Serko expects revenue for its fiscal year ending March 31 to be as much as 6 percent lower than the NZ$11 million target

forecast in a May 2014 prospectus, according to investor disclosures made Monday. The New Zealand-based corporate travel and expense system provider attributed the revenue shortfall in part to "the timing of billable software development," which will be recognized in its next fiscal year, "client-procurement delays" for its Serko Incharge expense-management solution and the "delayed launch of Serko Mobile," released this month. For the first half of its next fiscal year, ending in September, Serko revenue is forecast to be 8 percent lower than the NZ$8.3 million previously forecast, owing to currency exchange-rate fluctuations, as well as "the delayed launch of Serko Mobile."