expenses
117
134
Professional fees
2,300
1,627
Computer licences
1,736
1,540
Insurance costs
1,288
986
Marketing expenses
1,392
1,610
Recruitment fees
370
567
Donations
24
11
Travel and entertainment
1,372
1,128
Other expenses
1,725
1,628
Total other operating expenses
23,345
20,450
 
Amortisation
15,313
11,163
Depreciation
1,660
1,877
Total amortisation and depreciation
16,973
13,040
 
Expenses from ordinary activities
89,735
82,819
46

5. EXPENSES (continued)
* Other assurance services relate to the Greenhouse Gas Emissions Inventory limited assurance engagement in the current and prior year.
 
2024
2023
 
$ (000)
$ (000)
 
Finance income and expenses includes:
 
Finance income
Interest received
4,166
2,877
Dividends received
1
1
Total finance income
4,167
2,878
 
Finance expenses
Interest expense on lease liabilities
(169)
(223)
Other finance expenses
(50)
(59)
Total finance expenses
(219)
(282)
Total finance income and expenses
3,948
2,596
Auditor remuneration
 
2024
2023
 
$ (000)
$ (000)
 
Amounts for services performed by Deloitte Limited:
Audit of financial statements
260
238
Other assurance services*
30
30
Total audit fees
290
268
47
Notes to financial statements

6. INCOME TAX
Income tax expense comprises of current and deferred tax movements.
Tax assets and liabilities for the current period are measured at the amount expected to be recovered from, or paid to, 
the taxation authorities based on the current period’s taxable income. The tax rates and tax laws used to compute the 
amounts are those that are enacted or substantively enacted in the jurisdictions in which the Group operates at the 
reporting date. Taxation is recognised in the income statement, except when it relates to items recognised directly  
in equity.
Deferred tax is recognised on all temporary differences at the balance sheet date between the tax bases of assets  
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences except:
•	 Where the entity has unrecognised losses sufficient to cover the deferred income tax liability; and
•	 For a deferred income tax liability arising from the initial recognition of goodwill; and
•	 Where the deferred income tax liability arises from the initial recognition of an asset or liability in a transaction that 
is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable 
profit or loss, nor gives rise to equal taxable or deductible temporary differences.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses, to the extent that  
it is probable that taxable profit will be available against which the deductible temporary differences can be utilised.
The carrying amount of deferred income tax assets is reviewed at each balance date and reduced to the extent that it 
is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset 
to be utilised.
Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year 
when the asset is realised or the liability is settled, based on tax rates (and tax laws) relevant to the appropriate tax 
jurisdiction, that have been enacted or substantively enacted at the balance date.
 
2024
2023
 
$ (000)
$ (000)
 
Current income tax
Current income tax charge
646
509
Adjustments in respect of income tax
317
(144)
 
963
365
 
Deferred income tax
Origination and reversal of temporary differences
(770)
(286)
 
Income tax expense/(benefit) reported in the statement of comprehensive income
193
79
48

6. INCOME TAX (continued)
The prima facie tax payable on profit before income tax is reconciled to the income tax expense as follows:
Deferred income tax at 31 March relates to the following:
 
2024
2023
 
$ (000)
$ (000)
 
Accounting loss before income tax
(15,686)
(30,461)
 
At the statutory income tax rate of 28% (2023:28%) 
(4,392)
(8,529)
Non-deductible items
33
4,728
Adjustments in respect of income tax
317
(144)
Foreign taxes
(124)
224
Tax losses and temporary differences unrecognised
4,346
4,196
Effect of tax on overseas subsidiaries at different rate
13
(396)
Income tax (benefit)/expense
193
79
 
At effective income tax rate of:
-1.2%
-0.3%
*Net of lease liabilities.
 
2024
2023
 
Statement of 
financial 
position
Statement of 
comprehensive 
income
Statement of 
financial 
position
Statement of 
comprehensive 
income
 
$ (000)
$ (000)
$ (000)
$ (000)
 
 
Deferred income tax liabilities recognised
 
Intangibles
-
19
(19)
65
Deferred income tax asset recognised
Intangibles and non-current assets*
588
586
3
2
Employee entitlements
304
118
185
38
Provisions
224
43
181
181
Other
4
4
-
-
Net deferred tax asset recognised
1,120
770
350
286
 
Deferred income tax liabilities not recognised
 
Intangibles
(22)
(22)
-
22
Deferred income tax asset not recognised
Intangibles and non-current assets*
-
(132)
132
90
Provisions
999
489
510
83
Employee entitlements
545
17
528
72
Share based payments
1,478
(114)
1,592
(49)
Capital expenditure - patents
-
(1)
1
-
Deferred income tax asset not recognised
3,000
237
2,763
218
49
Notes to financial statements

6. INCOME TAX (continued)
Unrecognised tax losses carried forward include $114.2 million (2023: $98.6 million) relating to New Zealand and  
$8.7 million (2023: $10.8 million) relating to foreign jurisdictions.
The New Zealand tax group has a history of tax losses which do not expire. Given the historical losses, no recognition 
of New Zealand temporary or tax loss assets has occurred.
7. CASH AT BANK AND SHORT-TERM DEPOSITS
Cash and cash equivalents in the consolidated statement of financial position comprises cash at bank, and short-term 
highly liquid investments with an original maturity of three months or less.
 
2024
2023
 
$ (000)
$ (000)
 
Cash at bank – New Zealand dollar balances
5,006
6,338
Cash at bank – foreign currency balances
9,133
8,906
Cash and cash equivalents
14,139
15,244
 
 
The carrying amounts of the group’s cash at bank are denominated in the following currencies:
 
 
New Zealand dollars
5,006
6,338
Australian dollars
1,232
602
Chinese Yuan
1,980
1,330
US dollars
5,069
5,857
Euros
852
1,117
 
14,139
15,244
 
Short-term deposits
66,500
72,500
Cash includes USD $1.0 million (2023: USD $1.0 million) of restricted cash in the form of a minimum bank balance 
required in the US to provide same-day clearance for expense reimbursement services.
Short-term deposits of $66.5 million (2023: $72.5 million) represent term deposits used for the investment of surplus 
funds. Short-term deposits are all New Zealand dollars denominated.
50

8. TRADE AND OTHER RECEIVABLES
Receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective 
interest method, less provision for impairment.
Collectability of receivables is reviewed on an ongoing basis. Debts that are known to be uncollectible are written off 
when identified. In accordance with NZ IFRS 9: Financial instruments, trade receivables are assessed for impairment 
and an expected credit loss (ECL) provision made based on lifetime expected credit losses. The ECL model considers 
various aspects of credit risk within a risk matrix, considering history of debtor write off, ageing of invoices, country, 
market and product risk.
The impairment, and any subsequent movement, including recovery, is recognised in the statement of comprehensive 
income.
 
2024
2023
 
$ (000)
$ (000)
 
Trade receivables
3,560
3,289
Expected credit loss provision
(174)
(220)
Trade receivables (net)
3,386
3,069
 
GST receivable
396
545
Sundry debtors
2,560
2,459
Contract assets
6,234
5,845
Prepayments 
2,061
1,773
Total trade and other receivables
14,637
13,691
 
Foreign currency risk
The carrying amounts of the group’s receivables are denominated in the following currencies:
 
New Zealand dollars
3,291
2,849
Australian dollars
2,370
2,509
Euro
6,193
6,379
US dollars
872
383
Other
24
18
 
12,750
12,138
 
At 31 March the aging analysis of receivables and contract assets was as follows:
 
2024
2023
Aging analysis
$ (000)
$ (000)
 
0-30 days
6,748
7,963
31-60 days
2,879
3,015
61-90 days
-
71
91+ days
167
527
9,794
11,576
51
Notes to financial statements

8.	
RECEIVABLES (continued)
Expected credit loss – Trade receivables
Group trade receivables over 60 days were $167 thousand (2023: $598 thousand). An ECL provision of $174 thousand 
(2023: $220 thousand) has been made, resulting in a movement for the period of $46 thousand (2023: $28 thousand). 
Additionally, the Group recognises an allowance of individual receivables if there is objective evidence of credit 
impairment or non-collectability.
Trade receivables are non-interest bearing and are generally on 30 to 60-day terms. Serko has historically low levels of 
impairment on trade receivables.
Movement in the Group’s expected credit loss during the year was as follows:
 
2024
2023
 
$ (000)
$ (000)
 
Balance at 1 April
220
192
Bad Debts written off
(647)
(13)
Expected credit loss provision
601
41
Balance at 31 March
174
220
9.	
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments
The Group uses derivatives in the form of forward exchange contracts (FECs) to reduce the risk that movements in the 
exchange rate will affect the Group’s New Zealand dollar cash flows. Such derivative financial instruments are initially 
recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at 
fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the 
fair value is negative.
The following table presents the Group’s foreign currency forward exchange contracts measured at fair value:
 
2024
2023
 
$ (000)
$ (000)
 
 
Current:
 
Foreign currency forward exchange contracts: asset
145
144
Foreign currency forward exchange contracts: (liability)
(421)
-
 
 
Contractual amounts of forward exchange contracts outstanding were as follows:
 
Foreign currency forward exchange contracts: asset
16,210
38,806
Foreign currency forward exchange contracts: (liability)
30,536
-
Derivative financial instruments have been determined to be within level 2 of the fair value hierarchy. Foreign currency 
forward exchange contracts have been fair valued using published market foreign exchange rates and contract 
forward rates discounted at rates that reflect the credit risk of the counterparties.
52

10. PROPERTY, PLANT AND EQUIPMENT
All items of property, plant and equipment are recorded at cost less accumulated depreciation and impairment. Cost 
includes expenditure that is directly attributable to the acquisition of the asset.
Depreciation is calculated on a straight-line basis over the estimated useful life of the asset.
The following estimates have been used:
•	 Leasehold improvements - Term of lease (16.7% - 25%)
•	 Furniture and fittings - 10% - 13.5%
•	 Computer equipment - 17.5% - 48%
•	 Right-of-use asset - Term of lease
*	 Right-of-use assets relate to premises leases.
 
Leasehold 
improvement
Furniture & 
fittings
Computer 
equipment
Right-of-use 
asset*
Total
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
 
 
 
 
 
2024
 
 
 
 
 
 
 
 
 
Cost or valuation
 
 
 
 
Balance at 1 April 2023
617
952
2,948
5,773
10,290
Additions
32
18
182
-
232
Lease modifications
-
-
-
6
6
Disposals
(3)
(77)
(104)
(394)
(578)
Currency translation
2
5
14
54
75
Balance at 31 March 2024
648
898
3,040
5,439
10,025
 
 
 
 
 
Depreciation
 
 
 
 
Balance at 1 April 2023
543
505
2,286
3,010
6,344
Depreciation expense
17
82
477
1,084
1,660
Disposals
(1)
(34)
(83)
(390)
(508)
Currency translation
2
2
12
13
29
Balance at 31 March 2024
561
555
2,692
3,717
7,525
Net carrying amount
87
343
348
1,722
2,500
 
 
 
 
 
2023
 
 
 
 
 
 
 
 
 
Cost or valuation
 
 
 
 
Balance at 1 April 2022
609
870
2,574
5,086
9,139
Additions
7
85
371
1,018
1,481
Disposals
-
(6)
(28)
(379)
(413)
Currency translation
1
3
31
48
83
Balance at 31 March 2023
617
952
2,948
5,773
10,290
 
 
 
 
 
Depreciation
 
 
 
 
Balance at 1 April 2022
477
421
1,680
2,242
4,820
Depreciation expense
69
86
608
1,114
1,877
Disposals
-
(2)
(28)
(379)
(409)
Currency translation
(3)
-
26
33
56
Balance at 31 March 2023
543
505
2,286
3,010
6,344
Net carrying amount
74
447
662
2,763
3,946
53
Notes to financial statements

10. PROPERTY, PLANT AND EQUIPMENT 
(continued)
a) Impairment
The carrying values of property, plant and equipment 
are reviewed for impairment when events or changes in 
circumstances indicate the carrying value may not be 
recoverable.
If any such indication exists and where the carrying 
values exceed the estimated recoverable amount, the 
assets are written down to their recoverable amounts.
b) Disposal
An item of property, plant and equipment is 
derecognised upon disposal or when no further 
future economic benefits are expected from its use or 
disposal. Any gain or loss arising on derecognition of 
the asset (calculated as the difference between the 
net disposal proceeds and the carrying amount of the 
asset) is included in the income statement in the year 
the asset is derecognised.
11.	
INTANGIBLES
Intangible assets consist of both internally generated 
intangible assets such as capitalised expenditure 
for software development, and externally generated 
intangible assets such as trademarks, intellectual 
property and goodwill upon acquisition.
Key judgements on the capitalisation of 
development costs
An intangible asset arising from development 
expenditure on an internal project is recognised 
only when the Group can demonstrate the technical 
feasibility of completing the intangible asset so that 
it will be available for use or sale, its intention to 
complete and its ability to use or sell the asset. Also 
considered by management is how the asset will 
generate future economic benefits, the availability of 
resources to complete the development and the ability 
to reliably measure the expenditure attributable to the 
intangible asset during its development. Following initial 
recognition of the development expenditure, the cost 
model is applied requiring the asset to be carried at cost 
less any accumulated amortisation and impairment 
losses. Any expenditure capitalised is amortised over 
the period of expected benefit from the related project.
Software assets in the current year relate to  
the continued development of the Group’s  
Booking.com integration with Zeno along with the 
ongoing development of the existing product offerings. 
The group capitalises software development costs 
based on direct costs associated with the project 
and a proportion of employee costs that directly 
relate to the software development project. Computer 
software development costs recognised as assets are 
amortised over their estimated useful lives and tested 
for impairment whenever there is an indication that the 
intangible asset may be impaired. Intangible assets 
under development and not yet completed at balance 
date are recorded as work in progress.
Other expenditures that do not meet the above criteria 
are recognised as expenses as they are incurred. This 
includes research costs and costs associated with 
maintaining internal computer software programmes.
Amortisation and impairment of  
non-financial assets
Amortisation is recognised as an expense in the income 
statement. The estimated useful lives are as follows:
•	 Goodwill and Other intangible assets (indefinite 
useful life, not amortised but tested annually for 
impairment);
•	 Intellectual property (finite, amortised on five years 
straight-line basis); and
•	 Computer software (finite, amortised between  
three and five years on a straight-line basis).
54

11. INTANGIBLES (continued)
For the purpose of impairment testing, goodwill 
acquired in a business combination is, from the 
acquisition date, allocated to each of the Group’s 
cash-generating units expected to benefit from the 
combination, irrespective of whether other assets or 
liabilities of the acquiree are assigned to those units.
Goodwill is tested annually for impairment, or 
immediately if events or changes in circumstances 
indicate that it might be impaired and carried at cost 
less accumulated impairment losses. Impairment 
losses on goodwill are not subsequently reversed.
Intangible assets that are recorded as work in progress 
or that have indefinite useful lives are not subject to 
amortisation. These assets are tested annually for 
impairment or more frequently if events or changes in 
circumstances indicate that they might be impaired. 
Other intangible assets are tested for impairment 
whenever events or changes in circumstances indicate 
that the carrying amount may not be recoverable.
An impairment loss is recognised for the amount 
by which the asset’s carrying amount exceeds its 
recoverable amount. Recoverable amount is the higher 
of an asset’s fair value less costs to sell, and value in 
use. For the purposes of assessing impairment, assets 
are grouped at the lowest levels for which there are 
separately identifiable cash inflows that are largely 
independent of the cash inflows from other assets 
or groups of assets (cash-generating units (CGUs)). 
Non-financial assets, including work in progress and 
computer software, are assessed for impairment at  
a Group level under one CGU.
Non-financial assets, other than goodwill that 
suffered impairment, are tested for possible reversal 
of the impairment whenever events or changes in 
circumstances indicate that the impairment may  
have reversed.
The recoverable amount of the cash-generating unit is 
determined from a value-in-use calculation that uses a 
discounted cash flow analysis. The key assumptions 
for the value-in-use calculation are those regarding 
the discount rate, growth rates and forecast financial 
performance and cash flows.
Management estimates the discount rate using rates 
that reflect current market assumptions of the time 
value of money and risk specific to the cash-generating 
unit. The growth rates are based on management’s 
best estimate. Forecast revenues, direct and indirect 
costs, are based on historical experience/past practices 
and expectations of future changes in the markets the 
Group operates in and services.
Key judgements and estimates – impairment 
considerations
In undertaking an impairment review of the single CGU 
the following assumptions were used in the impairment 
model:
•	 Cash flow projections across a five-year forecast 
period;
•	 The assumptions with the greatest impact on 
impairment testing are as follows:
	
– The retention of and continued growth in revenues 
from key customers;
	
– A pre tax discount rate of 14.1% (2023: 16.6%), 
equivalent to a post tax weighted average cost  
of capital of 11.5% (2023: 13.4%);
	
– The Discount factor is applied using a mid-year 
convention; and
	
– Terminal growth rate of 3.2% (2023: 3.0%).
In assessing the sensitivity of the forecasts to 
changes in assumptions, an analysis of key underlying 
assumptions was performed and applied to the 
weighted average scenario. This included reducing the 
estimated revenue in the fifth year by 20%, reducing the 
terminal growth rate by 3% and increasing the discount 
rate by 2%. These reasonably possible changes in 
assumptions did not result in any impairment.
55
Notes to financial statements

11. INTANGIBLES (continued)
 
Goodwill
Intellectual 
property
Other 
intangible 
assets
Development 
work in 
progress
Computer 
software
Total
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
 
 
 
 
 
 
2024
 
 
 
 
 
 
 
 
 
 
 
Cost
 
 
 
 
 
Balance at 1 April 2023
1,521
1,603
78
4,378
52,638
60,218
Additions
-
-
-
11,193
-
11,193
Transfer of cost
-
-
-
(10,695)
10,695
-
Currency translation
73
78
-
-
197
348
Balance at 31 March 2024
1,594
1,681
78
4,876
63,530
71,759
 
 
 
 
 
 
Amortisation and impairment
 
 
 
 
Balance at 1 April 2023
-
1,363
-
-
23,814
25,177
Amortisation
-
247
78
-
14,988
15,313
Currency translation
-
71
-
-
99
170
Balance at 31 March 2024
-
1,681
78
-
38,901
40,660
Net carrying amount
1,594
-
-
4,876
24,629
31,099
 
 
 
 
 
 
2023
 
 
 
 
 
 
 
 
 
 
 
Cost
 
 
 
 
 
Balance at 1 April 2022
1,336
1,409
78
6,275
36,774
45,872
Additions
-
-
-
13,551
-
13,551
Transfer of cost
-
-
-
(15,448)
15,448
-
Currency translation
185
194
-
-
416
795
Balance at 31 March 2023
1,521
1,603
78
4,378
52,638
60,218
 
Amortisation and impairment
Balance at 1 April 2022
-
928
-
-
12,886
13,814
Amortisation
-
321
-
-
10,842
11,163
Currency translation
-
114
-
-
86
200
Balance at 31 March 2023
-
1,363
-
-
23,814
25,177
Net carrying amount
1,521
240
78
4,378
28,824
35,041
56

12. TRADE AND OTHER PAYABLES
Trade and other payables
Trade and other payables are carried at amortised cost and represent liabilities for goods and services provided to the 
Group prior to the end of the financial year that are unpaid and arise when the Group becomes obliged to make future 
payments in respect of the purchase of these goods and services.
The average credit period on trade payables is approximately 30 days.
Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, long-service leave and annual leave expected to 
be settled within 12 months of the reporting date, are recognised in respect of employees’ services up to the reporting 
date. They are measured at the amounts expected to be paid when the liabilities are settled.
 
