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Xero Swings To $5 Profit But Warns It Won’t Last

AUCKLAND: Largely Australian-based but NZ-owned accounting software house Xero has recorded an NZ $3.3 million full-year profit – it’s first – but has warned that coronavirus will weigh on its fiscal 2021 performance.

Revenue for the 12 months through March rose 30 percent to NZ$718.2 million (A$667 million). That’s than the $27.1 million loss Xero made in 2019.

Xero added 467,000 subscribers over the year for a total 2.28 million but said the results had taken a hit since arrival of the Covid virus in March. 

CEO Steve Vamos (an Aussie and a previous Apple exec) said: “Many of our customers and partners are having to adapt the way they operate, while investing enormous effort to survive at this difficult time.

“While Covid-19 brings uncertainty, our long-term strategic ambitions are unchanged.”

Australian subscriber numbers grew by 188,000, or 26 percent, to 914,000, while UK subscribers hit 613,000 and Kiwi New Zealand numbers grew by 12 percent to 392,000.

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