21 Nov 2014

Xero net loss grows, but revenue up

7:39 am on 21 November 2014

Xero's first-half net loss widened 50 percent but its revenue jumped 85 percent as the company continued to invest in growth.

Rod Drury.

Rod Drury. Photo: RNZ / Diego Opatowski

The accounting software company's net loss for the six months ended September rose to $24.5 million while sales hit $52 million.

Annualised committed revenue was up 87 percent to more than $132 million.

Founder and chief executive Rod Drury was forecasting subscription revenue growth of 80 percent for the full year and said adding payroll capability should help fuel sales further.