Kiwi Xero To List On ASX
SYDNEY – New Zealand-based accounting software flogger Xero – a major competitor for the Sydney-based MYOB – is planning to delist from the NZ stock exchange and list instead on Australia’s ASX.
It says this should encourage a broader range of analyst and broker coverage and rease its relevance “to a more diverse range of large investors”. But for the time being at least Xero will keep its head office across the Tasman in Wellington.
CEO Rod Drury pictured said that centralising the listing in Australia would make it “much easier to get overseas investors onto the register”.
The Kiwi company has also announced its first-half financial results luding a loss of NZ$21 million for the six months ended September. That’s – significantly from the loss of $43.9 million in the same period of 2016.
“We’re pretty happy” said Drury. “Things are going pretty well. The numbers are moving north.”
Xero claims more than 518000 Oz users along with 271000 in New Zealand and 110000 in North America.