The XERO FPO NZX (ASX: XRO) share price hit a 52-week high after it released an announcement on 4 October that its number of subscribers has tipped over a quarter of a million in the UK.
Xero is a New Zealand-based online software company founded in 2006 that develops cloud based accounting software for small businesses. Xero is a market leader in Australia, New Zealand and UK with over 1 million subscribers.
In financial year 2017 Xero made a net loss of $68 million on revenues of NZ$290 million. Xero reported a revenue increase of 44% for financial year 2016, with subscriber numbers increasing from 717,000 to 1 million. Its net loss in 2017 dropped by 16% in comparison to the 2016 financial year. The net losses were NZ$82million and NZ$69million respectively.
According to the Financial Times analysts have an average share price target on Xero of NZ$24.13, with a high estimate of NZ$27.20 and low estimate of NZ$18.20.