2024
2023
 
$ (000)
$ (000)
 
Trade payables
1,350
2,311
Accrued expenses
5,338
4,644
Annual leave accrual
3,046
2,907
Total trade and other payables
9,734
9,862
 
Disclosed as:
Current
9,734
9,862
Non-current
-
-
 
9,734
9,862
 
Foreign currency risk
The carrying amounts of the group’s payables are denominated in the following currencies:
 
 
New Zealand dollars
7,259
7,416
Australian dollars
942
716
US dollars
865
1,133
Other
668
597
 
9,734
9,862
57
Notes to financial statements

13. LEASE LIABILITIES
Recognition and measurement of Serko leasing activities
The Group leases property for fixed periods of between one and six years and some include extension options. These 
extension options are usually at the discretion of the Group and are included in the measurement of the lease asset if 
management concludes it is reasonably certain that the extension will be exercised.
Lease liabilities include the net present value of fixed payments less any lease incentives receivable. The lease 
payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to 
pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar 
terms and conditions.
The amortisation of the discount applied on recognition of the lease liability is recognised as interest expense in the 
income statement.
Key movements relating to lease balances are presented below:
Low value and short-term leases are expensed to the income statement. These include leases on property of  
$86 thousand (2023: $79 thousand) that are short term in nature.
 
2024
2023
 
$ (000)
$ (000)
 
 
Balance at 1 April
3,110
2,977
Leases entered into during the period
-
1,073
Lease modification
6
-
Principal repayments
(1,163)
(951)
Foreign exchange adjustment
30
11
Closing balance
1,983
3,110
 
Classified as:
Current
1,035
1,093
Non-current
948
2,017
Closing balance
1,983
3,110
 
Maturity analysis - contractual undiscounted cash flows:
Less than 1 year
1,128
1,263
Greater than 1 year but less than 2 years
596
1,142
Greater than 2 years 
405
1,017
Total undiscounted lease liabilities at 31 March
2,129
3,422
58

Government grants are not recognised until there is a reasonable assurance that the Group will comply with the 
conditions attached to them and that the grants will be received.
The Research and development tax credit is recognised as income as it is expected to be received in cash.
Government grants are recognised in the consolidated statement of comprehensive income on a systematic basis 
over the periods in which the Group recognises as expenses the related costs for which the grants are intended to 
compensate. As some grants relate to costs capitalised to depreciable assets, amounts are recognised as deferred 
income in the consolidated statement of financial position and transferred to the income statement on a systematic 
and rational basis over the useful lives of the related assets.
Income relating to grants is presented in table below:
 
2024
2023
 
$ (000)
$ (000)
 
Opening deferred income
1,931
1,861
Covid-19 government subsidies
(151)
(151)
Research and development tax credit (RDTI)
(608)
293
Contract liabilities
449
(72)
Closing deferred income
1,621
1,931
 
Deferred income disclosed as:
Current
1,489
1,204
Non-current
132
727
 
1,621
1,931
14. DEFERRED INCOME AND GOVERNMENT GRANTS
Deferred income is presented in the table below:
 
2024
2023
 
$ (000)
$ (000)
 
 
During the year, the Group claimed the following grants:
 
Research and development tax credit (RDTI)
1,882
1,589
Other government grants
178
86
Total compensation
2,060
1,675
 
 
Income recognised
 
Covid-19 government subsidies
151
151
Research and development tax credit (RDTI)
2,083
1,296
Other government grants
178
86
Total income recognised
2,412
1,533
59
Notes to financial statements

15. EQUITY
Ordinary share capital is recognised at the fair value of the consideration received for the issue of new shares in the 
Company. Transaction costs relating to the listing of new ordinary shares and the simultaneous sale and listing of 
existing shares are allocated to those transactions on a proportional basis.
Transaction costs relating to the sale and listing of existing shares are not considered costs of an equity instrument 
as no equity instrument is issued and, consequently, costs are recognised as an expense in the statement of 
comprehensive income when incurred. Transaction costs relating to the issue of new share capital are recognised 
directly in equity as a reduction of the share proceeds received.
During the year the Group allocated the following restricted shares to Serko employees (refer to note 17):
•	 In respect of the Restricted Share Plan (RSP), the Group allocated nil shares (2023: nil). Unallocated shares are 
1,263,865 (2023: 1,263,865); and
•	 In respect of Restricted Share Units (RSU), the Group allocated 2,278,734 (2023: 1,168,329).
 
2024
2023
2024
2023
 
 
Number of 
shares
Number of 
shares
 
$ (000)
$ (000)
(000)
(000)
 
Ordinary shares
Balance at 1 April
237,976
235,101
120,443
119,921
Issue of shares pursuant to US Options plan
-
21
-
8
Issue of shares pursuant to RSU scheme
6,570
2,854
1,403
514
Share capital at 31 March
244,546
237,976
121,846
120,443
 
Share-based payment reserve
Balance at 1 April
10,637
7,483
RSUs expensed during the year
5,048
6,008
Shares vested to employees via RSU scheme
(6,570)
(2,854)
Share options expired
(23)
-
Share-based payment reserve at 31 March
9,092
10,637
60

16. EARNINGS PER SHARE (EPS)
Basic EPS amounts are calculated by dividing the profit / (loss) for the year attributable to ordinary equity holders of 
the parent by the weighted average number of ordinary shares outstanding during the year.
Diluted EPS amounts are calculated by dividing the profit / (loss) attributable to ordinary equity holders of the parent 
by the weighted average number of ordinary shares outstanding during the year, plus the weighted average number 
of shares that would be issued on conversion of all of the dilutive potential ordinary shares into ordinary shares. 
Potential ordinary shares are treated as dilutive when their conversion to ordinary shares would decrease EPS or 
increase the loss per share.
The following reflects the data used in the basic and diluted EPS computations:
 
 
2024
2023
 
 
$ (000)
$ (000)
 
 
Loss attributable to ordinary equity holders of the parent
 
Continuing operations
 
(15,879)
(30,540)
 
 
(15,879)
(30,540)
 
 
 
Notes
2024
2023
 
Number
Number
 
(000)
(000)
 
 
Basic earnings per share
Issued ordinary shares
15
121,846
120,443
 
Weighted average of issued ordinary shares
121,616
120,344
Adjusted for unallocated employee restricted share plan shares
(3,014)
(1,264)
Weighted average of issued ordinary shares outstanding
118,602
119,080
 
 
Basic and diluted earnings/(loss) per share (dollars)
(0.13)
(0.26)
 
 
 
2024
2023
 
Cents
Cents
 
Net tangible assets per security*
68.75
76.26
* Net tangible assets per security is a non-GAAP measure and is provided for NZX reporting purposes. Net tangible assets per security is calculated as 
Total assets less Total liabilities less Intangible assets divided by the issued ordinary shares (excluding treasury shares) as at 31 March.
61
Notes to financial statements

17. SHARE-BASED PAYMENTS
Employees of the Group receive remuneration at the Board’s discretion in the form of share-based payment 
transactions, where services are provided as consideration for the receipt of equity instruments.
The cost of share-based payment transactions are recognised, together with a corresponding increase in equity, 
over the period in which the service conditions are fulfilled. The cumulative expense recognised for share-based 
transactions at each reporting date, until the vesting date, reflects the extent to which the vesting period has expired 
and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit for  
a period represents the movement in cumulative expenses recognised at the beginning and end of that period.
No cumulative expense is recognised for awards that do not ultimately vest except where vesting is conditional upon 
a market condition.
Employee Restricted Share Plan
The employee Restricted Share Plan has been superseded by the Restricted Share Units scheme. There are no future 
plans to allocate the shares held by the trustee. At year end there were 1,263,865 unallocated shares held by the 
trustee (2023: 1,263,865 shares)
Employee Restricted Share Units scheme (RSUs)
Under the Restricted Share Units scheme (RSUs), ordinary shares in Serko Limited are allocated to employees at grant 
date with a zero-exercise price and will be taxable to the employee in the income year when the awards vest.
Vesting conditions are based on:
•	 Continued employment at vesting date and/or;
•	 Performance hurdles, such as performance against revenue targets.
The weighted average grant date fair value of RSUs issued during the year was determined by either the volume 
weighted average price (VWAP) of shares traded in the previous 20 trading days preceding the date of grant or closing 
price the day before issue.
 
2024
2024
2023
2023
 
Weighted average 
price ($)
Number 
of RSUs
Weighted average 
price ($)
Number 
of RSUs
 
 
 
Outstanding at 1 April
 
2,378,995
1,997,222
Allocated to employees during the year
2.80
2,278,734
 4.45 
1,168,329
Cancelled during the year
3.61
(348,428)
 4.91 
(271,968)
Vested during the year
4.69
(1,399,053)
 5.55 
(514,588)
Outstanding at 31 March
 
2,910,248
2,378,995
62

17. SHARE-BASED PAYMENTS (continued)
Employee incentive share options scheme
There were no options granted during the year, as this scheme has been replaced with employees now receiving RSUs.
Options are conditional on the completion of the necessary years of service (the vesting period) as appropriate to that 
tranche. The options are considered graded equity instruments that vest in tranches over two to five years from the 
grant date. No options can be exercised later than five years from the grant date. There were 16 holders of options at 
31 March 2024 (2023: 21).
The Group has no legal or constructive obligation to repurchase or settle the options in cash.
Movements in the number of options outstanding and their related weighted average exercise prices are as follows:
 
2024
2024
2023
2023
 
Weighted 
average exercise 
price ($)
Options 
Weighted 
average exercise 
price ($)
Options
 
 
 
Outstanding at 1 April
94,974
148,309
Cancelled during the year
4.71
(8,518)
 3.63 
(45,497)
Expired during the year
2.84
(23,332)
-
-
Exercised during the year
-
-
 2.68 
(7,838)
Outstanding at 31 March
63,124
 
94,974
 
 
Options outstanding at 31 March fall within the following ranges: 
 
 
 
 
 
2024
2023
Granted
Expiry date
Exercise price ($)
Options
Options
 
 
2018-19
 2023-24 
2.58-3.32
992
24,324
2019-20
 2023-24 
3.95-4.49
40,000
40,930
2020-21
 2023-25
4.80
22,132
29,720
 
 
63,124
94,974
63
Notes to financial statements

b. Transactions with related parties	
There were no transactions with related parties for the year other than key management personnel remuneration.
c. Key management remuneration*
* Key management personnel includes Serko’s board of directors, the Chief Executive Officer and direct reports. Share-based payments represent the 
current years expense recognised in the income statement on unvested share-based payments granted that will vest in future years.
d. Terms and conditions of transactions with related parties
Other than amounts related to the remuneration of key management personnel, directors fees, and expense 
reimbursement, there are no balances or commitments outstanding with key management. Outstanding balances at 
year end are unsecured and settlement occurs in cash.
18. RELATED PARTIES
The Group has related party relationships with its controlled entities and with key management personnel.
a. Subsidiaries
The consolidated financial statements include the financial statements of Serko Limited its and subsidiaries as listed 
in the following table:
 
 
% Equity interest
% Equity interest
Entity Name
Principal activity
2024
2023
 
 
 
Serko Australia Pty Limited
Sales and marketing
100%
100%
Serko Trustee Limited
Trustee
100%
100%
Serko India Private Limited
Non-trading
100%
100%
Serko Investments Limited
Non-trading
100%
100%
Foshan Sige Information Technology Limited
Research and development services
100%
100%
Serko Inc
Sales and marketing
100%
100%
InterplX Inc
Expense management
100%
100%
 
2024
2023
 
$ (000)
$ (000)
 
Non-executive directors’ remuneration
465
447
Salary and other short-term benefits
4,445
4,251
Share-based payments
2,031
3,377
Total compensation
6,941
8,075
64

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s principal financial instruments comprise cash at bank and on hand, short-term deposits, derivatives, trade 
receivables, and trade payables.
The Group’s capital consists of share capital and retained earnings. To maintain or adjust the capital structure, the 
Group may adjust amounts of dividends paid to shareholders, return capital to shareholders, issue new shares or 
amend capital spending plans.
Financial assets:
Cash and cash equivalents, short term deposits, and trade receivables are initially measured at fair value plus directly 
attributable transaction costs and then subsequently measured at amortised cost less any impairment.
19. RECONCILIATION OF OPERATING PROFIT TO NET CASH OUTFLOW  
FROM OPERATING ACTIVITIES
 
2024
2023
 
$ (000)
$ (000)
 
 
Net loss
(15,879)
(30,540)
 
Add non-cash items
Amortisation
15,313
11,163
Depreciation
1,660
1,877
Deferred tax loss/(gain)
(770)
(275)
Loss on foreign exchange transactions
1,084
(1,681)
Share-based compensation
5,048
6,008
Loss on disposal of assets
59
-
 
6,515
(13,448)
Add/(less) movements in working capital items
(Increase)/decrease in receivables
(754)
(7,465)
Increase/(decrease) in income tax payable
572
(37)
Increase/(decrease) in trade and other payables
(438) 
(1,376)
 
 (620)
(8,878)
 
Net cash flow used in operating activities
5,895
(22,326)
65
Notes to financial statements

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
Financial liabilities:
Financial liabilities are classified as ‘other financial liabilities’. Other financial liabilities are initially measured at fair 
value, net of transaction costs. Other financial liabilities are subsequently measured at amortised cost using the 
effective interest method.
Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement 
of the liability for at least 12 months after the balance date.
The main risks arising from the Group’s financial instruments are currency, interest rate, credit and liquidity risk.  
The Group uses different methods to measure and manage the different types of risks to which it is exposed.  
These include monitoring levels of exposure to currency risk and assessments of market forecasts for foreign 
exchange. Ageing analyses and monitoring of specific credit allowances are undertaken to manage credit risk. 
Liquidity risk is monitored through the development of future rolling cash flow forecasts.
The Board reviews and agrees policies for managing each of these risks as summarised below.
a) Risk exposures and responses
i) Interest rate risk
At balance date this year and prior year, the Group did not have any financial liabilities exposed to variable interest  
rate risk.
Excess funds over the forecasted requirements are invested in short-term deposits with a mixture of maturity dates. 
All short-term deposits have fixed interest rates which means the Group’s exposure to movements in interest rates  
is limited.
ii) Liquidity risk
Liquidity risk represents the Group’s ability to meet its financial obligations as they fall due. In terms of managing 
its liquidity risk, the Group holds sufficient cash reserves to meet its obligations arising from its financial liabilities. 
Surplus funds are invested in term-deposits with varying maturity dates based on forecasted cash flows to manage 
liquidity risks.
The following table sets out the contractual cash flows for all non-derivative financial liabilities settled on a gross  
cash flow basis:
Weighted average 
effective interest 
rate %
Contractual 
cash flows
6 months 
or less
6-12 
months
1-2 
years
2-5 
years
More than 
5 years
 
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
 
 
 
 
 
 
 
Group - 2024
Trade and other payables
0%
6,688
6,688
-
-
-
-
Lease liability
10%
2,129
496
632
596
405
-
 
8,817
7,184
632
596
405
-
 
 
 
 
 
 
 
Group - 2023
 
 
 
 
 
 
Trade and other payables
0%
9,862
9,862
-
-
-
-
Lease liability
10%
3,423
616
648
1,142
1,017
-
 
 
13,285
10,478
648
1,142
1,017
-
66

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
b) Currency risk
The Group has exposure to currency risk as a result of transactions denominated in foreign currencies. The risk 
specifically relates to the variability of foreign exchange rates for the currencies the Group trades in and the impact 
this has on the Group’s financial results. The majority of the Group’s expenditure occurred in New Zealand dollars, 
however, sales to overseas customers are transacted in Euros, Australian dollars, New Zealand dollars, and US dollars.
Refer to notes 8 (trade and other receivables), 7 (cash at bank and short-term deposits) and 12 (trade and other 
payables) for further details on the Group’s foreign currency denominated accounts receivable, cash and short-term 
deposit balances, and accounts payable.
The following table summarises the sensitivity to foreign currency exchange rate movements. A sensitivity of +/- 10% 
(2023: +/-20%) has been selected based on what management consider to be a reasonable movement in exchange 
rates.
The sensitivity table below is excluding the impact of foreign exchange contracts:
 
 
Foreign currency risk
 
 
+10%
 
-10%
 
Carrying 
amount
Post-tax 
profit
Equity
Post-tax 
profit
Equity
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
 
 
 
 
 
2024
Foreign exchange balances
Cash at bank
9,133
830
830
(1,015)
(1,015)
Trade and other receivables
9,459
860
860
(1,051)
(1,051)
Trade and other payables
(2,475)
(225)
(225)
275
275
Net exposure
16,117
1,465
1,465
(1,791)
(1,791)
 
 
 
 
 
 
+20%
 
-20%
Carrying 
amount
Post-tax 
profit
Equity
Post-tax 
profit
Equity
 
$ (000)
$ (000)
$ (000)
$ (000)
$ (000)
2023
Foreign exchange balances
Cash at bank
8,906
1,069
1,069
(1,603)
(1,603)
Trade and other receivables
9,282
1,114
1,114
(1,671)
(1,671)
Trade and other payables
(2,445)
(293)
(293)
440
440
Net exposure
15,743
1,890
1,890
(2,834)
(2,834)
67
Notes to financial statements

20. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
c) Credit risk
Credit risk arises from the financial assets of the Group, which comprise cash at the bank, short-term deposits, 
derivative assets, trade receivables, and contract assets. The Group’s exposure to credit risk arises from potential 
default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments.  
Exposure at balance date is addressed in each applicable note.
The Group does not hold any credit derivatives to offset its credit exposure.
The Group monitors and manages the exposure to credit risk by ensuring customers have an appropriate credit 
history. Banking arrangements (including the investment of surplus funds) are monitored to ensure all banks have 
sufficient credit ratings, and exposure to any one banking partner is limited.
The Group’s other largest concentration of credit risk is with one customer, with $7.2 million receivable at  
31 March 2024 (2023: $6.4 million).
At reporting date, the Group’s cash and short-term deposits were held in several banks with the following distribution: 
the largest bank concentration makes up 41%, the second largest concentration is 37%, with the remaining 22% held 
in other banks (2023: 34% each held with two banks and 32% in other banks). A total of 91% (2023: 92%) of cash and 
short-term deposits is held by New Zealand and Australian banks with a Standard & Poors credit rating of at least  
‘AA-’. The Group has no other significant concentrations of credit risk.
d) Fair value
The Board considers that the carrying amounts of financial assets and financial liabilities recognised in the 
consolidated financial statements approximate their fair value.
21. EVENTS AFTER BALANCE SHEET DATE
On 30 April 2024, Serko renewed the partnership with Booking.com for an additional five years.
Aside from the above, there were no other material events between the balance sheet date and the date these 
financial statements were authorised for issue.
22. CONTINGENT LIABILITIES
There were no contingent liabilities at balance date (2023: $nil).
68

