By Stuart Condie
SYDNEY--Xero Ltd. swung to a maiden 3.3 million New Zealand dollar (US$2 million) full-year profit, but warned coronavirus will weigh on its fiscal 2021 performance.
The Auckland-based cloud accounting software provider said Thursday that revenue for the 12 months through March rose by 30% to NZ$718.2 million, from NZ$552.8 million a year earlier. Xero made a NZ$27.1 million net loss in 2019.
Xero said it added 467,000 subscribers over the year for a total 2.285 million but warned Covid-19 reduced annualized monthly recurring revenue growth in March. It said the pandemic's impact will be reflected in its fiscal 2021 results and declined to give any outlook, although it does not anticipate significant changes to its long-term strategy.
Shares in ASX-listed Xero last traded at A$83.77, up 4.7% in 2020.
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