Xero's annual subs growth slows, net profit up six-fold

Xero chief executive Steve Vamos said customers are valuing Xero's software more.

Thu, 13 May 2021

Xero's annual customer growth slowed to 20% as a result of the covid pandemic but it said the number of subscribers added in the second half was a record.The accounting software company reported a $19.8 million net profit for the year ended March, up nearly six-fold on the previous year's $3.3m with revenue up 18% to $848.8m.It added 456,000 net new subscribers for the full year, down 2%, but 288,000 were added in the second half, taking the total to 2.74m. Subscriber growth in 2020 was 26%.The company said the result reflects continued...

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