Xero posts improved FY17 results and smaller losses

Company News

by David Chau

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.

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