New Zealand-based accounting software company, Xero Ltd
(ASX:XRO), has this morning released its financial results for the full year ended 31 March 2017.
Its net loss after tax was NZ$69.1 million. This is an improvement over last year, when Xero’s net loss was higher at NZ$82.5 million.
The company’s EBITDA loss also improved – this year, $28.6 million, whereas last year it was an EBITDA loss of NZ$59.9 million.
Xero also reported that its operating revenue lifted 43% to NZ$295.4 million, and its subscription revenue increased 44% to NZ$290 million.
The company says it was a “milestone year” as its operating cash flow broke-even in the second half, and its subscriber numbers doubled in less than two years to pass the one million subscribers mark.
Yesterday, Xero shares closed 1.38% higher at $20.57.
