Xero's 48 percent revenue jump overshadowed by NZ$43.9m H1 loss

Cloud accounting firm Xero has released its financial results for the first half of FY17, posting a net loss after tax of NZ$43.9 million. The New Zealand-based company experienced a 48 percent year-on-year increase in revenue to NZ$137 million; however, earnings before interest, taxation, depreciation, and amortisation (EBITDA) was down 23 percent over the same period last year, to come in at a loss of NZ$25.9 million. Xero CEO and founder Rod Drury said his company remains focused on driving diversified global growth and executing on its business strategy. "Our focus is to build a sustainable global business with high margins, while managing our cash. Our revenue growth has allowed us to continue the significant investment in our platform, back-office, and team to support our global footprint," Drury said.