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Accounting, calculating - Source: ONE News -
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Accounting software company Xero reported half year revenues up 282% to $1.27 million.
The result was driven by a strong performance in New Zealand, and developing revenues in Australia and Britain, the company said on Friday.
Net loss for the six months to the end of September was $3.81 million, compared to a loss $3.47 million a year earlier.
Operating costs rose 31% to $5 million, Xero said.
That reflected investment in upgrading Xero's hosting capacity, enhancing infrastructure for software delivery and online customer support, increasing sales capability in Britain and establishing a sales base in Australia.
At the end of September the company had 12,000 paying customers, up 445% from a year earlier, and double the count at the end of March this year. Customer growth was above 1,000 per month, Xero said.
Capital raising of $29 million had reduced much of the risk faced by a young listed company, Xero said.
Xero shares were up 2 cents to $1.67 at lunchtime, near the year
high of $1.70 reached last month, and up from a year low of 67
cents in March.
