Xero shares recoup some losses

TOM PULLAR-STRECKER
Last updated 17:22 09/04/2014

Relevant offers

Industries

Local entrepreneurs confident on hiring, economy Manufacturing sector in Manawatu proves hazardous Rebuild a big opportunity, conference told Telecom player a rising star Lab investment in Wellington 'shows commitment' Henderson wins chance for more argument against bankruptcy KiwiRail cost-saving plan 'nuts' Cat food linked to slavery ring Auckland port: Work together, says mayor Len Brown NZ fishery catch may be three times more than reported

Xero shares have recouped some of yesterday's losses, closing up 1.8 per cent to close at $32.08 on the NZX.

The stock, which had lost $774 million off its market capitalisation in the preceding 48 hours, appeared to have been assisted by a bounce back by technology stocks in the United States overnight.

Xero shares lost some steam during the day, having reached a high during the session of $33.

Xero chief executive Rod Drury has indicated the movements in Xero's share price were of little consequence for the cloud software firm, as it held $210m in cash at the end of last month and so had no short or medium-term need to go back to the market for more equity.

Xero expects to post a loss of about $35m when it next month posts its audited annual results for the year to March 31.

Forsyth Barr analyst Andrew Harvey-Green said it forecast Xero's annual loss would rise to $47.5m in the 2014-15 financial year just started, on a 95 per cent rise in revenues to $137m.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content