Serko defies Port of Tauranga boss announces retirement from company Covid effects

AUCKLAND: A severely curtailed aviation industry has not dampened demand for shares in travel booking software company Serko, which will soon become part of the S&P/NZX50 index at the expense of Refining NZ.

In March, when the Coviddriven market meltdown was at its worst, Serko shares traded at 89c.

Yesterday, after the announcement it would become an index constituent, the stock rallied by 30c or 7.6% to $4.33.

Still short of its January high of $5.78, Serko’s percentage gain made it the strongest NZX performer on the day.

Serko, which has a market capitalisation of $391 million, will become part of the S&P/ NZX50, S&P/NZX 50 Portfolio Index and the S&P/NZX MidCap Index, effective from September 21, S&P Dow Jones said.

Harbour Asset Management controls about 10% of Serko’s stock.

‘‘In our view it is positioned to benefit from an eventual recovery in domestic travel in New Zealand, Australia and the United States,’’ Harbour Asset senior portfolio manager Shane Solly said.

Aucklandbased Serko was this year named PwC HiTech Company of the Year.

More than 6000 corporate entities and travel management companies are served through Serko’s platforms. Serko, listed on the ASX and NZX boards, employs 170 people worldwide.

Last year, US giant Booking. com took a 5% stake for $17.5 million as part of Serko’s broader $40 million raising. — The New Zealand Herald

TAURANGA: Port of Tauranga chief executive Mark Cairns will retire in June next year.

He will be succeeded by the listed company’s chief operating officer Leonard Sampson.

Mr Cairns (58) will step aside after more than 15 years heading

New Zealand’s largest port, during which time its market capitalisation increased more than seven times, by $4.4 billion, to $5.1 billion.

Chairman David Pilkington said under Mr Cairns’ leadership, the port company had grown from a regional bulk export port to New Zealand’s international cargo hub and one of its most successful listed companies.

When Mr Cairns became chief executive in 2005, the port handled 12.6 million tonnes of cargo and 438,214 containers a year.

In the year to June this year, those tallies had risen to 24.8 million tonnes of cargo and 1.25 million containers.

Mr Cairns said the next stage of his career would be in governance.

Craigs Investment Partners head of private wealth research Mark Lister said he was confident Mr Cairns would be in demand as a director.

‘‘Mark has done a great job, and under his command Port of Tauranga has grown significantly, been an industry leader across the board, and delivered excellent returns to shareholders.’’

Chief executivedesignate Mr Sampson was appointed chief operating officer a year ago after six years as the port’s commercial manager. Previously, he was KiwiRail general manager sales.

The highlight of Mr Cairns’ time as chief executive is considered to be the port’s ambitious play to become the only New Zealand port able to accommodate the world’s biggest cargo ships. This was via a sixyear, $350 million capital expansion programme. — The New Zealand Herald