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Xero released its full-year earnings to March this morning, showing that after a year in the top job, Steve Vamos has improved the company’s revenue and cash flow position, despite an increase in net losses.
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Xero records cash and subscriber wins; net loss widens
16 May 2019
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7 minute read
This morning, Xero announced a 36 per cent growth in operating revenue to $552.8 million, up from $406.7 million in the previous reporting period.
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Subscribers are also up, now at 1.818 million, which is a 31 per cent increase on 2018 figures of 1.386 million.
For the first time, Xero also recorded a positive free cash flow result of $6.5 million.
“[An] important milestone was the positive bottom line result delivered in the second half, which demonstrates our improving profitability,” Mr Vamos said.
However, Xero’s net loss for the year increased to $27.1 million, up from $24.9 million last year. The company put this down to impairments in the first half of the year.
Looking to FY19–20, Mr Vamos circled accountants and bookkeepers as core to the company’s market strategy.
“We’re making great progress towards our strategic priority of driving cloud accounting adoption globally. We have a genuine competitive edge by prioritising investment in growth, and partnering closely with accountants and bookkeepers to deliver human-centred technology experience for small business communities across the globe,” Mr Vamos said.
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