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NZPA

Xero half year revenues soar

Friday November 6, 01:09 PM

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Accounting software company Xero reported half year revenues up 282 percent to $1.27 million.

The result was driven by a strong performance in this country, and developing revenues in Australia and Britain, the company said today.

Net loss for the six months to the end of September was $3.81m, compared to a loss $3.47m a year earlier.

Operating costs rose 31 percent to $5m, Xero said.

That reflected investment in upgrading Xero's hosting capacity, enhancing infrastructure for software delivery and online customer support, increasing sales capability in Britain and establishing a sales base in Australia.

At the end of September the company had 12,000 paying customers, up 445 percent from a year earlier, and double the count at the end of March this year. Customer growth was above 1000 per month, Xero said.

Capital raising of $29m had reduced much of the risk faced by a young listed company, Xero said.

Xero shares were up 2c to $1.67 at lunchtime, near the year high of $1.70 reached last month, and up from a year low of 67c in March.

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