Xero first-half sales gain 84 percent, cash on hand falls to $55 mln

Wed, 02 Oct 2013

Oct. 3 (BusinessDesk) – Xero, the cloud-based accounting firm whose shares have soared 150 percent this year, said first-half sales almost doubled as it continued to chase customer growth ahead of profits. Operating revenue exceeded $30.3 million in the six months ended Sept. 30, from $16.5 million a year earlier, the Wellington-based company said in a statement. The figures exclude its Xero Personal product, which is being withdrawn in November next year. It contributed $600,000 of sales last year. Total paying customers rose to 211,300 as...

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