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XERO LOSS GROWS ON SALES SURGE

Rod Drury, CEOCloud accounting software vendor Xero has reported that its net loss for the six months ended September 30 grew by 89 percent. But revenue for the same period was up 119 percent and its customer base rose by 115 percent. The still small New Zealand company lost about $5.7 million on roughly $14.1 million in revenue in the first half of fiscal 2013.

And income from the United States remains tiny as the company reported revenue for the U.S. and the rest of the world of roughly $1.06 million in the recently ended period, three times revenue of the corresponding half a year earlier. CEO Rod Drury noted the pace of growth and declared the move to the cloud to be “In full swing”. Revenue for the United Kingdom doubled and Xero reported about 200 accountants and bookkeepers attended the first Xero U.K. Partner Conference in September. It also described what it called “a good pipeline of partners” in the U.S.

 

 

 

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