69
Notes to financial statements

Independent Auditor’s Report 
To the Shareholders of Serko Limited 
Opinion 
Basis for opinion 
Audit materiality 
Key audit matters 
We have audited the consolidated financial statements of Serko Limited and its subsidiaries (the 
‘Group’), which comprise the consolidated statement of financial position as at 31 March 2024, and 
the consolidated statement of comprehensive income, statement of changes in equity and 
statement of cash flows for the year then ended, and notes to the consolidated financial statements, 
including material accounting policy information.  
In our opinion, the accompanying consolidated financial statements, on pages 36 to 68, present 
fairly, in all material respects, the consolidated financial position of the Group as at 31 March 2024, 
and its consolidated financial performance and cash flows for the year then ended in accordance 
with New Zealand Equivalents to IFRS Accounting Standards (‘NZ IFRS’) as issued by the External 
Reporting Board and International Financial Reporting Standards (‘IFRS’) as issued by the 
International Accounting Standards Board. 
We conducted our audit in accordance with International Standards on Auditing (‘ISAs’) and 
International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our responsibilities under those 
standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated 
Financial Statements section of our report.  
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion. 
We are independent of the Company in accordance with Professional and Ethical Standard 1 
International Code of Ethics for Assurance Practitioners (including International Independence 
Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and 
the International Ethics Standards Board for Accountants’ International Code of Ethics for 
Professional Accountants (including International Independence Standards), and we have fulfilled 
our other ethical responsibilities in accordance with these requirements. 
Other than in our capacity as auditor and the provision of assurance services, we have no 
relationship with or interests in the Company or any of its subsidiaries, except that partners and 
employees of our firm deal with the Company and its subsidiaries on normal terms within the 
ordinary course of trading activities of the business of the Company and its subsidiaries. 
We consider materiality primarily in terms of the magnitude of misstatement in the financial 
statements of the Group that in our judgement would make it probable that the economic decisions 
of a reasonably knowledgeable person would be changed or influenced (the ‘quantitative’ 
materiality). In addition, we also assess whether other matters that come to our attention during 
the audit would in our judgement change or influence the decisions of such a person (the 
‘qualitative’ materiality). We use materiality both in planning the scope of our audit work and in 
evaluating the results of our work. 
We determined materiality for the Group financial statements as a whole to be $1,500,000. 
Key audit matters are those matters that, in our professional judgement, were of most significance 
in our audit of the consolidated financial statements of the current period. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in 
forming our opinion thereon, and we do not provide a separate opinion on these matters.  
70

Key audit matter 
How our audit addressed the key audit matter 
Revenue recognition 
The Group has reported total revenue of $68.8 million, as set out in 
note 4 ‘Revenue and other income’. 
The recognition of revenue is a key audit matter due to the 
significance of revenue to the financial statements and judgements 
involved in determining the timing of revenue recognition. 
Included within total revenue of $19.2 million of travel platform 
booking revenue derived from multiple customer contracts that 
contain different pricing schedules and varying revenue 
recognition triggers. Complexity exists because customer contracts 
can include transactional and usage fees (sometimes with 
minimum contracted commitments), establishment and 
installation fees, and chargeable work orders, which impact on the 
allocation of revenue across different goods and services.  
We evaluated the systems, processes and controls in place over the 
major operating revenue streams.  
We engaged our Information Technology specialists to test the IT 
environment in which bookings occur and interfaces with the 
general ledger. 
We recalculated travel platform booking revenue recognised for a 
sample of material customers by reconciling transactions recorded 
in the relevant IT systems to the general ledger and validating 
pricing inputs to invoices and signed customer contracts. 
We considered the application of NZ IFRS 15: Revenue from 
Contracts with Customers for new and material contracts or 
significant variations to contracts entered into during the year. 
We tested samples of manual journal entries recorded outside of 
normal business processes by profiling for unusual revenue 
impacting journals. 
Capitalisation of software development including impairment 
considerations 
The Group capitalises costs for internally developed work in 
progress and transfers those to software upon completion of the 
project. In the current year the Group capitalised costs of $11.2 
million and transferred $10.7 million of work in progress to 
software assets, as set out in note 11 'Intangibles'. $4.9 million of 
development work in progress has been recognised as at balance 
date. 
Capitalisation of software development 
As a Software as a Service (“SaaS”) provider, the Group incurs 
significant expenditure in developing and enhancing software 
products. 
Judgement is required to determine whether the recognition 
criteria under NZ IAS 38 Intangible Assets have been met in order 
to capitalise the applicable costs of development. This includes 
considering whether the costs are directly attributable to the 
development of an asset, and whether the Group can demonstrate 
that the asset is in the development stage. This includes 
demonstrating the technical feasibility of completing the intangible 
asset so that it will be available for use, the Group’s intention to 
complete the asset, how the asset will generate future economic 
benefits, the viability of resources to complete the asset 
development and the ability of the Group to reliably measure the 
expenditure attributable to the intangible asset. 
Impairment assessment 
The Group must also assess each period whether there are any 
indications that the software development assets are impaired and 
must perform impairment testing on any capitalised development 
costs for which there are indicators of impairment, or which relate 
to software that is not yet available for use.  
The recoverable amount of the Group’s cash-generating unit is 
sensitive to assumptions around the retention of and continued 
growth in revenue from key customers, as well as to the terminal 
growth rate and discount rate applied in the discounted cash flow 
model.  
Capitalisation of software development 
We evaluated the nature of expenditure, the stage of product 
development, and how the Group distinguishes expenditure 
between research, development and maintenance costs. 
We assessed the Group’s processes and controls for recording time 
spent on products and the allocation between research or software 
development to be capitalised under NZ IAS 38. 
We tested a sample of additions to evaluate whether the 
recognition criteria under NZ IAS 38 have been met. 
Impairment assessment 
We considered existing software for technical obsolescence, by 
ensuring appropriate revenues exist for those products and 
assessing whether features or product enhancements previously 
capitalised are still in use. 
We challenged the key assumptions within the cash flow forecasts 
by considering historical cashflows, our understanding of the 
business strategy and other relevant external information. 
We used our internal valuation specialists to assist in evaluating the 
assumptions used in the Group’s discounted cash flow model, 
specifically the discount rate and terminal growth rates used, to 
support the carrying value of assets as at 31 March 2024. 
We performed sensitivity analysis over key drivers in the Group’s 
impairment model, particularly assumptions around forecast travel 
bookings and volume growth for the Booking for Business platform. 
71
Independent auditor's report

Key audit matter 
How our audit addressed the key audit matter 
We have included capitalisation and impairment considerations of 
software development as a key audit matter due to the level of 
judgement required. 
Other information 
The directors are responsible on behalf of the Group for the other information. The other 
information comprises the information in the Annual Report that accompanies the 
consolidated financial statements and the audit report and the ESG Report.  
Our opinion on the consolidated financial statements does not cover the other information and we 
do not express any form of assurance conclusion thereon. 
Our responsibility is to read the other information and consider whether it is materially inconsistent 
with the consolidated financial statements or our knowledge obtained in the audit or otherwise 
appears to be materially misstated. If so, we are required to report that fact. We have nothing to 
report in this regard. 
Directors’ responsibilities for the 
consolidated financial statements  
The directors are responsible on behalf of the Group for the preparation and fair presentation of the 
consolidated financial statements in accordance with NZ IFRS and IFRS, and for such internal control 
as the directors determine is necessary to enable the preparation of consolidated financial 
statements that are free from material misstatement, whether due to fraud or error. 
In preparing the consolidated financial statements, the directors are responsible on behalf of the 
Group for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, 
matters related to going concern and using the going concern basis of accounting unless the 
directors either intend to liquidate the Group or to cease operations, or have no realistic alternative 
but to do so. 
Auditor’s responsibilities for the 
audit of the consolidated financial 
statements 
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and to 
issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of 
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and ISAs (NZ) will 
always detect a material misstatement when it exists. Misstatements can arise from fraud or error 
and are considered material if, individually or in the aggregate, they could reasonably be expected 
to influence the economic decisions of users taken on the basis of these consolidated financial 
statements. 
A further description of our responsibilities for the audit of the consolidated financial statements is 
located on the External Reporting Board’s website at:  
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-responsibilities/audit-
report-1 
This description forms part of our auditor’s report. 
Restriction on use 
This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken 
so that we might state to the Company’s shareholders those matters we are required to state to 
them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do 
not accept or assume responsibility to anyone other than the Company’s shareholders as a body, for 
our audit work, for this report, or for the opinions we have formed. 
Paul Seller, Partner 
for Deloitte Limited 
Auckland, New Zealand 
28 May 2024 
72

73
Independent auditor's report

74

Corporate 
Governance 
Statement 
For the year ended 31 March 2024 
This corporate governance statement has been prepared  
in accordance with the NZX Listing Rules and was approved  
by the Serko Board on 28 May 2024. 
75
Corporate governance & disclosures

The Board and management of Serko Limited 
(Company or Serko) are committed to ensuring that 
Serko maintains best practice corporate governance 
and adheres to high ethical standards. 
The Board reviews Serko’s governance policies and 
practices against the NZX Listing Rules and a number 
of corporate governance recommendations, including 
the Corporate Governance Code dated 1 April 2023 
(NZX Code) and the Fourth Edition of the Australian 
Securities Exchange (ASX) Corporate Governance 
Council Principles and Recommendations.
The Board considers that Serko’s corporate governance 
structures, practices and processes have followed all 
of the recommendations in the NZX Code during the 
financial year ended 31 March 2024 and as at the date 
of this report. For the purposes of Recommendation 
3.4, the Board has determined that the whole Board 
will carry out the functions of a nomination committee 
owing to the size of the Board. 
Below, we have reported against the NZX Code dated  
1 April 2023. An index setting out where each NZX Code 
Principle and Recommendation is addressed is set out 
on page 102.
Stock Exchange Listing 
Serko is listed on the New Zealand Stock Exchange 
(NZX Main Board) and on the ASX as an ASX Foreign 
Exempt Listing. As an ASX Foreign Exempt Listing, 
Serko needs to comply with the NZX Listing Rules  
but does not need to comply with the vast majority  
of the ASX Listing Rule obligations (although some  
do still apply).
Serko is incorporated in New Zealand. 
The Board recognises that high ethical standards and 
behaviours are central to good corporate governance. 
Code of Ethics 
Serko’s Code of Ethics outlines how Serko people, 
including its directors, employees, contractors  
and advisers, are expected to conduct their  
professional lives. 
The Code of Ethics is not intended to cover an 
exhaustive list of expectations on Serko people  
but instead is designed to help inform their actions, 
behaviours and decision-making processes that are 
consistent with Serko’s Guiding Principles, strategic 
objectives and legal and policy obligations. It covers  
a range of matters, such as: 
1. setting out Serko’s Guiding Principles, the details of 
which are contained in our ESG Report, and requires 
that Serko people ensure their behaviour, decisions 
and actions are guided by these principles; 
2. specific requirements such as: 
	
a. ensuring conflicts of interest are appropriately 
managed and do not interfere with Serko’s  
best interests; 
	
b. not accepting gifts or personal benefits that may 
compromise or influence business decisions;
	
c. using Serko property and information for 
legitimate and authorised purposes; 
	
d. maintaining security and confidentiality of 
information entrusted to employees in their roles; 
and
	
e. requiring Serko people to be familiar with, and 
comply with, all relevant laws and policies; and 
3. highlighting mechanisms to report any potential  
or actual breach of the Code of Ethics, including  
via its Whistleblowing Policy. 
The Code of Ethics is available to all Serko people 
via the Company’s intranet and is provided to all 
new employees and directors and incorporated in 
onboarding training as part of an induction process. 
Regular training on the Code of Ethics for existing Serko 
people is incorporated into our ongoing compliance 
training schedule. 
Introduction
Ethical Standards 
76

Whistleblowing Policy 
A stand-alone Whistleblowing Policy, which is overseen 
and monitored by the Board, exists to support the 
application of the Code of Ethics and defines the 
process for raising serious wrongdoings within Serko.  
It forms part of a broader ‘See Something, Say 
Something’ approach Serko has recently rolled out, 
designed to provide different mechanisms and  
channels to raise concerns, both formal and informal.
Under the Whistleblowing Policy, employees may 
choose to raise concerns with managers or members 
of the Executive Team but they can also raise concerns 
and report serious wrongdoings via an independent 
external Whistleblower hotline. A designated email 
address, accessible only by non-executive directors,  
is also available for staff to confidentially raise 
concerns they may have. 
Other Ethical Standards and Policies 
In addition, Serko also has the following ethical 
standards and policies in place: 
1. Anti-Bribery and Corruption Policy: Serko takes a 
zero-tolerance approach to bribery and corruption and 
is committed to acting professionally, fairly and with 
integrity in all business dealings and relationships. 
This policy sets out our responsibilities, and the 
responsibilities of those working for and on our 
behalf, in observing and upholding our requirements 
on bribery and corruption, the giving or acceptance of 
gifts and dealing with government officials. 
2. Modern Slavery Policy and Statement: Serko 
published our second annual Modern Slavery 
Statement, setting out the steps taken and the 
planned future actions to identify and address the 
risks of slavery and human trafficking across our 
business operations and supply chains. The risk of 
modern slavery to Serko is considered low because 
of our direct operations, value chain, the type of 
business we operate and the regions we operate in.
3. Business Partner Code of Conduct: We have 
implemented a Business Partner Code of Conduct, 
which is designed to communicate Serko’s 
expectations in relation to ethical and other 
behaviours to our partners. We have also undertaken 
significant work in the last financial year to enhance 
our partner onboarding processes by implementing 
due diligence screening on counterparties.
For more information about the work that is being 
completed in these areas, including Serko’s Business 
Partner Code of Conduct, supply chain initiatives and 
partner screening, please refer to the ‘Social’ section of 
our ESG Report, available at www.serko.com/investors. 
Securities Trading Policy 
We are committed to complying with legal and statutory 
requirements to ensure that directors and employees do 
not trade Serko securities while in possession of inside 
information. 
Serko’s Securities Trading Policy applies to all 
directors, employees and contractors of Serko and its 
subsidiaries. The policy seeks to ensure that those 
subject to the policy do not trade in Serko securities 
if they hold undisclosed price-sensitive information. 
The policy sets out additional rules, including the 
requirement to seek Company consent before trading 
and prescribes certain black-out periods when trading  
is prohibited. 
Compliance with the Securities Trading Policy 
is monitored through a consent process and via 
notification by Serko’s share registrar when any Director 
or Senior Manager trades in Serko securities. All trading 
by Directors and Senior Managers (as defined by the 
Financial Markets Conduct Act 2013) is required to 
be reported to NZX (and ASX) and recorded in Serko’s 
securities trading registers. Regular securities trading 
training is provided to all Serko people, along with 
targeted internal communications.
77
Corporate governance & disclosures

The Board
The Board is elected by shareholders to govern Serko in the interests of its shareholders 
and to protect and enhance the value of Serko’s assets. The Board is responsible for 
corporate governance and Serko’s overall strategic direction and is the overall and final 
body responsible for all decision-making within Serko. The Board Charter describes the 
Board’s roles and responsibilities and regulates internal Board procedure. 
Our Board – Diversity, Size and Composition 
The directors of Serko’s Board, as at the date of this Annual Report, are set out  
on pages 14 – 15.
Serko signalled to the market in 2023 that it intended to appoint a fourth, Independent 
Non-executive Director. In February 2024, Dr Sean Gourley was accordingly appointed 
as an Independent Non-executive Director. Sean is a proven leader in the AI and data 
commercialisation space over the past decade, having established and grown two 
ground-breaking technology businesses in the US. This, together with his commercial  
US experience, makes him a key asset to Serko as we scale internationally and as  
data and AI becomes even more critically important to our technology and products. 
Sean will stand for election at Serko’s 2024 Annual Shareholder Meeting.
78

A brief profile, including the experience of each Director, can be found on page 14 – 15 of this Annual Report. 
Serko is proud to have a Māori co-founder who sits on the Board as an Executive Director, along with two female 
directors including the Chair. 
The Board is responsible for making recommendations relating to the Board’s size and composition, in accordance 
with the limitations prescribed by the NZX Listing Rules and the provisions of Serko’s Constitution and Board Charter.
Tenure 
Director 
‘07 * ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19 ‘20 ‘21 ‘22 ‘23 ‘24 Tenure 
Darrin Grafton 
17 years (co-founder) 
Bob Shaw 
17 years (co-founder) 
Claudia Batten 
10 years (since NZX Listing) 
Clyde McConaghy 
10 years (since NZX Listing) 
Jan Dawson 
3 years 
Sean Gourley 
<1 year 
*Serko was founded in 2007.
As at 31 March 2024, with the introduction of Sean Gourley in February 2024, the average tenure of non-executive 
directors is almost six years and the average tenure of all directors is almost 10 years.
Board Gender Mix 
All directors
67%
33%
Non-executive directors
50%
50%
79
Corporate governance & disclosures

Board Skill Matrix 
The Board regularly reviews its skills matrix as part of its succession planning and considers the appropriate  
mix of skills required to govern Serko as its strategy evolves and Serko expands internationally. 
The Board assessed the skills of its directors and reviewed the Board’s skills matrix. A summary of this matrix 
is set out below.
Skill category 
Director capability 
Travel industry knowledge
Depth of knowledge of the global travel industry and trends 
Technology, data trends and security
Expertise in software and platform development, ways of working,  
system architecture, emerging technologies, data and security practices 
High growth companies
Experience working with high growth companies, including expanding in to 
new markets and scaling products, services and processes for future growth 
Marketing, sales and channel management
Experience in customer insights, sales, marketing and business  
development in Serko’s core markets 
Strategy
Expertise in strategy and corporate development, including through  
mergers and acquisitions and strategic partnerships
Financial acumen
Qualifications or experience in corporate finance, accounting,  
capital markets, credit markets and banking 
Governance, sustainability and risk
Depth of experience in governance (including on public company boards), 
investor engagement, sustainability and risk, including oversight of climate 
risks/opportunities
Client markets (ANZ)
Depth of experience operating and governing in Australian and  
New Zealand markets 
Client markets (US and Europe)
Depth of experience operating and governing in other client markets,  
including Europe and US
Innovation, entrepreneurship and partnership
Depth of expertise in innovation and entrepreneurship, including ability  
to align vision, mission and goals
Capability 
 High to Very High capability       Low to Medium capability
80

