By Stuart CondieSYDNEY--Xero's annual loss jumped on restructuring charges and impairments that the cloud-accounting software provider said position it for future profitability. The New Zealand-based company on Thursday reported a net loss of 113.5 million New Zealand dollars (US$70.9 million) for the 12 months through March, compared with a NZ$9.1 million loss a year earlier. Operating revenue rose 28% to NZ$1.40 billion but earnings before interest, tax, depreciation and amortization fell 26% on one-off items including NZ$34.7 million of restructuring costs and NZ$117.1 million of impairments and other expenses. That should fall to about 75% in fiscal 2024 due to the changes implemented by Chief Executive Sukhinder Singh Cassidy, Xero said. Write to Stuart Condie at stuart.condie@wsj.com(END) Dow Jones NewswiresMay 17, 2023 19:11 ET (23:11 GMT)Copyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal May 18, 2023 05:17 UTC