Despite some analyst qualms about tech stocks hitting the kind of giddy multiples last seen during the dot-com boom, Xero shares have held yesterday’s huge gain – and continued heading skyward.
Xero’s clocked another annual loss yesterday, but did make a slim profit ($1.4 million) profit in the second half and enjoyed its first cashflow positive year – sending its shares up 10 per cent in a session to a record high of A$60.15.
In early trading today, it rose again to $A61.77.
The Wellington-based, ASX-listed company now has a market cap of A$8.7 billion ($9.2b)
That makes the Drury family’s 12.58 per cent stake in Xero worth A$1.1b ($1.2b).
Photo: Xero founder Rod Drury. Photo / Mike Scott.
For more on this and other great Hawke’s Bay stories go to hawkesbaytoday.co.nz
Posted: 18 May 2019