Friday 14th May 2010 |
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Xero Limited reported a wider full-year loss as it spent more to ramp up global growth.
The net loss was $8.45 million, or 10 cents a share, in the 12 months ended March 31, from a loss of $6.75 million, or 12 cents a year earlier, the company said in a statement. Sales rose 229% to $3.2 million.
Operating costs outstrip revenue by about three times at Xero, which is optimistic it will break even in 2011. It raised $29 million in new capital last year, providing the funds to meet its outgoings, which outstrip sales during its growth phase.
The company has attracted some high-profile backers, including cashed-up TradeMe founder Sam Morgan and Craig Winkler, a founder and former CEO of Australian rival MYOB.
Net cash used for operations rose to $6.8 million in the latest year, from $5.1 million a year earlier. Its cash and funds at the bank stood at $21.4 million. Operating expenses were $12.87 million in the year ended March 31, reflecting its expansion, with headcount rising to 90 from 56 during the year.
As a ‘growth’ company, Xero’s revenue is dwarfed by its market capitalisation, which stands at about $139 million. The shares fell 0.6% to $1.57 on the NZX today and have climbed 5% in the past year.
Businesswire.co.nz
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