Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Xero customer receipts rise 14% in 4Q

Xero customer receipts rise 14% in 4Q as cash burn creeps higher

By Paul McBeth

Jan. 31 (BusinessDesk) - Xero, whose shares have soared 478 percent in the past year, lifted its customer receipts 14 percent in the final three months of 2013 as it gained more traction, while slowing down the pace of its cash burn.

The Wellington-based company reaped $18 million in customer receipts in the three months ended Dec. 31, up from $15.8 million in the September quarter, and $10.1 million a year earlier, the accounting software developer said in a statement. Staff costs were the single biggest expense in the quarter at $10.8 million, up from $7.2 million in the September period, and $6.5 million a year earlier.

The company’s operating and investing cash outflow was $13.8 million in the quarter, up from $13.1 million in the September period. The 5.3 percent increase was the slowest increase in its cash-burn since it started making the quarterly reports when it joined the ASX in 2012.

“This shows the continued investment Xero is making in building a business for the future to take advantage of the massive opportunity presented by the global small business market,” it said.

The period captures Xero’s $180 million capital raising, leaving it flush with $221.1 million in cash at the end of the period.

Xero is forgoing short-term profits as its chases one million customers worldwide, crossing the 200,000 mark at the end of last September.

The shares rose 1.7 percent to $41.45 today.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news