Board Appointments,  
Training and Evaluation 
Serko’s Board has determined that the whole Board  
will carry out the functions of a Nominations Committee 
owing to the size of the Board. When considering 
candidates to act as a Director, the Board will consider 
factors it deems appropriate, including the diversity 
of background, experience and qualifications of the 
Director. Serko undertakes appropriate ‘fit and proper’ 
checks before appointing a Director or putting forward 
any candidate for election as a Director. 
The procedure for the appointment and removal of 
directors is ultimately governed by Serko’s Constitution 
and the NZX Listing Rules. All directors are elected  
by Serko’s shareholders (other than directors appointed 
by the Board, who must retire and stand for election  
at the next meeting of shareholders). Directors are 
subject to the rotation requirements set out in the  
NZX Listing Rules. 
At the time of appointment, each new Director signs 
a comprehensive letter of appointment, setting out 
the terms of their appointment, including duties and 
expectations in the role. Each Director receives the  
Code of Ethics, and other related governance 
documents, policies and procedures, and is introduced 
to the business through a tailored induction programme. 
All directors are regularly updated on relevant industry 
and Company issues and are expected to undertake 
training to remain current on how best to perform their 
duties as directors of Serko. 
All directors have access to senior management to 
discuss issues or obtain information on specific areas 
or items to be considered at Board meetings and each 
Director actively utilises this access to support the 
Company and its executives. 
The Board and Board Committees and each Director 
have the right to seek independent professional  
advice, at Serko’s expense, to assist them in carrying 
out their responsibilities. 
Evaluation of the performance of the Board and its 
Committees is regularly undertaken. A performance 
review of the Board was carried out by the Chair of the 
Board during FY24, with Committee reviews undertaken 
in April 2024. The next Board and Committee review is 
scheduled for the end of FY25. 
Claudia Batten, BCom, LLB (hons) 
Key Capabilities: Innovation, Governance, 
Technology, International Markets
Clyde McConaghy, BBus, MBA 
Key Capabilities: ANZ Markets, Financial, 
Marketing and Sales Channel Management, 
Governance 
Bob Shaw 
Key Capabilities: Innovation, Technology,  
ANZ Markets, Travel Industry Knowledge
Sean Gourley, PhD (Physics), MPhys 
Key Capabilities: Technology, Data,  
International Markets, Innovation
Darrin Grafton 
Key Capabilities: Entrepreneurship, Travel 
Industry Knowledge, Strategy, ANZ markets
Jan Dawson, BCom 
Key Capabilities: Financial, Risk,  
Governance, Strategy
81
Corporate governance & disclosures

Four of Serko’s six directors (Claudia Batten (Chair), 
Jan Dawson, Clyde McConaghy and Sean Gourley) are 
considered by the Board to be independent directors 
for the purposes of the NZX Listing Rules and against 
the criteria set out in the NZX Code and in the Board 
Charter. This determination has been made on the basis 
that these directors are non-executive directors who 
are not substantial shareholders and who are free of 
any interest, business or other relationship that would 
materially interfere with or could reasonably be seen  
to materially interfere with, the independent exercise  
of their judgement. 
In making this determination, the Board has  
considered the relevance of Claudia’s and Clyde’s  
tenure on their ability to bring an independent view  
to decisions in relation to Serko. The Board considers 
that both directors continue to bring independence 
of judgement when carrying out their Director duties.  
Of relevance to this determination is the fact that 
Claudia was not appointed as Chair of the Board  
until 2020 and that the roles of Committee Chair  
have been rotated during their tenure. 
Independence of Directors 
The Board will review any determination it makes 
on a Director’s independence on becoming aware of 
any new information that may affect that Director’s 
independence. For this purpose, the directors are 
required to ensure they immediately advise Serko of 
any new or changed relationship that may affect their 
independence or result in a conflict of interest. 
The Board considers the roles of the Chair and the  
CEO should remain separate. The current Chair has 
been elected by the Board from the independent 
directors, in accordance with the terms of the Board 
Charter. The Chair’s role is to manage and provide 
leadership to the Board and to facilitate the Board’s 
interface with the CEO. 
Conflicts of Interest 
The Board is conscious of its obligations to ensure 
that directors avoid conflicts of interest (both real and 
perceived) between their duty to Serko and their own 
interests. The Board Charter outlines the Board’s policy 
on conflicts of interest. Serko maintains an Interests 
Register in which relevant disclosures of interest and 
securities dealings by the directors are recorded.  
In addition, the Board has developed a Charter to  
govern the establishment and functioning of an 
Independent Committee to be formed, when required,  
to respond to activity determined to cause some 
Directors to be conflicted. The Independent Committee 
is not a standing committee of the Board. 
Company Secretary 
The Company Secretary is responsible for supporting 
the effectiveness of the Board by ensuring that 
its policies and procedures are followed and for 
coordinating the completion and dispatch of the  
Board agendas and papers. The Company Secretary  
is directly accountable to the Board, via the Chair,  
on all governance matters. 
Independence
4x Independent Directors
2x Non-independent Directors
82

83
Corporate governance & disclosures

Inclusion and Diversity 
Serko has a Inclusion and Diversity Policy that reflects its commitment to achieving 
diversity in skills, attributes and experience of our directors, executives and employees 
across a broad range of criteria (including, but not limited to, culture, gender and age). 
The Board as a whole is responsible for overseeing and implementing the Inclusion 
and Diversity Policy but has delegated to the People, Remuneration and Culture 
Committee the responsibility to develop and to recommend measurable objectives to 
the Board that are designed to adhere to the policy. 
Serko sets measurable objectives that reflect our commitment to diversity and reports 
progress against these objectives regularly to the Board. In 2021, we set a gender 
diversity target of 40:40:20, with the aim for this to be achieved by the end of FY24 
across the Board, overall employees, non-executive directors, executive and people 
leaders. Achievement of the target was defined as having 40% female representation. 
As at 31 March 2024, the gender split across our workforce was as follows: 
Female
37.5%
Male
62.2%
Non-binary
0.3%
All workforce
People leaders
66%
34%
All directors
67%
33%
Non-executive directors
50%
50%
Executives
71%
29%
84

The respective numbers and proportions of men and women at various levels within the Serko workforce as at  
31 March 2023 and 31 March 2024 are set out in the table below: 
Female
2024
2023
no.
%
no.
%
All directors
2
33.3%
2
40.0%
Non-executive directors
2
50.0%
2
66.7%
Executives 1
2
25.0%
2
20.0%
Senior leaders 2
6
31.8%
5
29.4%
All workforce
128
37.5%
130
38.3%
Male
2024
2023
no.
%
no.
%
All directors
4
66.7%
3
60.0%
Non-executive directors
2
50.0%
1
33.3%
Executives 1
6
75.0%
8
80.0%
Senior leaders 2
13
68.2%
12
70.6%
All workforce
212
62.2%
207
61.1%
1  Executives are considered to be the Chief Executive Officer and his direct reports (the Executive Team). Note that Chief Executive Officer,  
Darrin Grafton, and Chief of Strategy, Bob Shaw, are included in both the number of directors and officers reported.
2  Direct reports to the Executive Team in senior positions.
The Board has recently reaffirmed the 40:40:20 gender diversity target remains our objective and we continue to strive 
towards this goal and are making progress in meaningful ways. The Board’s evaluation of Serko’s performance against 
this measurable objective, including relevant FY24 achievements, is set out in our ESG Report. 
In addition, in April 2024, the Board set an additional target to increase Māori and Pacific Peoples representation at  
Serko to 2%.
85
Corporate governance & disclosures
  Asian (34.6%)
  European/Caucasian (27.0%)
  Indian (6.5%)
  Latin American (1.2%)
  Prefer not to say (26.4%)
  Two or more races (3.2%)
  Middle Eastern (0.3%)
  Māori and Pacific Peoples (0.9%)
Ethnicity

The Board uses committees to deal with issues 
requiring detailed consideration, thereby enhancing the 
efficiency and effectiveness of the Board. However, the 
Board retains ultimate responsibility for the functions of 
its committees and determines each committee’s roles 
and responsibilities. 
The current standing committees of the Board are: 
1. Audit, Risk and Sustainability Committee; and 
2. People, Remuneration and Culture Committee. 
Details of the roles and responsibilities of these 
committees are described in their respective charters 
and are summarised below. 
The role of a Nominations Committee is currently,  
and was throughout FY24, carried out by the full  
Board owing to its small size. 
Audit, Risk and Sustainability 
Committee 
The primary function of the Audit, Risk and 
Sustainability Committee is to assist the Board in 
fulfilling its oversight responsibilities relating to Serko’s 
risk management and internal control framework, the 
integrity of its financial reporting, its auditing processes 
and sustainability matters (including management and 
monitoring of climate-related risks and opportunities). 
In carrying out its risk management functions, the 
Committee is specifically responsible for oversight of 
information security risk practices. The Committee 
receives regular updates from Serko’s Chief Information 
Security Officer on information security threats, risks 
and mitigation plans. 
Under the Audit, Risk and Sustainability Committee 
Charter, the Committee must be comprised of a 
minimum of three members who are each Non-
executive Directors, the majority of whom are also 
Independent Directors and at least one Director with 
an accounting or financial background. Further, the 
Chair of the Committee is required to be independent 
and not also be the Chair of the Board. The Chair of 
the Committee is not permitted to have been an audit 
partner or senior manager at Serko’s external audit firm 
within the past three years. The current members of the 
Committee are Jan Dawson (Chair), Clyde McConaghy 
and Claudia Batten, all of whom are Independent,  
Non-executive Directors. Their qualifications and 
experience are set out on pages 14 – 15 of this  
Annual Report. Jan Dawson is a financial expert.
People, Remuneration and Culture 
Committee 
The primary function of the People, Remuneration 
and Culture Committee is to oversee remuneration 
and people-related policies and practices at Serko, 
oversee executive succession planning and make 
recommendations to the Board on Serko’s culture and 
employee wellbeing. The Committee is also tasked with 
annually monitoring and evaluating Serko’s performance 
with respect to its Inclusion and Diversity Policy. 
Under the People, Remuneration and Culture 
Committee Charter, the Committee must be comprised 
of a minimum of three members, all of whom are 
independent directors. The Chair of the Committee 
is required to be independent and may not also be 
the Chair of the Board. The current members of the 
Committee are Clyde McConaghy (Chair), Jan Dawson 
and Claudia Batten, all of whom are Independent, Non-
executive Directors. Their qualifications and experience 
are set out on pages 14 – 15 of this Annual Report. 
Ad hoc committees 
From time to time, the Board may establish an ad hoc 
committee to deal with a particular issue that requires 
specialised knowledge and experience. 
One such committee is the Technology Advisory 
Committee and currently comprises one Non-executive 
Director, two independent expert advisers and executive 
representatives from product and technology. This 
Committee has assisted the Board in its oversight of 
Serko’s technology strategy and the use of technology 
in executing Serko’s overall business strategy. 
Board Committees 
86

Board & Committee Attendance 
All appointed directors attended the 2023 Annual Shareholders Meeting. Details regarding the directors’ attendance of 
the 2024 governance meetings is set out in the table below. 
Directors also met for several additional special meetings to undertake specific planning for the business outside of 
scheduled Board and Committee meetings. 
Employees only attend Committee meetings upon invitation.
Director attendance 
Board 
Audit, Risk and 
Sustainability Committee 
People, Remuneration 
and Culture Committee 
Claudia Batten 
12/12
4/4 
4/4 
Jan Dawson
12/12
4/4
4/4 
Sean Gourley* 
2/2*
**
** 
Darrin Grafton
12/12
**
**
Clyde McConaghy
12/12
4/4
4/4 
Bob Shaw 
12/12
**
**
* Appointed on 1 February 2024. 
** Indicates the Director is not a member of the Committee (although they may have been in attendance for these meetings). 
87
Corporate governance & disclosures

Serko is committed to the promotion of investor 
confidence by ensuring that the trading of Serko shares 
takes place in an efficient, competitive and with an 
informed market. The Board is tasked with ensuring 
the integrity of financial and non-financial reporting 
to shareholders. During the financial year, we have 
focused on readying Serko for climate disclosure 
reporting and enhancing other non-financial reporting. A 
comprehensive ESG programme is being implemented 
to support these initiatives, which is overseen quarterly 
by the Audit, Risk and Sustainability Committee. 
Market Disclosure Policy 
Our Market Disclosure Policy guides Serko’s compliance 
with the continuous disclosure requirements of the NZX 
Main Board. In addition, directors and management 
consider at each Board meeting whether there are any 
issues that have arisen that require disclosure to the 
market. 
Serko has established a Disclosure Committee whose 
role it is to determine whether information is ‘material 
information’ and whether the material information 
is required to be released to the NZX and ASX. The 
Disclosure Committee comprises the Board Chair, the 
Audit, Risk and Sustainability Committee Chair, the Chief 
Executive Officer, the Chief Financial Officer and the 
General Counsel. The Disclosure Committee is governed 
by the Market Disclosure Policy and is responsible for 
implementing that policy. 
Charters and Policies 
Key corporate governance documents referred to in  
this Corporate Governance Statement, including policies 
and charters, are available on Serko’s investor centre: 
www.serko.com/investors. 
Financial Reporting 
The Board is responsible for ensuring the integrity of its 
financial reporting. The Audit, Risk and Sustainability 
Committee closely monitors financial reporting risks in 
relation to the preparation of the financial statements. 
The Audit, Risk and Sustainability Committee, with 
the assistance of management, also works to ensure 
that the financial statements are founded on a sound 
system of risk management and internal control and 
that the system is operating effectively in all material 
respects in relation to financial reporting risks. 
As part of this process, the Chief Executive Officer  
and the Chief Financial Officer are required to state in 
writing to the Board that, to the best of their knowledge, 
Serko’s financial reports: 
•	 present a true and fair view of Serko’s financial 
condition and operational results; 
•	 are prepared in accordance with the relevant 
accounting standards; and 
•	 are founded on a sound system of risk management 
and internal control that is operating effectively. 
Serko has published its full and half-year financial 
statements, which were prepared in accordance with 
relevant financial standards and the abovementioned 
process. The FY24 full-year financial statements are set 
out from page 36 of this Annual Report. 
Non-financial Reporting 
Serko’s Annual Report and ESG Report provide 
information about how Serko is performing on various 
non-financial matters, including environmental, social 
and governance (ESG) matters.
In its ESG Report, Serko sets out its approach  
and commitment to sustainability, aligning its  
ESG priority areas with the United Nations (UN) 
Sustainable Development Goals (SDGs) — a set  
of global sustainability initiatives set by the UN.  
A copy of the ESG Report is available on our website: 
www.serko.com/investors.
Climate Reporting 
Serko is a climate-reporting entity under the Financial 
Markets Conduct Act 2013 and accordingly, has 
published its first mandatory climate-related 
disclosures. This covers progress during the FY24 
financial period and in compliance with the Aotearoa 
New Zealand Climate Standards issued by the External 
Reporting Board (Climate Standards). We have also 
published our FY24 GHG (greenhouse gas) emissions 
inventory, which has been subject to a limited assurance 
engagement by Deloitte Limited. These disclosures 
including the GHG emissions inventory, are set out  
in our ESG Report which is available on our website: 
www.serko.com/investors.
Remuneration 
Serko is committed to remunerating its non-executive 
directors, executive directors and employees fairly, 
transparently and reasonably. Our remuneration 
practices are detailed in the Remuneration Report  
set out from page 105 of this Annual Report. 
Reporting and Disclosure 
88

Risk Management
Serko is committed to proactively and consistently 
managing risk to: 
•	 enhance and protect Serko’s value by delivering 
on our commitments and meeting stakeholders’ 
expectations; 
•	 optimise the return to, and protect the interests of, 
stakeholders; 
•	 allow Serko to pursue opportunities in an informed 
way and aligned with the Board’s risk appetite; and 
•	 ensure a safe and secure environment for our people, 
partners and customers. 
Risk Management Framework 
FY24 saw a thorough review of Serko’s risk 
management programme, which is operated 
according to the revised Managing Risk Policy and 
Risk Management Framework (Framework). The 
Board approved the revised policy and Framework in 
November 2023. This achievement pulls together the 
extensive work and progress made to formalise Serko’s 
approach to risk and the risk appetite in which Serko 
operates. 
The Framework articulates Serko’s process to identify, 
assess, control, monitor and report on risks that may 
affect the ability to achieve objectives. 
The Framework covers financial and non-financial risks, 
as well as those related to internal compliance systems.
Serko’s Board has set the risk appetite for the business 
using our risk categories as defined in our Framework. 
The Board reviews and confirms the risk appetite at 
least annually. Serko’s management is responsible for 
developing mitigation strategies to manage risks within 
the Board’s defined risk appetite and tolerance levels.
An extensive risk register is maintained by management 
with ongoing monitoring and review of all risks 
identified. The risk categories included in our risk 
register are business operations, strategic, climate 
related, modern slavery, bribery and corruption, cyber 
and security, privacy and data and third-party risk.
If a business risk becomes a Top Risk, additional 
reporting and oversight is required. A Top Risk is a 
business risk that has been identified and assessed 
as having a high residual rating. The Audit, Risk and 
Sustainability Committee can use their discretion and 
add a lower rated risk to the Top Risk group should they 
believe visibility at committee level is required. 
In its oversight function, the Audit, Risk and 
Sustainability Committee receives risk reports at 
each meeting, covering Serko’s Top Risks, monitoring 
results and trends, mitigation strategies, action plans 
and updates on the ongoing programme of work. This 
Committee reports back to the Board following each 
meeting, with the Board also having access to the 
Committee minutes.
89
Corporate governance & disclosures

Risk 
category 
Description 
Principal mitigants 
Competition 
& Customer
Serko continues to face exposure to a variety of new 
and existing competitors in new and established 
markets. New technologies could alter the existing 
value chain for travel and expense, disrupting 
existing flows, processes, players and/or underlying 
technology that Serko’s business is based on.  
Serko relies on the strength of its relationship with 
Booking.com for its unmanaged travel offering and  
its reseller relationships for its core online booking 
tool business.
•	Use customer feedback in product design.
•	Continuous improvement of product health  
through monitoring.
•	Pursue global reseller relationships in new geographies  
to reduce concentration risk, with continued investment  
in direct go-to-market sales. 
•	Developing Serko’s channel partner programme to support 
sales and operational enablement for strong and healthy 
reseller partnerships.
•	Processes in place for monitoring and responding to 
competitive threats. 
•	Continued development of strategic partnerships. 
External 
Events
As a travel technology provider, Serko faces significant 
exposure to changes in demand for business travel 
services due to a variety of global events that could 
impact the travel industry. Significantly weakened 
global conditions, as a result of the pandemic, geo-
political instabilities or other events, could harm our 
business and financial condition. 
Environmental disasters or catastrophic events and 
the impact of such events on the travel industry or 
on the global economy could have negative effects 
on our business, partners, suppliers and customers. 
Those events could include impacts of climate 
change, including the increased likelihood of extreme 
weather events and longer-term impacts like the 
predicted rise in global sea levels.  
•	Alternative operating models in place targeting different 
traveller types, across multiple markets. 
•	Monitoring key trends in global and regional travel. 
•	Expanding our offering to different content channels  
and alternative, more sustainable modes offerings,  
including transportation. 
•	Maintaining sufficient capital reserves. 
•	Detailed climate-related risk and opportunity  
analysis completed.
•	Carbon emissions inventory to inform opportunities  
to reduce Serko’s carbon footprint over time. 
Privacy 
and Data 
Protection
Serko’s business involves the collection, use and 
processing of personal data. The global data privacy 
landscape is complex and evolving. As Serko’s 
business expands with new products and into 
additional markets, Serko will become subject to 
additional data privacy regulations. The failure to 
protect personal data and comply with data privacy 
regulations could result in financial penalties, 
operational inefficiencies, intervention by regulators 
and negative impacts to reputation. 
•	Establishment of Data Governance Group to provide 
oversight and guidance on specified data-related matters. 
•	Further embedding a privacy culture within the business  
and roll out of additional training. 
•	Implementing our FY24 Privacy Programme led by  
a dedicated Privacy Officer
•	Privacy obligations assessments for new markets. 
•	Data security initiatives and protections as referred to above. 
People
Serko’s business strategy requires us to attract and 
retain highly skilled talent in a competitive labour 
market globally.
•	Focus on building strong sustainable pipelines of internal 
and external talent for critical or hard-to-fill roles. 
•	Identification of critical talent, execution of stay interviews 
and retention planning. 
•	Increased focus on career development pathways and 
learning and development opportunities for our teams. 
•	Review of our total reward structure to ensure we remain 
competitive with the technology market. 
•	Succession planning for Senior Leadership roles and  
critical or hard-to-fill roles. 
Summary of Top Risks
The following table summarises and consolidates Serko’s Top Risks, grouped by risk category. 
90

