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Xero remains optimistic amid $NZ35m loss

Xero remains optimistic amid $NZ35m loss

Operating revenues jump 83 per cent following investments in US market, employment

Xero expects to finish its 2014 financial year with a net loss after tax of about $NZ35 million.

But the accounting software vendor claims it forecasts “strong growth to continue for the foreseeable future,” having recorded $NZ70.1m in operating revenue for the same period, ended March 31. This marks an 83 per cent increase from the previous corresponding period’s $NZ38.4m result.

The value of the NZ dollar impacts the reported revenue, with 66 per cent of it denominated in foreign currencies. Xero said in its NZX filing that on a constant currency basis, it grew operating revenue by 92 per cent in the year.

Fiscal 2014 saw Xero expand its global team to 758 employees. It said it has $NZ210m of cash to fund future growth.

Xero’s monthly committed subscriptions have reached $NZ7.8m, giving it $NZ93m in annualised subscriptions as it commences its 2015 fiscal year. NZ, Australia, and the United Kingdom account for $NZ29m, $NZ41m, and $NZ14m, respectively.

RELATED: Australia leads the way for Xero

In October 2013, Xero announced it raised $NZ180m to build its US-based team, while supporting wider global growth. Having completed its entry phase, the vendor intends to turn greater focus on the US region.

RELATED: Xero raises $180m for US development, global growth

Earlier this month, Xero announced it won a contract with Californian merchant services aggregator, Square, through which it expects to grow its footprint by integrating its customers’ accounts with those of Square’s.

Read more: IRD to consider integration of external software with GST returns system

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