Shares in accounting platform provider Xero, which have more than quadrupled in value since the company listed in 2007, shot higher yesterday despite the company having never turned a profit.
The stock rallied by 20c to $4.04 - close to last week's record high of $4.05 - after Xero reported that its revenue had ballooned out to $19.3 million in the 12 months ended March 31 from $9.3 million a year earlier.
Xero shares finished the day at $4, up 16c or 4.2 per cent from Monday's close. The stock has gained 45 per cent in value so far this year.
Last year, the company reported a $7.5 million loss for the 12 months to March 2011, an improvement on the $8.4 million loss for the previous year.
Chief executive and founder Rod Drury would not be drawn on when the company was likely to go into the black, other than to say it would be "a long way down the track".