Risk 
category 
Description 
Principal mitigants 
Technology
Serko faces exposure to hacking, cyber-attack or 
similar due to its online software hosting, Cloud/
Software-as-a-Service (SaaS) revenue model and  
role as a data processor. Serko may also suffer loss  
of service as a result of failure or unplanned outage  
of IT hosting providers due to its online software 
hosting and Cloud/SaaS services revenue model. 
•	Business resilience planning and incident management. 
•	Platform modernisation and openisation programme.
•	Onboarding and ongoing mandatory training all Serko 
employees and contractors.
•	Governance by the Audit, Risk and Sustainability Committee.
•	Technical oversight by the technology advisory committee.
•	Consistent security practices and procedures across Serko.
•	Highly educated technology and security teams.
•	Platform and vulnerability management processes. 
•	Independent and regular audits, assurance and testing  
(eg, annual Payment Card Industry (PCI) audit).
Additional Business Risks
The following two business risks do not meet the Top Risk status (following assessment) but have been included  
here as they are seen as priorities for the business.
Health & Safety
Serko has historically had a low risk of serious Health and Safety (H&S) workplace incidents due to the nature  
of its business as a technology company, however, the consequences of incidents arising can be severe.  
Principal mitigants include:
•	 Dedicated programmes to support employee wellbeing, including flexible work arrangements and wellness. 
•	 Regular pulse and listening surveys. 
•	 Management awareness and committee reporting ensuring all practical steps to minimise risk are taken. 
•	 Pandemic policies that are regularly reviewed to adapt to the changing health and safety risks presented by 
pandemics. 
Climate-related risks
Serko’s identified climate-related risks and opportunities are found in the ESG Report. The risks identified include 
inability to meet customer demand, price increases and supply chain disruption.
Further detail regarding how Serko approaches and manages climate-related risks and opportunities is set out in our 
Mandatory Climate Disclosures, which are available in our ESG Report.
Summary of Top Risks (continued)
The following table summarises and consolidates Serko’s Top Risks, grouped by risk category.
91
Corporate governance & disclosures

External Auditor Independence 
Serko has an External Audit Independence Policy that 
requires, and sets out the criteria for, the external 
auditor to be independent. The policy recognises the 
importance of the Board’s role in facilitating frank 
dialogue among the Audit, Risk and Sustainability 
Committee, the auditor and management. 
The policy prescribes the services that can and cannot 
be undertaken by the external auditor, which are 
designed to ensure that services provided by Serko’s 
external auditor are not perceived as conflicting with its 
independent role. 
The policy requires that the key audit partner is changed 
at least every five years so that no such persons shall 
be engaged in an audit of Serko for more than five 
consecutive years. In addition, there must be three 
years between the rotation of an audit partner and that 
partner’s next engagement by Serko. In accordance 
with this policy, and the NZX Listing Rules, the key audit 
partner rotated at the end of the FY22 audit. Serko last 
changed its audit firm in 2017. 
The Audit, Risk and Sustainability Committee Charter 
requires the Committee to facilitate the continuing 
independence of the external auditor by assessing 
the external auditor’s independence and qualifications 
and overseeing and monitoring its performance. This 
involves monitoring all aspects of the external audit, 
including the appointment of the auditor, the nature and 
scope of its audit and reviewing the auditor’s service 
delivery plan. In carrying out these responsibilities 
the Audit, Risk and Sustainability Committee meets 
regularly with the auditor without executive directors 
or management present, and the key audit partner has 
direct contact with the Chair of the Audit, Risk and 
Sustainability Committee. 
The auditor is restricted in the non-audit work it may 
perform, as detailed in the policy. For further details 
on the audit fees paid and work undertaken during the 
period, refer to our FY24 financial statements contained 
in this Annual Report. The Audit, Risk and Sustainability 
Committee regularly monitors the ratio of fees for audit 
to non-audit work. 
The lead audit partner will be present at Serko's Annual 
Shareholders Meeting to answer questions from 
shareholders in relation to the audit. 
Internal Audit 
Serko does not have a dedicated internal audit function. 
Instead, internal controls are managed on a day-to-day 
basis predominantly by the finance, legal, compliance 
and security teams. Compliance with certain internal 
controls is reviewed annually by Serko’s external auditor. 
The Board, finance, legal, compliance and security 
teams regularly consider how Serko can improve its 
internal assurance and risk management practices 
during Serko’s annual governance review, quarterly risk 
reviews, preparation of interim and full-year financial 
statements and following Serko’s annual financial audit. 
The Audit, Risk and Sustainability Committee oversees 
these reviews and the controls Serko has in place to 
manage risk. 
Auditors 
92

Information for Shareholders 
Serko is committed to maintaining a full and open 
dialogue with our shareholders (and other interested 
stakeholders) and we have in place an investor 
relations programme to facilitate effective two-way 
communications with shareholders. The aim of Serko’s 
investor relations and communications programme 
is to provide shareholders with information about 
Serko and to enable them to actively engage with 
Serko and exercise their rights as shareholders in 
an informed manner. We facilitate communications 
with shareholders through written and electronic 
communications and by facilitating shareholder access 
to directors, management and Serko’s auditor. 
We provide shareholders with communications through 
the following channels: 
•	 the investor section of Serko’s website; 
•	 full-year reporting and half-year results; 
•	 the Annual Shareholders’ Meeting; 
•	 regular disclosures on Serko’s performance and news 
via stock exchange online disclosure platforms; and 
•	 disclosure of presentations provided to analysts and 
investors during regular briefings. 
Serko’s website is an important part of Serko’s 
shareholder communications strategy. Included on 
the website is a range of information relevant to 
shareholders and others concerning the operation 
of Serko. Serko has published on its website this 
Corporate Governance Statement, which outlines 
our governance practices, as well as our ESG Report, 
predominately focused on climate-related disclosures 
and our social responsibility practices. 
Shareholders may, at any time, direct questions or 
requests for information to directors or management 
through Serko’s website or by sending emails to 
investor.relations@serko.com. 
We provide shareholders with the option to receive 
communications from, and send communications to, 
Serko and its share registrar electronically. The majority 
of Serko shareholders have elected to receive electronic 
communications. 
Shareholder Protections and  
Voting Rights 
All ordinary shares on issue have the same voting rights, 
each conferring on the registered holder an equal right 
to vote on any resolution at a meeting of shareholders. 
In accordance with the Companies Act 1993, Serko’s 
Constitution and the NZX Listing Rules, Serko refers 
major decisions that may change the nature of Serko to 
shareholders for approval. 
Serko conducts voting at its shareholder meetings by 
way of polls, reflecting the principle of one share, one 
vote. Further information on shareholder voting rights is 
set out in Serko’s Constitution. 
Serko did not raise any capital during FY24. 
Annual Shareholders’ Meeting 
Serko’s 2024 Annual Shareholders’ Meeting will be 
conducted as a hybrid meeting, enabling shareholders 
to attend in person or participate in the meeting 
virtually. A hybrid meeting is considered to provide  
the broadest opportunity for shareholder engagement 
with Serko. 
Shareholders will be given an opportunity at the  
meeting to ask questions and comment on relevant 
matters. In addition, Serko’s lead audit partner from 
Deloitte will attend the meeting and will be available  
to answer any questions about the Audit Report.
Shareholder Rights and Relations 
93
Corporate governance & disclosures

Director
Entity
Relationship
Claudia Batten
Serko Inc 1 
Vista Group Limited 
Air New Zealand Limited 
Wonderful Investments Limited 
Director 
Director 
Director 
Appointed Director 
Jan Dawson
Ports of Auckland Limited 
Jan Dawson Limited 
Director/Chair 
Director 
Sean Gourley
Nil
Nil
Darrin Grafton
Financial Equities Limited 
Grafton-Howe No.2 Trust 
InterplX Inc 1 
Serko Australia Pty Limited 1 
Serko Inc 1 
Serko India Private Limited 1 
Serko Investments Limited 1 
Travelog World for Windows Pty. Limited 
Director/Shareholder 
Trustee/Beneficiary 
Director 
Director 
Director 
Director 
Director 
Director
Clyde McConaghy
Optima Boards 
Neuroscience Research Australia 
Director 
Director 
Bob Shaw
Financial Equities Limited 
Ripon Trust 
Serko Australia Pty Limited 1 
Serko India Private Limited 1 
Serko Investments Limited 1 
Travelog World for Windows Pty. Limited 
Director/Shareholder 
Trustee/Beneficiary 
Director 
Director 
Director 
Director 
1  Serko subsidiary as detailed on page 100.
Director Disclosures 
Disclosure of directors’ interests: 
Section 140(1) of the Companies Act 1993 requires a Director of a company to disclose certain interests.  
Under subsection (2) a Director can make disclosure by giving a general notice in writing to Serko of a position  
held by a Director in another named company or entity. The particulars included in Serko’s Interests Register  
at 31 March 2024 are set out in the table below: 
94

1  As described in Serko’s FY22 ESG Report (available on the Investor Centre of Serko’s website), the Non-Executive Director Fixed Trading Plan is now 
grandfathered. 
2  RSU means restricted share units issued under the Serko Long Term Incentive Scheme, which, upon vesting, convert to ordinary shares in  
Serko Limited. 
3  These shares are subject to a deed restricting exercise of any voting rights attached to the shares/any shares issued upon vesting. 
4  By virtue of Darrin Grafton’s personal relationship, he is implied to have the power to exercise, or to control the exercise of, any right to vote attached 
to these shares by virtue of a personal relationship with the beneficial holder of these shares (Donna Bailey).  
Shareholding
In accordance with section 148(2) of the Companies Act 1993, Directors disclosed the following acquisitions or 
disposals of relevant interests in Serko ordinary shares during the financial year ended 31 March 2024: 
Name 
Nature of relevant interest 
Number of 
securities 
acquired/ 
(disposed) 
Consideration 
paid/ 
received 4 
Date of 
acquisition/ 
disposal
Claudia 
Batten 
On-market automated sale by the custodian under the Non-Executive 
Director Fixed Trading Plan to settle administration fees arising 
in relation to the administration and management of the Plan 
(following completion of the term of the Plan). 1
(128.85) 
$498.65 
4-Jul-23
On-market automated sale by the custodian under the Non-Executive 
Director Fixed Trading Plan to settle administration fees arising 
in relation to the administration and management of the Plan 
(following completion of the term of the Plan). 1
(126.55) 
$539.12 
2 Nov-23
On-market automated sale by the custodian under the Non-Executive 
Director Fixed Trading Plan to settle administration fees arising 
in relation to the administration and management of the Plan 
(following completion of the term of the Plan). 1
(112.06) 
$447.13 
5-Mar-24
Darrin  
Grafton
•	Legal owner of unlisted RSUs. 2 
•	Registered holder and beneficial owner of ordinary shares in  
Serko Limited. 
•	(78,754) 3
•	78,754 3 
Nil/Services 
24-May-23 
•	Indirect interest in RSUs 2 acquired through a personal relationship 
with the registered holder.
•	Indirect interest in ordinary shares in Serko Limited acquired 
through a personal relationship with the legal owner. 
•	(1,765) 3, 4
•	1,765 3, 4 
Nil/Services
24-May-23
Legal owner of unlisted RSUs. 2 
123,528 3 
Nil/Services
6-Jun-23
Indirect interest in RSUs 2 acquired through a personal relationship 
with the registered holder. 
2,754 3, 4 
Nil/Services
6-Jun-23
Clyde 
McConaghy 
Registered holder and beneficial owner of shares by virtue of Mr 
McConaghy being the trustee (and beneficiary of) the Portofino Trust.
(21,621) 
$76,500.91
13-Jun-23
Registered holder and beneficial owner of shares by virtue of Mr 
McConaghy being the trustee (and beneficiary of) the Portofino Trust. 
(13,379) 
$47,829.93
14-Jun-23
Bob  
Shaw 
•	Legal owner of unlisted RSUs. 2 
•	Registered holder and beneficial owner of ordinary shares in  
Serko Limited. 
•	(50,194) 3
•	50,194 3 
Nil/Services
24-May-23
Legal owner of unlisted RSUs. 2 
78,354 3  
Nil/Services
6-Jun-23
95
Corporate governance & disclosures

In accordance with the NZX Listing Rules, as at 31 March 2024, Directors had a relevant interest (as defined in the 
Financial Markets Conduct Act 2013) in Serko shares as follows: 
Name
Relevant interest 
% 5 
Claudia Batten 4
125,138.44 
0.10%
Darrin Grafton 1 
12,381,170 
10.16% 
Bob Shaw 2 
 9,283,077 
7.62%
Clyde McConaghy 3 
147,909 
0.12%
Jan Dawson
0 
0.00%
Sean Gourley
0 
0.00% 
1  The relevant interest includes: 10,884,629 ordinary shares held via a trust in which the Director is a trustee and beneficiary; 264,877 ordinary shares 
held directly; and an indirect interest in 1,231,664 ordinary shares by virtue of a personal relationship with the beneficial holder of these shares. 
Darrin Grafton is also the registered holder and beneficial owner of 178,991 unlisted restricted share units allocated pursuant to the Serko Employee 
Incentive Share Scheme and has an indirect interest in 4,033 unlisted restricted share units by virtue of a personal relationship with the beneficial 
owner. 
2  The relevant interest includes: 9,151,250 shares held via a trust in which the Director is a trustee and beneficiary and 131,827 ordinary shares held 
directly. Bob Shaw is also the registered holder and beneficial owner of 115,017 unlisted restricted share units allocated pursuant to the Serko 
Employee Incentive Share Scheme. 
3  Ordinary shares (146,818) are held via a trust in which the Director is a trustee and beneficiary. 
4  Ordinary shares (41,684.44) are held in custody pursuant to the now grandfathered, Serko Non-executive Director Fixed Trading Plan. 
5  Based on the number of shares on issue as at 31 March 2024: 121,845,709.
For the purposes of s161 of the Companies Act 1993, the following entries were made in the Interests Register in 
FY24 in relation to the payment of remuneration and other benefits to directors: 
Date of entry 
Director 
Particulars of Board authorisation
26 May 2023 
Bob Shaw 
Darrin Grafton 
The payment of remuneration and the provision of other benefits by 
the Company to the executive directors on the terms detailed in the 
Board minutes dated 26 May 2022 and on the grounds set out in the 
corresponding directors’ certificate.
29 January 2024 1 
Sean Gourley 
The payment of remuneration and provision of other benefits by the 
Company to a newly appointed Non-executive Director on the terms 
detailed in the Board Resolutions dated 29 January 2024 and on the 
grounds set out in the corresponding directors' certificate. 
19 March 2024 2 
Claudia Batten 
The payment of remuneration by the Company to the non-executive 
directors on the terms detailed in a Board Resolution dated 19 March 
2024 and on the grounds set out in the corresponding directors' 
certificate. 
1  Authorising the remuneration of Sean Gourley as Director, consistent with the fees paid for existing Non-executive Directors, as detailed in the 
Remuneration Report on page 123.
2  Special exertion payment to Claudia Batten for the work undertaken for the recruitment and appointment of Sean Gourley as Non-executive Director. 
For the purposes of section 162 of the Companies Act 1993, an entry was made in the Interests Register in relation  
to insurance effected for directors and officers of Serko in relation to any act or omission in their capacity as directors 
or officers. 
There were no new entries made in the subsidiary Company Interests Registers during the financial reporting period. 
96

Shareholding Disclosures 
As at 31 March 2024, there were 121,845,709 Serko ordinary shares on issue, each conferring on the registered holder 
the right to vote on any resolution at a meeting of shareholders. These shares were held as follows:
1 Includes 1,263,865 ordinary shares with restrictive conditions held by Serko Trustee Limited (all unallocated) pursuant to the now grandfathered 
Serko Restricted Share Plan. The last tranche of allocated restricted shares vested during FY22. Restricted shares, when allocated, have voting rights 
attached, which are exercised on behalf of a beneficial holder by the Trustee at the direction of the beneficial holder. 
Size of shareholding 
Number of holders 
% 
Number of ordinary shares 
%
1 - 1,000 
1,333 
46.79 
560,197 
0.46%
1,001 - 5,000 
962 
33.77
2,303,250 
1.89%
5,001 - 10,000 
240
8.42 
1,794,239
1.47%
10,001 - 50,000 
220 
7.72 
4,570,970 
3.75%
50,001 - 100,000 
42
1.47 
3,059,769 
2.51%
100,001 and over 
52 
1.83 
109,557,284
89.91%
Total 1 
100 
100%
As at 31 March 2024, the following securities were on issue: 
•	 1,263,865 ordinary shares with restrictive conditions held by Serko Trustee Limited (all unallocated) pursuant to the 
now grandfathered Serko Restricted Share Plan. The last tranche of allocated restricted shares vested during FY22; 
•	 16 participants holding a total of 63,124 options pursuant to the Serko (US) Share Incentive Plan; and 
•	 217 participants holding a total of 2,910,248 restricted share units pursuant to the Serko Employee Long Term 
Incentive Scheme (ANZ) and Serko Employee Share Incentive Plan (US). 
Further information on these incentive plans is contained in the Notes to the financial statements and the 
Remuneration Report included in this Annual Report. 
97
Corporate governance & disclosures

