Story image

Burn baby burn… "No surprises" as Xero growth continues

01 Aug 14

Xero burned through $17.3 million during the last quarter, yet remains on-track with the company’s ambitious growth plans.

Revealed via a statement on NZX, the cloud company announced net operating and investing cash outflows of $17.3 million compared with $11.8 million for the March 2014 quarter.

As a result, Xero had cash balances of $192.7 million at 30 June 2014 - compared to $210 million on March 31.

"From our perspective, there are no surprises," Darryl Robinson, Xero's general manager group finance told Business Desk.

"The quarterly cashflow results are in line with our targets and are reflective of our growth plans."

The increase in staff costs is in line with headcount growth, with Robinson reporting the company doubled staff numbers during the past year - rising to 758 as of the end of March.

“The 103% increase in payments for other operating costs is higher than growth in actual expenditure due to cash flow timings,” the report states.

“Overall the increase in receipts from customers reflects the continuation of strong growth in revenue while the increase in costs reflects the ongoing investment in building the business for the future.”

Slashing commute time could save NZ from 900,000 tonnes of C02
In New Zealand, workers could save between 7.7 and 8.8 million hours of commuting time every year.
Experts comment on record 772mil-user data breach
Dubbed “Collection #1”, the data set contains emails and passwords with over a billion unique combinations of email addresses and passwords.
Why flexible working could make good business sense
“You can always give it a go on a trial basis. If it’s not working, be honest."
Chorus fibre roll out picks up pace
Chorus has announced that 50% of fibre installations are now being completed within a day.
Keep security in check when doing your mobile banking
Most mobile banking attacks happen through social engineering, which is when people are manipulated to hand over their usernames and passwords to cybercriminals.
AI, big data could be key to improving Māori health
"Being able to get experts of this level together to start exploring how we use data to ultimately better the lives of New Zealanders is one that we were determined to be involved with," says ACC chief.
Human assets the key to a successful digital transformation
Y Soft's Martin de Martini says it's vital that organisations continue to train and motivate their employees.
New blockchain solution aims to keep our food ethical
OpenSC enables anyone to scan product QR codes which automatically takes them to information about where a specific product’s journey.