XRO Xero Ltd

   By Rebecca Howard 
 

WELLINGTON, New Zealand--Accounting-software provider Xero Ltd. (XRO.NZ) Friday reported a wider fiscal year net loss but a sharp rise in operating revenue.

The company said its full year net loss in the year ended March 31 was 69.5 million New Zealand dollars (US$52.8 million) versus a net loss of NZ$35.5 million in the prior year. Operating revenue rose 77% to NZ$123.9 million, Xero said.

It also said paying customers increased to 475,000 in the period versus 284,000 in the prior year. "Xero's recurring revenue model means that it commences its 2016 financial year strongly with NZ$159.3m in annualised committed monthly revenue, a 71% increase on the same time last year," it said.

The company also said it has NZ$269 million of cash to fund its growth.

Write to Rebecca Howard at rebecca.howard@wsj.com

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