Top 20 
Below are details of the 20 largest shareholders of Serko as at 31 March 2024: 
Shareholder 1
Number of ordinary shares held
% 
1
Tea Custodians Limited 
13,231,776 
10.86% 
2
Darrin Grafton & Geoffrey Robertson Ashley Hosking 
10,884,629 
8.93% 
3
Robert James Shaw & Michael John Moore 
9,151,250 
7.51% 
4
Bnp Paribas Nominees NZ Limited Bpss40 
9,022,935 
7.41% 
5
Custodial Services Limited 
8,044,355 
6.60 %
6
Accident Compensation Corporation 
5,978,918 
4.91% 
7
Coronado Pte Limited 
5,406,431 
4.44% 
8
HSBC Nominees (New Zealand) Limited 
5,175,407 
4.25% 
9
Premier Nominees Limited 
4,808,702 
3.95% 
10
Citibank Nominees (NZ) Ltd 
3,868,407 
3.17% 
11
Hobson Wealth Custodian Limited 
3,730,853 
3.06% 
12
New Zealand Superannuation Fund Nominees Limited 
3,398,187 
2.79% 
13
New Zealand Depository Nominee 
2,383,878 
1.96% 
14.
J P Morgan Nominees Australia Pty Limited 
1,758,429 
1.44% 
15
NZ Permanent Trustees Ltd Grp Invstmnt Fund No 20 
1,578,360 
1.30%
16
Skip Enterprises Pty Limited 
1,527,924 
1.25%
17
Pt Booster Investments Nominees Limited 
1,485,900 
1.22% 
18.
Citicorp Nominees Pty Limited 
1,299,845 
1.07% 
19
JPMORGAN Chase Bank 
1,266,670 
1.04% 
20
Serko Trustee Limited 
1,263,865 
1.04% 
98

1  Harbour Asset Management Limited and Jarden Securities Limited filed joint substantial product holder notices during FY24. 
2  Geoffrey Hosking is a trustee of the Grafton-Howe No. 2 Family Trust, of which Darrin Grafton is a trustee and a beneficiary. 
3  Michael Moore is a trustee of the Ripon Trust, of which Robert Shaw is a trustee and a beneficiary. 
4  Based on last substantial product holder notice filed prior to 31 March 2024. 
5  Based on Serko’s records and on the last substantial product holder notice filed prior to 31 March 2024. 
6  Based on issued share capital of 121,845,709 as at 31 March 2024. 
Substantial Product Holders 
According to Serko records and disclosures made to Serko under the Financial Markets Conduct Act 2013, the 
following persons were substantial product holders as at 31 March 2024:
Substantial product holder 
Number of ordinary shares in which 
relevant interest is held 
% of class held 
at balance date 6
Darrin Grafton 
12,381,170 5 
10.161%
Harbour Asset Management Limited 1 
11,192,747 4 
9.186%
Geoffrey Hosking 2 
10,884,629 5 
8.933%
Fisher Funds Management Limited 
10,636,309 4 
8.729%
Robert (Bob) Shaw 
9,283,077 5 
7.619%
Michael Moore 3 
9,151,250 5 
7.511%
Jarden Securities Limited 1 
612,616 4 
0.503% 
99
Corporate governance & disclosures

Subsidiary Company Directors 
With the below exception, directors of Serko’s subsidiaries do not receive any remuneration or other benefits in 
respect of their appointments. The remuneration and other benefits of any such directors who are employees of 
the group totalling $100,000 or more during the year ended 31 March 2024 are included in the relevant bandings for 
remuneration disclosed on page 120 of this Annual Report. 
Serko has agreed to pay Yogita Chadha NZ$18,000 per year in relation to acting as a Director of Serko India Private 
Limited. During the financial year ended 31 March 2024, she earned, and was paid, NZ$18,000 during the year. 
The following persons held office as Directors of subsidiary companies as at 31 March 2024: 
1  Tony D’Astolfo retired as Director in June 2023. Shane Sampson was appointed in March 2024. 
Subsidiary 
Directors
Foshan Sign Information Technology Limited (China) 
Mark Xu (Supervisor) 
Rob Wright (Legal Representative) 
InterplX Inc. (US) 
Darrin Grafton 
Shane Sampson 1
Serko Australia Pty Limited (Australia) 
Darrin Grafton
Bob Shaw
Murray Warner 
Serko Inc (US) 
Darrin Grafton 
Claudia Batten 
Serko India Private Limited (India) 
Darrin Grafton 
Bob Shaw 
Yogita Chadha 
Serko Investments Limited (New Zealand) 
Darrin Grafton 
Bob Shaw 
Serko Trustees Limited (New Zealand) 
Shane Sampson 
Rachael Satherley 
100

Regulatory Matters 
No NZX waivers were granted or relied on by Serko 
during the financial year. 
Donations 
Refer to the Notes to the Financial Statements for any 
donations made via the Serko Group during FY24. Serko 
does not make any political donations. 
Credit Rating 
Serko does not presently have an external credit rating 
status. 
Registration as a Foreign Company 
Serko is registered with the Australian Securities and 
Investments Commission as a foreign company and 
has been issued with the Australian Registered Body 
Number of 611 613 980. 
ASX Disclosures 
Serko holds a Foreign Exempt Listing on the ASX. As 
a requirement of admission, Serko must make the 
following disclosures: 
•	 Serko’s place of incorporation is New Zealand. 
•	 Serko is not subject to Chapters 6, 6A, 6B and 6C of 
the Australian Corporations Act 2001 dealing with the 
acquisition of shares (including substantial holdings 
and takeovers). 
Distributions/Dividends 
There were no dividends or distributions paid to 
shareholders during the financial period. Dividends and 
other distributions with respect to the shares are only 
made at the discretion of the Serko Board. Serko is a 
growth technology company and is not intending to pay 
a dividend for FY25. 
Takeover Response Guidelines 
Serko’s Takeover Protocol and Independent  
Committee Charter sets out the procedure to be 
followed in the event Serko was to receive a takeover 
offer. This procedure was last reviewed in 2022.  
The Independent Committee is not a standing 
committee of the Board and will be formed only when 
required to respond to a takeover offer that causes 
some Directors to be conflicted. 
We intend to review and update our takeover procedures 
in FY25. 
Net Tangible Assets 
Serko’s net tangible assets per share (excluding treasury 
stock) as at 31 March 2024 was 68.75c. 
101
Corporate governance & disclosures

Principle/recommendation 
Section of report and page number 
Priniciple 1 - Ethical Standards 
1.1	 Code of Ethics 
Code of Ethics on page 76
1.2	 Financial product dealing policy 
 Securities Trading Policy on page 77
Principle 2 - Board Composition & Performance 
2.1	 Board Charter 
The Board on page 78 
2.2	 Board appointment and nomination 
Board appointments, training and evaluation on page 81
2.3	 Director agreements 
Board appointments, training and evaluation on page 81
2.4	 a. Director profiles, tenure and ownership interests
Our Board - Diversity, Size and Composition on page 78
	
b. Director meeting attendance
Board & Committee Attendance on page 87
	
c. Director independence
Independence of Directors on page 92
2.5	 Inclusion and Diversity 
Inclusion and Diversity on page 84
2.6	 Director training 
Board appointments, training and evaluation on page 81
2.7	 Director performance 
Board appointments, training and evaluation on page 81
2.8	 Majority independent directors 
Our Board — Diversity, Size and Composition on page78
2.9	 Independent Chair 
Independence of Directors on page 82
2.10	Chair/CEO separation 
Independence of Directors on page 82
Principle 3 - Board Committee 
3.1	 Audit Committee 
Audit, Risk and Sustainability Committee on page 86
3.2	 Attendance at Audit Committee by employees by invitation 
Audit, Risk and Sustainability Committee on page 87
3.3	 Remuneration Committee 
People, Remuneration and Culture Committee on page 86
3.4	 Nomination Committee 
Board appointments, training and evaluation on page 81
3.5	 Other standing committees 
Ad hoc committees on page 86
3.6	 Takeover protocol 
Takeover Response Guidelines on page 101
Index
Relevant policies and charters are available at www.serko.com/investors
102

Principle/recommendation 
Section of report and page number 
Principle 4 - Reporting & Disclosure 
4.1	 Continuous disclosure policy 
Market Disclosure Policy on page 88
4.2	 Code of ethics, charters and policies on website 
Charters and Policies on page 88
4.3	 Balanced, clear and objective financial reporting 
Financial Reporting on page 88
Financial statements are contained from page 36 – 69  
4.4	 Non-financial disclosure 
Non-Financial Reporting on page 88 
ESG Report is available at www.serko.com/investors 
Principle 5 - Remuneration 
5.1	 Director remuneration policy 
Remuneration Report from page 105
5.2	 Executive remuneration policy 
Remuneration Report from page 105
5.3	 CEO remuneration 
Remuneration Report from page 105
Principle 6 - Risk & Management 
6.1	 Risk management 
Risk Management from page 89
6.2	 Health and safety risks 
Additional Business Risks on page 91
Principle 7 - Auditors 
7.1	 Audit framework 
External Auditor’s Independence on page 92 
7.2	 External auditor attends annual meeting 
Annual Shareholder Meeting on page 92
7.3	 Internal audit 
Internal Audit on page 92
Principle 8 - Shareholder Rights & Relations 
8.1	 Investor website 
Information for Shareholders on page 93
8.2	 Shareholder communications 
Information for Shareholders on page 93
8.3	 Right to vote 
Shareholder protections and voting rights on page 93
8.4	 Pro rata offers 
N/A during this reporting period
8.5	 Notice of meeting 
Annual Shareholders’ Meeting on page 93
103
Corporate governance & disclosures

104

Remuneration 
Report 
PRAC Committee Chair’s Letter
106
Governance
108
Remuneration Strategy & Framework
109
Remuneration Structure & Policy
110
Remuneration Benchmarking
110
CEO Remuneration
115
Employee Remuneration
120
Executive Director Remuneration
122
Non-executive Director Remuneration
123
105
Remuneration report

PRAC Committee Chair’s Letter
As Chair of Serko’s People, Remuneration 
and Culture Committee (PRAC Committee), 
I am pleased to present to you Serko’s 
Remuneration Report, covering the financial 
year ended 31 March 2024.
Core to the work of this Committee is ensuring our 
reward disclosures are transparent. This year we have 
taken on feedback from shareholders and advisers, as 
well as considering the new NZX Corporate Governance 
Institute remuneration reporting guidelines. We have 
made further enhancements to our disclosures to 
provide more transparency on reward practices at Serko.
I am pleased to report against the other areas I outlined 
would be a focus for Serko in FY24 as follows:
•	 We worked to cascade and embed the Serko  
Objectives & Key Results (OKRs) through the 
organisation with greater levels of transparency and 
measurement of objectives. Nearly 90% of employees 
had active OKRs, with 79% of employees agreeing 
with the statement “I understand how Serko is 
tracking on its OKRs” and almost 90% agreeing that 
they are “Clear on Serko’s mission and purpose”. 
•	 Serko’s career-level framework and data-driven 
approach to remuneration reviews has set a strong 
foundation for benchmarking, analysis and reward 
decisions and we continue to use this alongside 
performance outcomes to support pay reviews  
and career progression processes.
•	 We published our first Pay and Gender Equity 
Statement and registered on the New Zealand 
‘Mind the Gap’ Registry. We will continue to support 
transparency and accountability in this space. More 
information on this can be found in our ESG report.
•	 We introduced a broader gender-neutral parental  
leave benefit that goes beyond the legislative 
minimum. We have strong employee engagement 
in our survey for our diversity statements scoring  
91% for “in my team diverse perspectives are  
valued” and 90% for “Serko hires people from  
diverse backgrounds”.
At Serko we are acutely aware of the evolutionary and 
increased complexity of technology capabilities in the 
market. We keep abreast of trends in these deeply 
specialist roles. In FY24 roles in the fields of AI, Data, 
and to a lesser extent Cloud, continue to be challenging 
to source and required us to implement more active 
attraction strategies to ensure we have the right talent 
to execute on our growth strategy. We promoted 
internally an expert to Head of AI and made an  
external appointment to Head of Data.
Through embedding our career-level framework and 
regularly tracking pay trends for technology roles in the 
countries we operate in, we can respond accordingly. 
In FY24, this resulted in a targeted mid-year 
remuneration review focusing on our core technology 
roles, as well as some internal promotions so we 
can retain our talent by providing career progression 
opportunities.
As well as our focus on strategic delivery and 
the challenge of attracting and retaining the right 
technology talent, other elements that have shaped  
the wider remuneration landscape for Serko in FY24 
were as follows:
1.	 Market volatility – from high inflation and pay 
pressure in early FY24 to inflationary pressures 
easing in the 2nd half. 
2.	 Lower employee turnover had a positive impact  
as uncertainty materialises more widely in the  
general market. 
3.	 Continuing to develop a high performance culture 
and expectations through the embedding of our 
OKRs and talent identification processes.
4.	 Continuing to consider and respond to employee 
sentiments on Culture and Reward through our 
engagement survey.
5.	 We have reviewed our remuneration principles to 
align with Serko’s recently launched new ‘Guiding 
Principles’. These guiding principles are designed to 
be the foundation of our culture. They are a compass 
that guide our behaviour, decisions and actions.  
Our refreshed remuneration principles are outlined  
on page 109 and will guide our work in FY25.
106

Clyde McConaghy  
Chair • People, Remuneration  
and Culture Committee
Organisational Performance
Serko’s OKR scorecard has centred on delivering growth, 
serving both our managed and our non-managed travel 
customers, enhancing our platform technology through 
an experimentation-based approach and hiring the right 
capability to deliver on our technology goals.
The achievement against our Company scorecard this 
year resulted in a 69% achievement. As a consequence, 
our reward outcomes for our Employee Incentive Share 
Scheme (EISS) and Short Term Incentive (STI) were in 
line with this outcome. More details on the scorecard 
and the outcomes are provided on page 118. 
Non-executive Director Remuneration
I led an external review with EY Australia to assess the 
appropriate remuneration structure. The Director fee 
pool has not been increased since 2021. We remain 
focussed on our capacity to extend the governance that 
is necessary to adapt and compete in our sectors and to 
attract and retain strong international Director talent.
Based on the outcome of the review and other 
market factors, including consultation with external 
stakeholders, a recommendation to increase the fee 
pool will be put to shareholders at the upcoming Annual 
Shareholders’ Meeting. The details of this are set out in 
the Notice of Meeting. 
The Committee also approved an exertion payment of 
$10,000 to the Board Chair, Claudia Batten, to recognise 
the additional work she undertook to find, assess and 
appoint Serko’s new Board member. 
Executive Remuneration
We signalled in last year’s report that our aim was 
to deliver a new at-risk long-term incentive (LTI) with 
increased alignment to improved shareholder returns.  
I am pleased to advise that during FY24 the work on this 
was completed and details on how this new Executive 
LTI based around shareholder returns will operate is 
provided on page 112 of this report.
In FY24 we also commenced a review of the CEO’s 
remuneration package benchmarking to market and 
ensuring appropriate relativity with the rest of the 
Executive Team. We have now completed this review 
and a new remuneration package for FY25 has been 
approved. Details of this is included in page 117 of this 
Remuneration Report. 
Remuneration Outlook
The PRAC Committee continues to ensure Serko’s 
remuneration practices evolve and remain fit for 
purpose. In the next two years Serko is committing to:
1.	 Re-designing and simplifying our performance 
management practices by reducing the focus on  
a ratings-led performance culture and increasing  
the focus on continuous feedback and coaching  
for high performance. We look forward to providing 
you with an update as we build this process over the 
coming year together with our people to ensure it is 
motivating and inspiring.
2.	 Enhancing our Gender Pay plan by continuing to 
embed, enhance and reinforce our practices and 
develop our reporting to be more granular. This will 
assist us to identify drivers of the gap, as well as 
better understand intersectionality, where gender  
and ethnicity converge.
3.	 Checking our benefits offering to ensure it remains 
relevant and is aligned with our values and purpose, 
as well as the market.
4.	 Assessing sustainability as a concept for inclusion  
in future measures for incentives. 
As always, we are keen to maintain an open dialogue 
with shareholders to understand their perspectives 
on our remuneration practices. Should you have any 
questions, you can contact me directly at  
RemChair@Serko.com.
107
Remuneration report

Governance
Serko’s PRAC Committee is responsible for reviewing 
and approving the Group’s remuneration principles 
and framework and reviewing and approving the 
provision of any significant employee benefits outside 
of that framework. The PRAC Committee also reviews 
and approves Serko’s Remuneration Policy. The 
PRAC Committee is also accountable for ensuring 
the remuneration framework is aligned with the 
remuneration principles outlined on the following page.
The PRAC Committee operates under a written  
Charter, which is available in our Investor Centre:  
www.serko.com/investors. 
The PRAC Committee makes recommendations 
to the Board in relation to the remuneration of the 
Chief Executive Officer (CEO) and the Company’s 
broader Executive Team (in consultation with the 
CEO). This includes recommendations related to 
equity-based incentive schemes and the discretionary 
annual incentive, including whether offers under the 
incentive plans are made each year. They also make 
recommendations regarding the fixed remuneration 
pools for all Serko employees. Company-wide 
performance measures and targets that relate 
to incentives are reviewed annually by the PRAC 
Committee and approved by the Board.
The Board retains ultimate responsibility for the 
remuneration arrangements of the CEO in relation 
to their terms of employment, remuneration and 
participation in the Group’s incentive programmes, 
including the setting and evaluating of performance 
targets. 
The current members of the PRAC Committee are
•	 Clyde McConaghy (Chair);
•	 Jan Dawson; and
•	 Claudia Batten.
All members are independent, non-executive directors. 
For more information on the role and responsibilities 
of the Board and the PRAC Committee with respect to 
remuneration practices, as well as PRAC Committee 
attendance, see our Corporate Governance Statement, 
on page 75 of this Annual Report. 
108

Remuneration Strategy & Framework
Serko’s Purpose is to bring people together. This Purpose is underpinned by our vision and mission, our guiding 
principles and our strategic goals. Serko’s remuneration strategy and framework is designed to attract and retain  
high-calibre talent who are empowered, motivated and driven to deliver against these strategic goals and OKRs  
and ultimately create long-term shareholder value.
Serko’s Remuneration Policy outlines the following remuneration principles that apply to all employees, including 
executives, which are underpinned by Serko’s Guiding Principles, to ensure remuneration practices at Serko are fair 
and equitable and that reward is differentiated for higher individual and Company performance. This policy separately 
outlines the treatment of Non-executive Director remuneration. 
Each year, the PRAC Committee conducts a review of Serko’s Remuneration Policy to assess whether any changes  
are required to ensure it continues to deliver a remuneration structure that is consistent with the policy principles.
Guiding  
Principle
Remuneration 
Principle
Principle  
described
How it will show up in remuneration
Equitable  
and unique
Equitable  
outcomes  
for all
•	A fairness and equity lens are applied  
to all remuneration decisions.
•	Competitive in the technology sector.
Share in  
the success
Employees and 
shareholders both 
share in the success  
of Serko
•	Equity is a core component of our 
remuneration packages.
•	Company outcomes and individual outcomes 
are aligned.
•	Reward information is transparent.
Simple and 
accessible
Simple and easy  
to understand
•	Rewards are easy to understand.
•	Serko continually evolves the reward offering. 
Boldly  
perform
Bold and strong 
performance is 
rewarded
•	Reward for achievement above target.
•	Recognition for intelligent innovation.
•	Build mastery and have an impact. 
Be a good  
human
Win  
together
Boldly  
go beyond
Dare to  
simplify
109
Remuneration report

