Xero reports increased revenue of $114.9m

Xero (ASX: XRO) has posted an operating revenue of $114.9 million for the year ended 31 March 2015, an increase from $62.2 million in 2014.

However, the company also reported a net loss after tax of $69.5 million due to investment in product development and sales/marketing.

Subscription revenues grew to $112.2 million, up from $86.6 million in 2014.

The company now has 203,000 Australian customers, up from 109,000 last year. The company reported 475,000 paying customers as at 31 March 2015, up from 284,000 for the same period in 2014.

“Xero continued to grow strongly over the past 12 months, showing that small businesses in this country want accounting software they can use anywhere, from any device,” said Xero Australia managing director Chris Ridd in a statement.

The company recently announced an partnership with National Australia Bank (NAB), with the bank opening up its API to the software company, allowing customers to more quickly import account data.

According to Xero, small businesses no longer have to wait up to 10 days to have their bank accounts connected to their accounting software, with all of the work being done for them instantly.

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