Australia, the top market for the accounting software vendor, had 312,000 subscribers on March 31, an increase of 54 percent from 203,000 a year earlier. There were 186,000 subscribers in New Zealand, Xero's home country, representing a 35-percent increase from 138,000 on March 31, 2015, while the United Kingdom had 133,000, a increase of 60 percent from 83,000.

The United State and Canada had 62,000 subscribers, a 77–percent rise from 35,000 a year ago.That compares to 18,000 when the fiscal year ended on March 31, 2014.

In a prepared statement, CEO Rod Drury pointed to the results as presaging a favorable future.

"As our operating revenues and annualised committed monthly revenues grow, we will continue to strengthen our position with the goal of becoming a $1 billion+ revenue generating business," Drury said.

Revenue was about $140 million for 2016, a 67-percent hike over 2015.Xero lost about $56 million in fiscal 2016. But much of the red ink came in the first half as the loss shrank in the second half, compared to the second half of fiscal 2015.

The company's annual report appeared to postpone the possibility of an initial public offering in the United States. The company is already publicly traded in Australia and New Zealand and had originally hoped to be public in this country. However, in discussing capital needs, "Based on current projections and growth plans, we have sufficient capital on hand to drive the business towards cash flow break-even," the company said in the annual report.