Serko’s remuneration framework is applied to all 
employees, including its Executive Team, which 
includes the CEO and his direct reports with leadership 
responsibilities. Its global banding structure ensures 
roles are mapped into specific bands with broadly 
equivalent work scope and complexity. Pay ranges for 
each band are determined based on local benchmarking 
of market rates.
Total remuneration at Serko includes a mix of fixed 
remuneration and variable at-risk remuneration, 
delivered via Serko’s incentive programmes. The 
proportion of at-risk remuneration increases with the 
seniority of employees. Variable at-risk components are 
tied to the Company’s performance, as well as individual 
performance. This approach is designed to support the 
‘pay for performance’ policy and to ensure delivery of 
shareholder value over both the short and long term.
Company and individual short-term objectives are 
agreed annually. The PRAC Committee reviews 
performance against the Company’s objectives 
following the release of the results for the first six 
months of the financial year and again at year end.
Every employee, including the CEO and Executive 
Team members, has regular performance reviews 
and a formal annual performance review. The annual 
review process assesses performance against agreed 
individual goals and Company OKRs, both financial and 
non-financial. Performance reviews took place for FY24 
in accordance with that process. The outcomes of the 
performance process are a key input to the end-of-year 
remuneration review and incentive awards.
In addition, Serko offers a number of benefits that 
may have a value to employees but are not considered 
part of remuneration. In FY25, Serko will be reviewing 
benefits to ensure they are still fit for purpose and 
aligned with our new Guiding Principles.
Remuneration Structure & Policy 
The PRAC Committee reviews market benchmarking 
for Serko’s pay bands for employees and for key roles, 
including executives on a regular basis to ensure trends 
in the market are tracked and identified and can be 
responded to accordingly. 
In FY24, the Board did not engage any external 
independent remuneration consultants for bespoke 
benchmarking, other than the non-executive director fee 
benchmarking conducted by EY Australia.
Serko continues to use the technology specific market 
data through Radford to underpin Serko’s career and 
remuneration framework. This data is released regularly 
for market benchmarking purposes.
This Remuneration Report contains disclosures of those 
employees (other than employees who are directors) 
who received remuneration and any other benefits in 
their capacity as employees, the value of which was or 
exceeded $100,000 per annum, in brackets of $10,000, 
as required by the Companies Act 1993. Please refer to 
page 120. 
Remuneration Benchmarking 
110

The following table summarises each component of employee remuneration, including for the Executive Team:
In addition to offering restricted share units, Serko has historically also offered employees equity incentives in the 
form of Restricted Shares and Options (in the US only). The Restricted Share Plan has subsequently been grand-
fathered and no restricted shares were allocated during the current financial period. No employees currently have 
unvested Restricted Shares allocated to them. Similarly, no new Options were offered to US employees during the 
period, with RSUs being offered in their place. The number of Options currently on issue is detailed in the Corporate 
Governance Statement section of this Annual Report on page 75.
Component
Summary
Eligibility
Link to Strategy and Performance
Fixed 
Remuneration
•	Base salary.
•	Benefits include employer 
retirement contributions (eg, 
Kiwisaver and Australian 
Superannuation).
All permanent and  
fixed-term employees.
•	Based on individual skills, experience, 
accountabilities, performance and talent.
•	Benchmarked to the median of the market in 
Serko’s respective locations.
•	Reviewed annually based on market data, 
internal relativities and performance criteria.
•	Reviewed mid-year for core technology roles 
supported by market analysis.
Short Term 
Incentive (STI)
At risk
•	Discretionary at-risk cash 
payment with targets set as  
a percentage of base salary.
Executive Team members  
and selected senior  
leadership roles.
•	Designed to reward performance against 
the delivery of annual financial and strategic 
objectives for the respective financial year, 
creating alignment with shareholder value 
creation.
•	Rewards the achievement of Company and 
individual performance.
Equity-based/
Long Term 
Incentive 
Scheme (EISS)
At risk
•	Discretionary equity-based 
award in the form of  
Restricted Share Units  
(RSUs) that convert into  
Serko shares at vesting.
•	At risk with targets set as  
a percentage of base salary.
All permanent employees 
(excluding the Executive  
Team) for FY24 performance  
and beyond.*
•	Designed to retain employees to support the 
delivery of a multi-year strategy and align 
rewards with longer-term shareholder value.
•	Provides employees with a vested interest  
in the Company through equity to incentivise 
share price growth and share in the 
organisational success.
•	The RSU awards are performance based 
with gateways that must be met before a 
grant is made.
•	Rewards the achievement of the Company 
and individual performance.
Executive Long 
Term Incentive 
(Executive LTI) 
(Introduced  
in FY24)
•	Discretionary equity-based  
award in the form of RSUs  
that convert into Serko shares  
at vesting.
•	Both tenure and performance-
related vesting criteria. 
Additional terms of the incentive 
are detailed on page 112.
Executive Team members  
from FY24 onwards.
•	Detail regarding alignment to strategy and 
performance is on page 112.
Sales Incentive 
Plans
At risk
•	Discretionary cash-based 
payment linked directly to 
sales/business development 
performance targets.
Selected sales and business 
development roles.
•	Designed to support the delivery  
of Serko’s revenue and customer-base 
growth.
* Executives were granted restricted units under this scheme in FY24, for FY23-related performance.
111
Remuneration report

A new at-risk Executive Long Term Incentive (Executive LTI) has been developed for the Executive Team, replacing 
their eligibility for the Employee Incentive Share Scheme (EISS). This applies for FY24 and beyond, with the first grant 
to be issued in FY25. 
The PRAC Committee considered the following principles when designing the new Executive LTI:
•	 remaining competitive within the technology industry to attract and retain high calibre executive talent for Serko;
•	 motivating and rewarding performance to incentivise the delivery of Serko’s long-term strategic objectives; and
•	 strengthening alignment of rewards with long-term shareholder value. 
The PRAC Committee considers the new Executive LTI to appropriately balance these design principles. 
The vehicle for the Executive LTI is Restricted Share Units (RSUs), which will convert to ordinary shares in Serko 
Limited on vesting. 
The RSU grant value for each Executive Team member is based on an unchanged target percentage of base salary 
and is subject to certain pre-grant gateways. Once granted, the RSUs will vest in three tranches over three years from 
the grant date, as follows:
Tranche
% of total  
RSU grant
Vesting period 
from grant
Vesting criteria 
Payout
Tranche 1
25%
1 year
Tenure
100%
Tranche 2
25%
2 year
Tenure
100%
Tranche 3
50%
3 year
Absolute Total Shareholder 
Return (aTSR)
Payout is pro-rated for performance 
from 80% up to 150% of 
achievement against target
New Executive Long Term Incentive
112

Incentive Schemes – Key Terms 
 * Excludes Executive Team members for FY24 performance and beyond (with initial grants to occur in FY25). Executive Team members still received a 
grant under the EISS in FY24 based on FY23 performance. 
** In limited circumstances outside of these countries, cash-based incentives are offered in place of equity-based incentives due to the regulatory 
complexity of offering securities into that jurisdiction.
Short Term Incentive
Equity-Based Long Term Incentive
Executive Long Term Incentive 
(from FY24 onwards)
Absolute 
Total 
Shareholder 
Return (aTSR)
 
aTSR is a performance metric used to 
evaluate stock performance for investors 
that factors in both capital gains and 
dividends to measure the overall returns an 
investor earns on their investment. 
aTSR will be measured based on share 
price appreciation and the applicable target 
share price levels and thresholds. These 
target levels will be calculated based on a 
weighted average cost of capital (WACC).
Board 
Discretion
The Board retains absolute discretion in relation to all STI and LTI schemes.
Capital Event
The Board has discretion to adjust awards to account for capital changes to obtain 
an equitable outcome for participants. The Board also retains broad discretion to 
determine the treatment of unvested awards in the event of a change of control.
Economic 
Risk
No Director or employee is permitted to enter into financial products or arrangements 
that operate to limit the economic risk of their vested or unvested entitlements.
Eligibility
Eligible to selected 
roles only – primarily 
Executive and Senior 
Leadership Teams.
All permanent employees* in Australia, 
China, New Zealand and the United 
States**. Since Serko’s inception, the 
Founders have been committed to 
supporting all employees (where possible) 
to own shares in the Company. This is 
achieved by the majority of employees 
being eligible for Equity-Based LTI as a % 
of base salary.
Executive Team, including the CEO. 
Executive 
Team 
Includes the CEO and his direct reports with leadership responsibilities. 
Malus/
Clawback
Payment of any 
incentive under the 
Scheme is at the 
absolute discretion of 
the Board.
The RSU Scheme Rules permit the Board to exercise discretion to clawback an award or 
require repayment of the net proceeds of shares sold, in the event of fraud, dishonesty 
or breach of other obligations (including a material misstatement of financial 
information). This provision is designed to ensure no unfair benefit is obtained by any 
participant.
Pay Vehicle
Cash-based payment 
with target incentive 
based on pre-
determined, % of base 
salary.
Award of restricted share units (RSUs)  
as a target % of base salary.
Award of restricted share units (RSUs)  
as a target % of base salary.
Performance 
Criteria
Rewards the achievement of Company performance based on a Company scorecard of metrics (measuring ‘what’ 
outcomes are achieved) including longer-term strategic deliverables. Includes individual performance objectives 
and measures (measuring ‘what’ outcomes are achieved and ‘how’ those outcomes are achieved).
113
Remuneration report

Short Term Incentive
Equity-Based Long Term Incentive
Executive Long Term Incentive 
(from FY24 onwards)
Purpose
Designed to reward 
performance of 
annual financial and 
strategic objectives 
for the respective 
financial year.
Designed to align rewards with longer-
term shareholder value and retain key 
staff to support delivery of multi-year 
strategy.
Designed to align rewards with longer-
term shareholder value growth and retain 
executives.
Termination
Unless Board 
discretion is 
exercised, if a 
participant is no 
longer employed at 
the time of payment, 
they will not be 
eligible under the 
Scheme.
Unless Board discretion is exercised, if a participant ceases employment with the 
Company, any unvested awards will be forfeited.
Vesting 
Criteria
Annual cash 
payment following 
achievement 
of Company 
and individual 
performance criteria.
Three-year vesting period following the 
end of the respective financial year with a 
vesting schedule of one third each year.
Year One 25% – based on tenure.
Year Two 25% – based on tenure.
Year Three 50% – based on achievement 
of an Absolute Total Shareholder Return 
(aTSR) performance hurdle.
No incentive to be paid/awarded if minimum gross revenue and cash reserve performance gateways are not met. 
Vesting is subject to meeting threshold performance hurdles based on the financial and strategic metrics detailed 
in the table on page 118.
Weighted 
Average Cost 
of Capital 
(WACC)
WACC represents a company’s cost of 
capital from all sources, including common 
stock and all forms of debt. As such, WACC 
is the average rate that a company expects 
to pay to finance its business.
Incentive Schemes – Key Terms continued...
114

CEO Remuneration Outcomes for FY24
CEO Total Remuneration
 Fixed remuneration      STI (Cash-based award)      LTI (Equity-based award)
This section outlines the remuneration received by the CEO, Darrin Grafton, who is also an Executive Director of Serko 
for FY24. Darrin Grafton receives remuneration and other benefits in his capacity as CEO in line with the Remuneration 
Policy and, accordingly, does not receive separate directors’ fees. No termination payments are payable to the CEO  
(or for any other Executive Team member) in the event of serious misconduct. As noted above, the RSU Scheme Rules 
enable clawback of awards/net proceeds of sale of shares in the event of misconduct.
The CEO has an STI with an on target payment of 50% of base salary, up to a maximum of 75% of base salary  
if outperformance occurs against both the Company and individual performance measures. 
The CEO also has an LTI target value of 100% of base salary remuneration up to a maximum value of 125% of target 
value if outperformance occurs.
The table below shows the CEO’s target and maximum total remuneration for FY24:
1.4
1.2
1.0
0.8
0.6
0.4
0.2
0
($million)
Target total rem
Max total rem
Fixed rem
35%
25%
41%
41%
20%
39%
100%
115
Remuneration report

Year
Base 
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total 
remuneration 
paid/received
STI
EISS / LTI 4
Pay for 
performance 
Subtotal
FY24
$439,228
$12,246
$451,474
$193,200
$248,075 in the form of 78,754 
RSUs
$441,275
$892,749
FY23
$432,482
$11,186
$443,668
$100,375
$177,459 in the form of 43,817 
RSUs
$277,834
$721,502
1	 Base salary includes employer contributions towards KiwiSaver at 3%. CEO Darrin Grafton also received a carpark and life insurance, which do not 
have individually allocated values.
2	 Taxable benefits include health insurance.
3	 The STI stated was earned in the relevant financial year and will be paid in the following financial year.
4	 The Executive LTI equity-based incentive is intended to be granted in June 2024 for non-cash consideration. The restricted share units will vest at  
25% in year one (2025), 25% in year two (2026) and 50% in the third year (2027) based on the relevant performance hurdles as detailed on page 118. 
The value stated is the gross amount earned. The number of securities to be issued will be calculated based on the 20-day volume weighted average 
price of Serko (SKO) shares on NZX at the time of grant.
Year
Base  
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total 
remuneration
STI 3
EISS / LTI 
Subtotal
FY24
$439,228
$12,246
$451,474
$137,655
(66% of FY24 
STI target)
$420,000 in the form of restricted 
share units to be issued 4
$557,655
$1,009,129
FY23
$432,482
$11,186
$443,668
$193,200
(92% of FY23 
STI target)
$335,996 in the form of 123,528 
restricted share units issued 
( 80% of FY23 LTI target)
$529,196
$972,864
CEO Remuneration Earned
The tables below (and accompanying notes) set out the total remuneration and value of other benefits earned by the 
Serko CEO relating to the financial period ended 31 March 2024 (as well as 31 March 2023 for comparative purposes). 
Some of this remuneration will be paid in FY25 and beyond:
1	 Base salary includes employer contributions towards KiwiSaver at 3%. CEO Darrin Grafton also received a carpark and life insurance, which do not 
have individually allocated values.
2	 Taxable benefits include health insurance.
3	 The STI stated was earned in the prior financial year and paid in the stated financial year. 
4	 Equity-based incentives previously granted to the CEO that vested during the relevant financial period. Refer to table below for more detail. Represents 
the NZX closing price of SKO (Serko) ordinary shares on the day prior to vesting, multiplied by the number of securities vested. Vesting was settled via 
the issue of new shares.
CEO Remuneration Paid/Received 
The tables below (and accompanying notes) set out the total remuneration and value of other benefits received/paid to 
the Serko CEO during the financial period ended 31 March 2024, as well as 31 March 2023 for comparative purposes:
116

CEO Target Remuneration
The CEO’s total target remuneration for FY25, with FY24 as a comparison, is as follows:
1	 Base salary includes employer contributions towards KiwiSaver at 3%. CEO Darrin Grafton also received a carpark and life insurance, which do not 
have individually allocated values. 
2	 Taxable benefits include health insurance.
3	 The increase in base salary for the CEO results from an Executive Remuneration review by AON at the beginning of 2023 and a market review in 2024 
of CEO’s in similar companies. The CEO did not receive any increase since the FY22 year.
Year
Base  
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total  
remuneration
STI 
Executive LTI 
Subtotal
FY25
$519,120 3
$12,613
$531,733
$252,000 
(100% of FY25 
STI target)
$504,000 in the form 
of restricted share 
units to be issued 
(100% of FY25  
LTI target)
$756,000
$1,287,733
FY24
$432,600
$12,246
$444,846
$210,000 
(100% of FY24 
STI target)
$420,000 in the form 
of restricted share 
units to be issued 
(100% of FY24  
LTI target)
$630,000
$1,074,846
The following equity-based incentives previously granted to the CEO vested during the financial period ended  
31 March 2024:
1	 Represents the NZX closing price of SKO (Serko) ordinary shares on the day of vesting, multiplied by the number of securities vested. Vesting was 
settled via the issue of new shares. Price NZD $3.15 for the 23rd May 2023.
2	 Note that grants made in FY22 (relating to FY21 performance) and onwards, had the new vesting schedule of one third per year over three years.
Form of  
equity
Grant  
year
RSUs 
granted
Vested 
in FY24
Value on 
vesting 1
Remaining 
unvested
Final 
vesting year
Restricted share units
Financial Year 2021
50,145
45,063
$141,948
—
2024
Restricted share units
Financial Year 2022 2
35,752
11,918
$37,542 
11,917
2025
Restricted share units
Financial Year 2023 2
65,320
21,773
$68,585 
43,546
2026
Restricted share units
Financial Year 2024 2
123,528
—
—
123,528
2027
Total
78,754
$248,075
178,991
117
Remuneration report

FY24 CEO Performance Metrics and Outcomes
The CEO’s performance-based remuneration components are assessed annually based on individual performance 
and Company performance against a performance scorecard, comprising financial and strategic measures. Individual 
key performance metrics were set by the Board at the beginning of the year for the CEO. These related to qualitative 
supporting initiatives required to successfully execute against Serko’s strategic objectives.
For FY24, the relative weightings are a 50% weighting each for Financial metrics and Non-Financial obejctives.  
The Company measures applied for FY24 were as follows:
1	 Each measure has a defined threshold, target and stretch/maximum target. Achievement below the threshold results in 0% outcome for that component. 
No STI or LTI is payable if minimum annual gross revenue and cash reserve targets are not met. These gateway targets were met for FY24.
2	 This weighting also applied to the EISS, which is only applicable for non-Executive Team members.
Serko Scorecard
Financial Metrics
Non-financial Objectives
Strategic goals 
FY23-FY25
Total Income
Profitability
Customer 
Technology
Culture
FY24 OKR  
summary
Make booking for 
business easy
Unlock the US 
market
Efficiency
Build travel 
software that 
people love
Deliver an 
exceptional 
CX through 
experimentation
Adopt next 
generation 
technology 
foundations
The best place 
to do your 
best work
Target  
measurement 1
Total income
Revenue per 
headcount
# of experiments 
product delivery 
launches in 
production in 
FY24 against the 
growth target 
of experiments 
through the year
Reduce cost 
to serve per 
booking 
Employee 
engagement
STI weighting 2
50% 
50% 
FY24 result
23%
46%
The overall results for FY24 were determined to be 69% for Company performance against objectives.
These calculations are used to determine the Company multiplier applied when assessing incentive performance 
outcomes. When assessing the performance outcomes against the pre-agreed objectives and target measures,  
the Board gave particular attention to the precision of setting and executing against revenue growth targets in FY24.
118

