Xero's Fiscal Year Profit Surges After Subscriber Growth Rallies

By Stuart Condie

SYDNEY--Xero Ltd.'s annual profit increased almost six-fold after a second-half recovery in the cloud accounting firm's subscriber growth.

The New Zealand-based company on Thursday reported a net profit for the 12 months through March of 19.8 million New Zealand dollars (US$14.2 million), compared with NZ$3.3 million a year earlier. Operating revenue rose by 18% to NZ$848.8 million.

After a Covid-hit first half, Xero added 288,000 net additions in the six months through March, a half-year record. Total subscribers increased by 456,000, or 20%, over the full-year to 2.74 million.

The company did not declare a dividend.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

05-12-21 1900ET