Online accounting software start-up Xero's annual net loss swelled 5 per cent to $7.9 million even as its annualised committed revenue rose 82 per cent to $25.5 million and customer numbers more than doubled.
Xero said its loss in the current year is likely to be even larger as it builds the business, planning for significant growth in offshore markets.
While operating revenue rose 107 per cent to $19.3 million in the year ended March 31, operating expenses jumped 58 per cent to $28.4 million.
Of total revenue, $10.3 million was from New Zealand customers, $5 million from Australia, $2.7 million from Britain and the rest from the rest of the world.
The company said to support its growth it had increased staff numbers from 113 to 194, a quarter of them based offshore, and new offices were opened in San Francisco, Canberra and Milton Keynes in Britain. As well, Xero relocated to larger premises in Melbourne, Auckland and Wellington.