Xero posts $29m loss, re­mains on growth path

Taranaki Daily News - - Business -

Xero has moved slightly deeper into the red de­spite strong sales growth. The cloud soft­ware firm, which re­mains head­quar­tered in Welling­ton de­spite now be­ing solely listed on the ASX, posted a loss of $29 mil­lion for the six months to the end of Septem­ber. That was up 46 per cent on its loss dur­ing the same pe­riod last year. Rev­enues for the half-year rose 37 per cent to $257m. Sub­scriber num­bers rose 193,000 to al­most 1.6 mil­lion, tak­ing into ac­count the ef­fect of its ac­qui­si­tion of Cana­dian com­pany Hub­doc in Au­gust. Xero’s Aus­tralian chief ex­ec­u­tive, Steve Vamos, pic­tured, de­scribed the re­sult as ‘‘strong’’ and said the US$300 mil­lion (NZ$450m) Xero raised in Oc­to­ber through the is­sue of con­vert­ible notes would give it the ‘‘flex­i­bil­ity’’ to make more ac­qui­si­tions and in­vest­ments. Vamos would not fore­cast when Xero would fi­nally break into profit, but said it was ‘‘on that track’’.

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