May 22, 2014 / 2:25 AM / in 3 years

NZ's Xero posts wider annual loss but revenue up sharply

WELLINGTON, May 21 (Reuters) - 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 foreseeable future.

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 NZ$93 million.

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 Britain. (Reporting by Gyles Beckford; Editing by Edwina Gibbs)

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