Thursday, January 1, 2015

High-flyer Xero crashes to worst spot

Hamish Fletcher for the NZ Herald writes: The last year has been a rollercoaster ride for Xero's share price, which after hitting a record high in March was caught up in a global tech sell-off and finished the year as the NZX 50 gross index's worst performer.
The accounting software maker's shares peaked at $44.98, giving the company a value of almost $6 billion, but have shed about 65 per cent since then, closing at the end of the year at $16.15.
The shares declined by 50 per cent during last year - the biggest proportional drop on the NZX 50 gross index. But chief executive Rod Drury's focus on customer growth means this is unlikely to faze him.
The company said last month it had more than 400,000 small business customers, which it claimed as a "key milestone" before starting its selling season in New Zealand, the United Kingdom and the United States.
Xero listed in 2007 with shares at $1 each.


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