Fisher Funds' Kingfish a late believer in Xero, sees ANZ profits

Mon, 16 Oct 2017

By Jonathan Underhill Oct. 16 (BusinessDesk) - Kingfish, a listed investment fund that targets New Zealand shares, has added Xero to its holdings because it is more confident in the unprofitable accounting software company's earnings in its biggest market, Australasia. "We have been reluctant to own Xero historically due to the lack of bottom line profitability, however, we estimate that the Australian/New Zealand businesses were profitable in the 2017 financial year and that Xero is on track to achieve higher group earnings this year and...

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