New Zealand's Xero has reported its results for the 2018 financial year, posting an after-tax loss of NZ$27.9 million. The result is a much improved on FY2017, which saw the company report an after-tax loss of NZ$69.1 million[1].
For the 12-month period, the cloud accounting firm cum small business platform reported positive earnings before interest, taxation, depreciation, and amortisation (EBITDA) of NZ$26 million, a NZ$54.6 million improvement over FY17's NZ$28.6 million EBITDA loss.
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Cash flow from operating activity was NZ$41.2 million, while operating revenue was recorded as NZ$406.6 million.
In FY18, core accounting product revenues grew 37 percent, while other platform revenues grew at 94 percent.
Commenting on the results, Xero's new CEO Steve Vamos, who was appointed to the chief's role in April after founder Rod Drury announced he was stepping down [4] as leader of the company he founded 11 years ago, said the Xero team is focused on delivering a "scalable, world-class product and customer service experience" as the company looks to expand further into new and existing markets.
Previously dually-listed on both the Australian Securities Exchange (ASX) and the New Zealand Stock Exchange (NZX), Xero ceased trading the NZX[5] on February 2, 2018, after in November revealing it had exhausted all its other options in an