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Xero Fiscal Year Loss Swells on Restructuring Charges, Impairments

   By Stuart Condie 

SYDNEY--Xero's annual loss jumped on restructuring charges and impairments that the cloud-accounting software provider said position it for future profitability.

The New Zealand-based company on Thursday reported a net loss of 113.5 million New Zealand dollars (US$70.9 million) for the 12 months through March, compared with a NZ$9.1 million loss a year earlier.

Operating revenue rose 28% to NZ$1.40 billion but earnings before interest, tax, depreciation and amortization fell 26% on one-off items including NZ$34.7 million of restructuring costs and NZ$117.1 million of impairments and other expenses.

Operating expenses accounted for 80.7% of operating revenue. That should fall to about 75% in fiscal 2024 due to the changes implemented by Chief Executive Sukhinder Singh Cassidy, Xero said.

Xero did not pay a dividend.


Write to Stuart Condie at


(END) Dow Jones Newswires

May 17, 2023 19:11 ET (23:11 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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