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XERO REVS RISE FASTER THAN LOSS

Rod Drury, XeroResults at cloud vendor Xero continued to show sharp changes for the young company. The loss for the New Zealand-based company grew by about 82.3 percent, but revenue slightly more than doubled. The loss for the year ended March 31 was about $13.9 million while revenue reached $37.6 million. The news in the United States was good for Xero although it does not separate out totals for this country.
The online accounting software company reported U.S. and the rest of the world subscribers as 11,000, up from 4,000 in 2012. The bulk of subscribers remain are still in New Zealand, Australia and the United Kingdom. New Zealand’s total rose to 73,000, up from 47,000; Australia numbers hit 51,000, a sharp jump from 16,000, and the U.K. subscriber base reached 22,000, double last year’s 11,000. Xero said its staff stood at 382 at year’s end, compared to 194 for the end of 2012. Remarks by CEO Rod Drury in the annual report show that Xero is willing to be patient. “We have shown that it takes a significant investment and many years to build a broad and global small business financial platform,” he wrote. During recent months, Xero enlarged its San Francisco office and opened another in Los Angeles.
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