WELLINGTON May 21 New Zealand accounting
software developer Xero Ltd said on Thursday that its
annual net loss had widened on increased costs related to
product development and expanding its market presence, but that
revenue had jumped.
It said it expected strong growth to continue for the
The company said its annual loss for the year to March 31
was NZ$35.5 million, in line with guidance of about NZ$35
million, and wider than last year's loss of NZ$14.4 million.
Xero reported operating revenues of NZ$70.1 million, up 83
percent on last year, with 2015 annualised subscriptions of
The company has not paid any dividends since its founding as
it is accumulating funds - NZ$210 million as of March 31 - for
product development and expansion into the United States and
(Reporting by Gyles Beckford; Editing by Edwina Gibbs)