Hotel booking firm SiteMinder was the last major ASX tech IPO, listing in late 2021.
The loss-making technology company was heavily sold off in 2022.
Investors have rewarded SiteMinder’s plan to become profitable.
Shares in hotel booking software company SiteMinder rose more than 20 per cent on Friday after the company said it expected to be profitable in the second half of this financial year, following strong revenue growth and a cut in spending.
The unaudited results showed SiteMinder’s revenue increased 30.5 per cent to $151.4 million for FY23, and the number of properties using its software jumped 13 per cent to 39,100.
Loading...
Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
