Xero Limited
(ASX:XRO) has increased revenue by 83 per cent to $NZ 70 million with monthly committed subscriptions growing to $NZ7.78 million.
The Cloud-based accounting software company’s full year loss doubled to $NZ35 million following increases in staff numbers with their team growing to 758 in the past year, highlighting their focus on expansion, they have a pool of $210 million of cash to fund its growth.
The company has a dual listing in New Zealand where the strong local currency is adversely impacting revenue, given 66% of incomings are in foreign currencies.
Strong growth is expected to continue as Xero turns its focus to the important US market.
Xero reported a net loss of $NZ35 million in the year to the end of March 2014.
