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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Xero Limited    XRO   NZXROE0001S2

XERO LIMITED

(XRO)
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Xero Warns of Coronavirus Impact Despite Swing to Fiscal Year Profit -- Update

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05/13/2020 | 04:42pm EDT

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.

While annualized monthly recurring revenue still rose 29% to NZ$820.6 million, Xero stressed the pandemic's impact will be reflected in its fiscal 2021 results and declined to give any outlook.

Xero said it was a difficult time for many people in small business. The company focuses on small- and medium-sized enterprises, many of whom have come under stress due to the economic downturn from the coronavirus.

The software provider said it had rolled out new support services, including cash flow insights and preparation for government stimulus packages. It has also collaborated with governments and banks on the impacts to small business and how assistance is provided, it added.

"Many of our customers and partners are having to adapt the way they operate, while investing enormous effort to survive at this difficult time," Chief Executive Steve Vamos said. "While COVID-19 brings uncertainty, our long-term strategic ambitions are unchanged."

Australia subscriber numbers grew by 188,000, or 26%, to 914,000, while U.K. subscribers lifted 32% to 613,000. New Zealand subscribers grew by 12% to 392,000, and North America subscribers increased by 24% to 241,000, with North American growth weighted toward the second half.

Shares in ASX-listed Xero last traded at A$83.77, up 4.7% in 2020.

 

Write to Stuart Condie at stuart.condie@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
ASX LIMITED 0.97% 84.18 End-of-day quote.7.36%
BYD COMPANY LIMITED -2.49% 76.4 End-of-day quote.96.65%
EURO / US DOLLAR (EUR/USD) -0.37% 1.17375 Delayed Quote.5.11%
THE NEW HOME COMPANY INC. -1.59% 3.72 Delayed Quote.-18.88%
XERO LIMITED 0.43% 91.45 End-of-day quote.14.31%
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Financials
Sales 2021 850 M 560 M 560 M
Net income 2021 38,6 M 25,4 M 25,4 M
Net cash 2021 125 M 82,4 M 82,4 M
P/E ratio 2021 339x
Yield 2021 -
Capitalization 12 979 M 9 288 M 8 554 M
EV / Sales 2021 15,1x
EV / Sales 2022 12,7x
Nbr of Employees 3 055
Free-Float 81,3%
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Technical analysis trends XERO LIMITED
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 12
Average target price 82,30 NZD
Last Close Price 91,45 NZD
Spread / Highest target 23,0%
Spread / Average Target -10,0%
Spread / Lowest Target -45,9%
EPS Revisions
Managers
NameTitle
Steven Martin Vamos Chief Executive Officer
David Ingle Thodey Chairman
Kirsty Vanora Godfrey-Billy Chief Financial Officer
Mark Rees Chief Technology Officer
Andrew Craig Winkler Non-Executive Director
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