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Covid Impact To Hit Xero, Despite Stock Trading High

SYDNEY: Shares in cloud accounting software maker Xero rose yesterday, after the trans-Tasman company laid the figures bare at its annual meeting, detailing its growth during the Covid-19 pandemic.

The company reported that it had surpassed 2 million subscribers globally and increased operating revenue by 30 per cent to $718 million. Xero shares were up 0.86 per cent to $89.63.

“The board and management remain optimistic and ambitious about the global market opportunity for Xero as small businesses look for real time and scalable cloud-based solutions to help them manage their business better,” chairman and former Telstra boss David Thodey told investors.

However, CEO Steve Vamos tipped “operating conditions remain uncertain and we continue to anticipate an impact from Covid-19 on Xero’s FY21 results.”

“The pandemic has presented many small businesses and their advisers with a very real example of how cloud enables remote working and powers real-time collaboration,” he said.

“We expect growing recognition of this to fuel the adoption of cloud platforms across the small business sector.”

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