Online accounting software company Xero has reduced its full year loss following a surge in subscription revenue.
The company made a loss of $7.5 million in the year to the end of March, an improvement of 11% compared with the same period last year.
Revenue rose almost three-fold to $9.3 million, following growth in New Zealand, Australia and Britain.
But expenses also rose. Technology costs jumped four-fold and advertising almost doubled.
Wage costs also increased as Xero established a head office in Melbourne, increasing its employee numbers from 90 to 113.
Head of finance Paul Williams says annualised subscriptions rose to $14 million.
He says the company expects to break-even on a monthly basis by the end of this year.