16 May 2010

Further loss for online software company

7:10 am on 16 May 2010

Online accounting software company, Xero, has slipped further into the red despite tripling its revenue.

The four-year-old company lost almost $8.5 million in the year to March, 25% more than the previous year largely due to higher operating costs as it boosted customer numbers.

Chief executive Rod Drury says he's confident Xero will break-even next year.