SDR +21.53%: the accommodation booking platform hit the highest level since February in the latest upgrade in the travel and tourism space. SiteMinder, the booking and payment engine behind a number of hotels, said revenue for FY23 was expected to grow 30.5% thanks mostly to a 65.6% growth in transaction revenue. Annualised Recurring Revenue (ARR) will be up more than 24% in the year organically while the number of properties on their platform grew 12.7%. They are still loss-making with FCF loss of $5.3m in the final quarter, however, the company remains on track to hit FCF and EBITDA positive by the second half of this year with $50m+ currently in the bank to get them there. Overall, a great update from the company with strong growth and a massive accessible market ahead of them.
MM is neutral SDR
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