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Hawke’s Bay Businessman Makes Billionaire Status

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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




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