Sharechat Logo

Xero reports higher FY revenue, narrower net loss

Thursday 11th May 2017

Text too small?

Xero, the cloud-based accounting software firm, narrowed its full-year loss as revenue gained.

Xero said its operating revenue was $295.4 million in the 12 months ended March 31, up 43 percent on the year earlier. Its net loss was $69.1 million, 16 percent narrower than the $82.5 million reported in the prior period.  In constant currency terms, operating revenue was up 51 percent. 

Its loss on an earnings before interest, tax, depreciation and amortisation basis narrowed to $28.6 million from $59.9 million in the prior 12 months. 

The company said it now has 1,035,000 subscribers, after adding 318,000 over the past year. 

Xero did not give any specific guidance other than to say operating metrics are expected to improve in the 2018 financial year as the company drives efficiencies through automation and economies of scale. It also noted that cash usage in 2018 (based on foreign exchange rates at April 1, 2017) is forecast to reduce from the 2017 financial year.  In the current financial year operating cash outflow reduced to $4.4 million from $34.8 million in the prior year.

The company's shares advanced 0.9 percent to $22.05, having gained 25 percent this year.

 

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: Blue-chip stocks Meridian, A2 lead market lower
NZ dollar rises on Brexit hopes, rate cut reassessment
Three not failing, just needs a new owner - MediaWorks CEO
Major investors back new CBL class action targeting directors
Rip Curl purchase a done deal on Kathmandu proxies alone
Comvita chair Neil Craig eyes the exit once he finds a new CEO
Mercury raises guidance on increased storage, high spot prices
Eroad reports strong 3Q sales growth, eyes ASX listing
MediaWorks puts TV business on the block
NZ dollar benefits as preliminary Brexit deal improves risk appetite

IRG See IRG research reports