5 Nov 2015

Xero reports near doubling of first-half loss

6:11 pm on 5 November 2015

The cloud accounting software company, Xero, has reported a near doubling of its first-half loss despite a strong increase in first half revenue and subscriber numbers.

Xero CEO Rod Drury

Xero CEO Rod Drury Photo: RNZ / Diego Opatowski

The company made a loss of $44 million in the six months ended in September, compared with $24.5m last year.

Xero's revenue was up 72 percent and on track to deliver more than $200m in annualised earnings this year.

Xero chief executive Rod Drury said the company had seen subscriber growth of 60 percent over the past year, and now has more than 600,000 subscribers around the world.

However, while customer numbers in the United States more than doubled, the rate of growth was still lagging behind market expectations.

Xero was doing well across the board, including in the United States, he said.

"Our growth has been so strong, we're now at $280 million annualised-committed monthly revenue," he said.

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