SiteMinder surges 20pc as profit is in sight

Tess BennettTechnology reporter

Jul 28, 2023 – 4.22pm

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Key Points

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.