Xero s Wellington office.
Photo: Supplied.
The profit for the year ended March increased to $19.8 million from $3.3m the year before.
Revenue was up 18 percent to $848.8m, and the company added 456,000 new subscribers around the world to reach a record 2.74m subscribers.
Xero chief executive Steve Vamos said Covid-19 and associated lockdowns had initially squeezed its business, but the second half of the year had proved to be a catalyst for a record number of small firms to sign up for its online accounting and financial management products. The past year has brought home to many people in small business the need to understand in real-time their financial position and how it may change.
Small business tasked to create 210,000 new jobs to stimulate economy
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Small business showing promising signs: Xero
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Trading at City Wine Shop in Melbourneâs CBD showed solid improvement over the March quarter but recovery from the pandemic is still proving very uneven, owner Con Christopoulos says.
Con Christopoulos says finding employees is proving almost impossible.Â
Elke Meitzel
âPeople assume weâre fine because weâve had a lot of support. But the supportâs gone now and many businesses are in freefall, others are doing OK because thereâs plenty of money about. Itâs very hit and miss,â he said, adding three of his venues would likely remain closed until later this year.
How New Zealand s small business economy is faring a year after Covid began
4 May, 2021 05:00 PM
4 minutes to read
Steve Vamos, chief executive of Xero. Photo / Supplied
Aimee Shaw is a business reporter focusing on retail, small businessaimee.shaw@nzherald.co.nz@AceeyShaw
New Zealand s small business economy has fared better than Australia s and Britain s through the recovery over the past year, according to new data. According to insights from Xero s Small Business Index launched today, small and medium-sized firms continued to recover from the economic impact of the pandemic during March.
The index - which replaces the software company s previous Small Business Insights metrics, rose by 17 points to 122 points, up 16 per cent on February s result. This is up from an all-time low of 18 during the height of disruption last year.
âNow is the momentâ: Business Summit energised by change
The Australian Financial Review Business Summit captured a corporate sector energised by the nationâs success in dealing with the pandemic and determined to use it as a burning platform for change.Â
A big crowd greets Prime Minister Scott Morrison at the Financial Review Business Summit. Â
Louie Douvis
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The buzz was unmistakable.
You could sense it in the registration line and the coffee queue. You could feel it in the enthusiastic greetings and broad smiles. You could see it in the 300 eager faces packed into the ballroom of Sydneyâs Hilton Hotel, waiting for Prime Minister Scott Morrison to kick off The Australian Financial Review Business Summit.
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