Xero announces yearly results
The Wellington, New Zealand based, Australian listed accounting software company Xero has announced its full year 2019 financial results.
In a blog post, CEO Steve Vamos outlined the highlights of the result. Despite a net loss, there were plenty of positives for the subscription based cloud software provider.
Revenue increased by 36% to NZ$553mn (US$363.86mn), and the company reported that the second half of the year saw a first time net profit of $1.4mn, which they said demonstrated Xero’s improving profitability.
Their subscribers were said to have increased by 31% to some 1.82mn. For the first time, the addition of international subscribers exceeded that of those from New Zealand and Australia. Xero also highlighted the achievement of a significant milestone in their first positive yearly free cash flow result of $6.5mn, up from negative $28.5mn.
As reported by the Sydney Morning Herald, the result sent Xero’s share price to an all time high of AU$60.93. “As we head into FY20, and beyond, we’re making great progress towards our strategic priority of driving cloud accounting adoption worldwide,” said Vamos in his blog post. “We have a genuine commitment to prioritising investment in growth and partnering closely with accountants and bookkeepers to deliver a human-centered experience for our customers.”
Xero is listed on the Australian Securities Exchange under the symbol “XRO”.