July 22 – Shareholders of Xero Ltd. support the cloud-based accounting platform provider’s focus on chasing sales ahead of profits, chief executive Rod Drury says.
The Wellington-based company yesterday said it may not meet the target it has held since 2009 to break even this calendar year. It announced the acquisition of Australian online payroll firm Paycycle for A$1.5 million, including A$1 million of Xero shares and said it wants to “flexibly pursue options that will add shareholder value without being constrained by short-term profit guidance.”
The shares jumped 11% to $2.49 on the NZX today, adding to yesterday’s 4.2% gain, valuing the company at $205 million. Xero has declined 22% this year.
“The internet space now is white hot,” Drury told . “All of our investors have said grow revenue as fast as you can.”
“We don’t need to solely drive towards profitability,” he said. “We’ll still driving to
Tags: Chasing Sales, Drury Says, Sales
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