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Xeros loss was largely the result of restructuring costs and a write-down in the value of a business it bought in 2021.
Small business accounting services company Xero has reported an after tax loss of A$113.5 million (NZ$121m), despite a 28% increasing in its earnings.
The net loss for the 12 months to the end of March compared to a loss of A$9.1m in the previous 12 months.
High restructuring costs, and the write-down in the value of the Planday business Xero bought in 2021 contributed to the increase in its reported losses.
Chief executive Sukhinder Singh Cassidy said Xero had posted a strong underlying operating result, and that the company had revenue momentum having seen its revenue rise to A$1.4 billion from $1.1b. T…
Read the full article at: https://www.stuff.co.nz/business/132075723/xero-posts-a113-million-loss-after-planday-writedown-and-restructuring-costs