Xero, which markets low-cost online business software, said it intends to continue investing in the company to fuel growth. That came as the New Zealand-based company reported that its loss for the year ended March 31 widened by 5 percent on a 107-percent increase in revenue.
In his company's annual report, CEO Rod Drury outlined plans. He wrote that "'To maintain momentum the company must continue to invest in its internal infrastructure, systems and personnel around the globe, and this will result in continued losses for the year ending 31 March 2013." The still small publishing company lost just under $6 million on $14.6 million in revenue. The percentage change from 2011 results was calculated on the results in New Zealand dollars. Last fall, Xero introduced its accounting product into the United States and this month it brought in its practice management offering, Workflow Max, which it acquired in January.
The company says it has 3,600 accounting firms that use Xero and that providing accountants with a full line of products "makes it more likely that they will use our products to manage their client bases."
