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Xero has announced its results for the half year ending 30 September 2015.
The global accounting software company has announced an increase in subscriber growth, while reporting a net loss after tax of $44.3 million, an increase of $19.8 million from the $24.5 million loss for H1 FY15.
Subscribers grew 60 per cent in the last 12 months, increasing 222,000 to 593,000 paying subscribers globally.
“Xero delivered strong global growth while improving operating metric, reflecting positive overall business performance,” said Rod Drury, Xero chief executive.
“Xero continues to grow its capability while delivering strong results. We have built a world-class team at all levels of the business who demonstrate disciplined execution to deliver on the global growth opportunity,” he added.
Mr Drury praised the acceleration of automation and big data innovation under Tony Stewart, who was recently appointed to the newly established role of chief data officer.
“Over the past year, cloud market adoption has accelerated and Xero has strengthened its market position, continuing to be one of the fastest growing SaaS companies in the world,” he said.
“We’ve achieved strong growth for the first half and we’re on track to achieve $200 million subscription revenue based on June 2015 foreign exchange rates this financial year. Xero is focused on containing its full financial year cash outflow to similar levels to the prior financial year.”