By Stuart Condie

SYDNEY--Xero Ltd.'s first-half net profit increased sharply as increasing numbers of people looked to the cloud accounting firm during the coronavirus pandemic.

The Australia-listed, New Zealand-based firm on Thursday reported net profit for the six months through September of 34.5 million New Zealand dollars (US$23.8 million), compared with NZ$1.3 million a year earlier. Revenue was up 21% on-year to NZ$409.8 million.

Xero added 396,000 new subscribers since the end of fiscal 2020, when it reported a maiden first annual profit but warned the coronavirus would weigh on fiscal 2021. Its total subscriber base now stands at 2.45 million.

The company again declined to pay a dividend, saying it was focused on maintaining a strong balance sheet.

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

(END) Dow Jones Newswires

11-11-20 1645ET