Xero posts small profit as coronavirus crisis starts to bite

Thu, 14 May 2020

Xero turned in a $3.3 million annual net profit as subscriber numbers grew 26 percent to nearly 2.3 million and revenue rose 30 percent, but it expects the coronavirus crisis will have an impact in the 2021 financial year. The accounting software company's net profit for the year ended March 31 compares with the net loss of $27.1 million the previous year. Chief executive Steve Vamos said the covid-19 crisis had only a modest impact on the latest results but the company is expecting a more significant impact in the current year. Xero's cu...

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