Xero’s H1 FY24 Revenue up 21% to $800 Million with 3.95 Million Subscribers
EBITDA increase of 90% from H1 FY23 and 13.3% free cash flow margin
WELLINGTON, 9 November 2023 – Xero Limited (ASX: XRO) today reports its half year earnings to
30 September 2023 (H1 FY24). The results highlight continued strong revenue growth, which contributed toXero’s emerging profitability.
Xero delivered strong operating results with operating revenue up 21% (20% in constant currency (CC)) to
$799.5 million. This, along with disciplined cost management and restructuring outcomes, supported a
90% increase in EBITDA compared to H1 FY23, to $206.1 million. This reflected Xero’s ongoing focus on
balancing growth and profitability, and resulted in free cash flow increasing to $106.7 million, representing a free cash flow margin of 13.3% compared to 2.4% in the prior period. This focus was also reflected in Xero’s net profit, which increased to $54.1 million compared to a net loss of $16.1 million in H1 FY23.
CEO Sukhinder Singh Cassidy said: “We’ve demonstrated good momentum this half. As we look forward,
we’re sharpening our focus on Xero’s key levers of growth as we aspire to become a higher performing SaaS company. We will continue to balance growth and profitability, while delivering more value to our
customers.”
Financial highlights