CEO Pay Relative to Performance 
Serko’s Total Shareholder Returns (TSR) over the last five years, as at 31 March 2024, are shown below, along with 
incentive payments and equity grants awarded against on-target performance.
1	 There were no STI pay-outs awarded for FY20 due to the impacts of Covid-19. 
CEO Remuneration (actual as a % of target) over five-year period 
Mar-18
Mar-19
Mar-20
Mar-21
Mar-22
Mar-23
Mar-24
-100%
300%
200%
100%
0%
Total shareholder returns
 SKO        NZX50         MSCI ACWI
Metric
2024 
($000)
2023 
($000)
Change 
($000)
Change 
%
Total income
$71,185
$48,025
$23,160
 48%
Net Profit/(Loss) After Taxation
($15,879)
($30,540)
$14,479
 47%
Market capitalisation
$473,980
$287,859
$186,121
 65%
Underlying average monthly cash-burn 
$592
$2,718
($2,126)
 18%
Total 
remuneration
% STI awarded 
against on-target 
performance
STI 
performance 
period
% LTI awarded 
against on-target 
performance
Span to 
LTI performance 
periods
FY24
$1,009,129
66%
FY24
100%
May 2024 to May 2027
FY23
$972,868
92%
FY23
80%
May 2023 to May 2026
FY22
$722,898
50%
FY22
75%
May 2022 to May 2025
FY21
$690,568
50%
FY21
73%
Aug 2021 to May 2024
FY20 1
$598,841
0%
FY20
56%
Sept 2020 to May 2023
119
Remuneration report

Employee Remuneration 
The table below shows the number of employees and former employees of Serko and its subsidiaries, not being 
directors of Serko, who, in their capacity as employees, received remuneration and other benefits during the year 
ended 31 March 2024 totalling at least NZ$100,000.
The remuneration of employees paid outside of New Zealand has been converted into New Zealand dollars as at  
31 March 2024. No employee appointed as a Director of a subsidiary company of Serko (except as noted on page 
100) receives any remuneration or other benefits for acting in that capacity.
The table below includes base salaries, STIs, contributions to pension plans and vested or exercised equity-based 
payments. The table does not include equity-based incentives that have been granted and have not yet vested.
1	 Specifies total number of employees within the range whose remuneration includes equity-based payments that have vested during the period.  
Table excludes the executive directors’ remuneration.
Remuneration range  
(NZD)
Number of employees whose remuneration 
includes vested share-based payments 1
Total number of 
employees in range
$100,000 - $110,000
9
21
$110,000 - $120,000
9
18
$120,000 - $130,000
6
20
$130,000 - $140,000
9
15
$140,000 - $150,000
17
25
$150,000 - $160,000
15
28
$160,000 - $170,000
13
19
$170,000 - $180,000
9
15
$180,000 - $190,000
8
11
$190,000 - $200,000
10
11
$200,000 - $210,000
9
9
$210,000 - $220,000
0
1
$220,000 - $230,000
2
3
$230,000 - $240,000
3
4
$240,000 - $250,000
3
4
$250,000 - $260,000
3
3
$270,000 - $280,000
3
4
$280,000 - $290,000
1
1
$290,000 - $300,000
2
2
$310,000 - $320,000
1
1
$330,000 - $340,000
1
1
$340,000 - $350,000
0
1
$350,000 - $360,000
1
1
$360,000 - $370,000
1
1
$370,000 - $380,000
1
1
$390,000 - $400,000
1
1
$410,000 - $420,000
1
1
$470,000 - $480,000
1
1
$490,000 - $500,000
1
1
$550,000 - $560,000
1
1
$580,000 - $590,000
1
1
$590,000 - $600,000
1
1
$660,000 - $670,000
1
1
$670,000 - $680,000
1
1
$680,000 - $690,000
1
1
$740,000 - $750,000
1
1
$980,000 - $990,000
1
1
Total number of employees and former employees
148
232
120

1	 This figure represents the median base salaries, converted to NZD. 
Analysis includes all permanent full-time, permanent part-time 
employees and fixed-term employees at full-time equivalent salaries.
2	 Based on comparative ratio positioning to remuneration mid points 
for salaries by career level.
Gender Pay Gap & Pay Equity
We are committed to ensuring we pay our people 
equitably. As of 31 March 2024, Serko’s overall median 
global gender pay gap was 13%1. This is impacted 
by the relative distribution of females and males at 
different levels across the organisation. 
We are also committed to maintaining pay equity across 
all roles at Serko. When benchmarked to the median 
market remuneration of our career-level pay bands 
for each country, the median remuneration difference 
between males and females is less than 1%2 when 
comparing roles of comparable scope and complexity.
Serko’s Pay and Gender Equity Statement can be 
viewed at www.serko.com/careers. We also support 
the New Zealand Mind The Gap reporting initiative and 
contribute to this. 
For more information on Serko’s broader inclusion and 
diversity initiatives, see our latest ESG Report, located at 
www.serko.com/investors.
121
Remuneration report

Executive Director Remuneration
The executive directors, Darrin Grafton and Bob Shaw, receive remuneration and other benefits in their respective 
executive roles as CEO and Chief Strategy Officer (CSO) and, accordingly, do not receive directors’ fees. As detailed 
above, the remuneration packages for the CEO, CSO and other Executive Team members are set by the Board to reflect 
the scope and complexity of each role, with reference to comparative market data.
The CEO’s remuneration and other benefits are detailed on page 115.
Chief Strategy Officer Remuneration Paid/Received
During the period ended 31 March 2024, the CSO’s variable remuneration components were based on Company and 
individual performance against the scorecard detailed on page 122.
The tables below (and accompanying notes) set out the total remuneration and value of other benefits received by 
Serko’s CSO during the financial period ended 31 March 2024, as well as 31 March 2023 for comparative purposes:
Chief Strategy Officer Remuneration Earned
The tables below (and accompanying notes) set out the total remuneration and value of other benefits earned by  
Bob Shaw relating to the financial period ended 31 March 2024, as well as 31 March 2023 for comparative purposes. 
Some of this remuneration will be paid in FY25:
1	 CSO Bob Shaw also received a carpark and life insurance, which do not have individually allocated values.
2	 Taxable benefits include health insurance.
3	 The STI stated was earned in FY23 and paid in FY24.
4	 Equity-based incentives previously granted to the CSO that vested during the financial period. Represents the NZX closing price of SKO (Serko) 
ordinary shares on the day of vesting, multiplied by the number of securities vested. Vesting was settled via the issue of new shares.
1	 CSO Bob Shaw also received a carpark and life insurance, which do not have individually allocated values.
2	 Taxable benefits include health insurance.
3	 The STI stated was earned in FY24 and will be paid in FY25.
4	 The Executive LTI equity-based incentive is intended to be granted in June 2024 for non-cash consideration. The RSUs will vest at 25% in year one 
(2025), 25% in year two (2026) and 50% in the third year (2027) based on the relevant vesting hurdles. The value stated is the gross amount earned. 
The number of securities to be issued will be calculated based on the 20-day volume weighted average price of Serko (SKO) shares on NZX at the 
time of grant. 
Year
Base 
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total 
remuneration
STI 3
Executive LTI 4
Subtotal
FY24
$296,569
$10,209
$306,778
$71,484 
(48% of FY24 
STI target)
$296,000 in the form  
of RSUs to be issued
$367,484
$674,262
FY23
$295,013
$9,144
$304,157
$122,544 
(92% of FY23 
STI target)
$213,122 in the form of 
78,354 RSUs to be issued 
(80% of FY23 LTI target)
$335,666
$639,823
Year
Base 
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total 
remuneration
STI 3
EISS/LTI 4
Subtotal
FY24
$296,569
$10,209
$306,778
$122,544
$158,111 in the form 
of 50,194 RSUs
$280,655
$587,433
FY23
$295,013
$9,144
$304,157
$72,519
$76,436 in the form 
of 18,873 RSUs
$148,955
$453,112
122

Non-Executive Director Remuneration
The fees paid to non-executive directors are structured to reflect the global nature and complexity of Serko’s  
business and the time commitment and level of governance required by the Serko Board. In August 2021,  
Serko’s shareholders approved a total cap of NZ$600,000 per annum for non-executive directors’ fees for  
the purposes of the NZX Listing Rules.
EY Australia has been engaged to conduct an independent review of non-executive directors fees, the outcome  
of which is detailed in Serko’s Notice of Meeting. As detailed in the Notice of Meeting, an increase in the  
non-executive director fee pool has been sought and will be subject to shareholder approval at the upcoming  
Annual Shareholder meeting.
There was no change to the directors’ fees paid in FY24. Accordingly, the following fixed annual fees applied to all  
non-executive directors for the year ending 31 March 2024:
Position 
Fees per annum (AUD) 
Board of Directors 
Chair 
140,000 
Non-executive directors 
95,000 
Audit, Risk and Sustainability Committee 
Committee Chair 
20,000 
Committee Member 
9,000 
People, Remuneration and Culture Committee 
Committee Chair 
20,000 
Committee Member 
9,000 
Periodically, by exception, non-executive directors receive special exertion fees for ad hoc committee meetings 
attended (for example, in relation to capital raisings or merger and acquisition (M&A) activity) or other additional  
work required in addition to their Board and Committee responsibilities. Where special fees are paid, they are required 
to fall within the shareholder-approved fee cap. A special exertion fee of $10,000 was approved for Board Chair, 
Claudia Batten, to recognise the substantial work undertaken to recruit and appoint Serko’s new Board member,  
given Serko does not have a stand-alone Nominations Committee to undertake this work.
Chief Strategy Officer Target Remuneration
The CSO’s total target remuneration for FY25, and FY24 for comparison, is as follows:
1	 CSO Bob Shaw also received a carpark and life insurance, which do not have individually allocated values. 
2	 Taxable benefits include health insurance.
Year
Base  
salary 1
Taxable 
benefits 2
Subtotal
Pay for performance
Total  
remuneration
STI 
EISS/Executive LTI 
Subtotal
FY25
$310,978
$10,515
$321,493
$150,960 
(100% of FY25 
STI target)
$301,920 in the form of 
RSUs to be issued
(100% of FY25 LTI target)
$452,880
$774,373
FY24
$296,000
$10,209
$306,209
$148,000  
(100% of FY24 
STI target)
$296,000 in the form of 
RSUs to be issued
(100% of FY24 LTI target)
$444,000
$750,209
123
Remuneration report

* Indicates Chair of the Board/Committee.
1	 The figures shown are gross amounts, which have been converted into NZD from AUD and exclude GST (where applicable).
2	 Appointed as Non-executive Director as at (and fees payable from) 1 February 2024. 
3	 The Board approved a special exertion payment for Claudia Batten for the work undertaken for the recruitment and appointment of Sean Gourley as a 
Non-executive Director of Serko. 
In addition to Directors’ fees, Serko meets costs incurred by Non-executive Directors that are incidental to the 
performance of their duties. This includes paying the costs of Directors’ travel. As these costs are incurred by Serko 
to enable Directors to perform their duties, no value is attributable to them as benefits to Directors for the purposes of 
the above table.
The Non-executive Directors do not receive any performance-based remuneration to ensure incentives do not conflict 
with their obligations to bring independent judgement to matters before the Board. However, it is Serko’s policy to 
encourage Directors to hold shares in the Company to increase alignment with shareholder interests.
Director shareholdings are disclosed in the Corporate Governance Statement contained in this Annual Report.
No retirement benefits will be paid to Non-executive Directors on their retirement unless required under legislation.
Remuneration and value of other benefits received 1
Name of Director
Non-executive 
directors’ 
Board fees 
($NZD)
Audit, Risk and 
Sustainability 
Committee fees 
($NZD)
People, Remuneration 
and Culture 
Committee fees 
($NZD)
Special 
exertion fee 
($NZD)
Total 
remuneration 
($NZD)
Total 
remuneration 
($AUD)
Claudia Batten
$150,732 *
$9,690
$9,690
$10,700 3
$180,812
$168,000
Clyde McConaghy
$102,492
$9,690
$21,577 *
-
$133,759
$124,000
Jan Dawson
$102,492
$21,577 *
$9,690
-
$133,759
$124,000
Sean Gourley 2
$16,940
N/A
N/A
-
$16,940
$15,833
Total
$372,656
$40,957
$40,957
$10,700
$465,270
$431,833
Non-executive Directors received the following Directors’ fees, remuneration and other benefits from the Company in 
the year ended 31 March 2024:
124

125
Remuneration report

Glossary
Active Customers: A non-GAAP measure comprising 
the number of unmanaged companies who have made  
a booking in the preceding 12-month period
ANZ: Australia and New Zealand
ARBP or Average Revenue Per Booking: A non-GAAP 
measure. ARPB for travel-related revenue is calculated 
as travel-related revenue divided by the total number of 
online bookings
ARPCRN or Average Revenue per Completed Room 
Night: A non-GAAP measure — comprises the  
gross unmanaged supplier commissions revenue  
per Completed Room Night for revenue-generating  
hotel transactions
Asia Pacific: Vietnam, Thailand, Taiwan, Sri Lanka, 
South Korea, South Africa, Singapore, Philippines, 
Pakistan, New Zealand, Malaysia, Japan, Indonesia, 
India, Hong Kong, China, Bangladesh and Australia  
for the purposes of this Annual Report
ASX: ASX Limited, also known as the Australian 
Securities Exchange
ATMR or Annualised Transactional Monthly Revenue: 
A non-GAAP measure that is based on the monthly 
transactions and average revenue per booking (for its 
Travel platform revenue) and monthly user charges (for 
its Expense platform revenue) annualised
AUD or A$: Australian dollars 
Australasia: New Zealand and Australia for the 
purposes of this Annual Report
BBZ: An abbreviation of Booking.com for Business  
(see above)
Booking.com for Business: A global online travel 
booking offering targeting small to medium-sized 
companies with Booking.com for Business branding 
powered by Zeno
Board or Board of Directors: The board of directors  
of Serko
Carbon Intensity: A non-GAAP measure comprising the 
total Serko Greenhouse Gas emissions in (tonnes of 
CO2 emitted in the period) relative to the Total Income 
($m) earned by Serko over the same period
Cash on hand: A non-GAAP measure comprising  
cash and short-term investments
Cloud or cloud-based: Cloud computing is when the 
software and associated data is hosted outside the 
customer’s premises and delivered over a network 
or the Internet as a service, which allows immediate 
access to the software
Company or Serko: Serko Limited, a New Zealand 
incorporated company
CRN or Completed Room Nights: A non-GAAP measure 
comprising the number of unmanaged hotel room 
nights that have been booked and the traveller  
has completed the stay at the hotel
EBITDAF: EBITDAF is a non-GAAP measure  
representing Earnings Before Interest, Taxation, 
Depreciation, Amortisation, Impairment, Foreign 
Exchange gains/losses and Fair value remeasurements
ESG: Environmental Social Governance
ESG Report: Serko’s Environmental, Social  
and Governance Report, available at  
www.serko.com/investors
EUR or EUR€: European Euro
FTE: Full-time equivalent
FX: Foreign exchange
FY: Financial year ended, or ending, on 31 March  
(unless otherwise stated)
GST: Goods and Services Tax
Headcount: A non-GAAP measure comprising the 
number of employees (excluding casual workers and 
employees on parental leave) and contractors employed 
on the last day of the period
IFRS: International Financial Reporting Standards
126

Independent Directors: Claudia Batten, Clyde 
McConaghy, Jan Dawson and Sean Gourley
IPO: Initial Public Offering Listing: The date Serko 
shares started trading on the NZX Main Board,  
24 June 2014
Managed customers: Companies that make online 
bookings through travel management companies.
NDC or New Distribution Capability: A data  
exchange format for airlines to create and distribute 
relevant offers to the customer regardless of the 
distribution channel
Non-GAAP: Financial Information that does not have  
a standardised meaning prescribed by NZ GAAP
NORAM: North America
NZ: New Zealand 
NZD or NZ$: New Zealand dollars 
NZ GAAP or GAAP: New Zealand Generally  
Accepted Accounting Practice 
NZ IFRS: New Zealand equivalents to International 
Financial Reporting Standards
NZX: NZX Limited, also known as the New Zealand 
Stock Exchange
NZX Listing Rules or Listing Rules: The Listing Rules 
applying to the NZX Main Board as amended from  
time to time
NZX Main Board: The New Zealand main board equity 
security market operated by NZX
Online Bookings: A non-GAAP measure comprising  
the number of travel bookings made using Serko’s  
Zeno and Serko Online platforms
Operating expenses: A non-GAAP measure  
comprising expenses, excluding costs relating to 
taxation, interest, finance expenses and foreign 
exchange gains and losses
PD&D or Product design and development costs: 
A non-GAAP measure representing the internal and 
external costs related to the design, development  
and maintenance of Serko’s platforms, including  
costs within operating expenses and amortisation.  
It excludes capitalised development costs
R&D: Research and Development expenditure
SaaS: Software-as-a-service
Serko Expense Management: Serko’s online  
expense management solution that enables the  
capture and processing of corporate credit cards  
and out-of-pocket claims
Serko Mobile: Serko’s mobile app for iPhones and 
Android devices that gives users access to information 
and travel booking functionality on their mobile devices
Serko Online: Serko’s legacy cloud-based online  
travel booking solution for large organisations
SME: Small and medium enterprise
TMC, Travel Agency or Travel Management Company: 
A travel management company that provides 
specialised travel-related services to corporate 
customers
Total Spend: A non-GAAP measure comprising  
operating expenses and capitalised development costs. 
It excludes depreciation and amortisation
Total travel bookings: Includes both online and  
offline bookings. Offline bookings are system 
automated bookings
Underlying cash flow: A non-GAAP measure comprising 
cash flows excluding movements between cash and 
short-term investments, cash flows related to capital 
raises and exceptional items from a timing perspective
Unmanaged customers: Companies who make online 
bookings through Serko’s Booking.com for Business 
platform.
USD or US$: United States dollars 
Zeno: Serko’s premium cloud-based online travel 
booking platform
Zeno Expense: Serko’s Expense management solution
$: All figures are in New Zealand dollars, unless 
otherwise stated
127
Glossary

Company Directory
Serko’s ESG Report can be found at www.serko.com/investors.
Serko is a company incorporated with limited liability under  
the New Zealand Companies Act 1993
New Zealand Companies Office registration number 1927488
Australian Registered Body Number (ARBN) 611 613 980
For investor relations queries contact: investor.relations@serko.com
Registered office
New Zealand
Saatchi Building
Level 1, 125 The Strand
Parnell 
Auckland 1010, New Zealand
+64 9 309 4754
Australia
Boardroom Pty Limited
Level 12, 225 George Street  
Sydney 2000  
NSW, Australia
Principal Administration Office
New Zealand
Saatchi Building
Level 1, 125 The Strand
Parnell 
Auckland 1010, New Zealand
+64 9 309 4754
Australia
Level 8, 75 Elizabeth Street
Sydney 2000
NSW, Australia
+61 2 9435 0380
Share Registrar
New Zealand 
MUFG Corporate Markets (formerly 
Link Market Services Limited)
Level 30, PwC Tower
15 Customs Street West
Auckland 1010, New Zealand
+64 9 375 5998
serko@linkmarketservices.co.nz
Australia 
MUFG Corporate Markets (formerly 
Link Market Services Limited) 
Level 12, 680 George Street
Sydney 2000
NSW, Australia
+61 1300 554 474
Directors
Auditor
Claudia Batten (Chair)
Jan Dawson
Darrin Grafton
Robert (Clyde) McConaghy
Robert (Bob) Shaw
Sean Gourley
Deloitte Limited
Deloitte Centre
80 Queen Street
Auckland 1040, New Zealand
+64 9 303 0700
128
Company directory


Annual Report 2024 · Serko Limited 
serko.com