By Rhiannon Hoyle


Xero Ltd. named former Google executive and StubHub president Sukhinder Singh Cassidy as chief executive as it reported another first-half loss.

The company said it had a loss of 16.1 million New Zealand dollars (US$9.5 million) for the six months to Sept. 30. It had a loss of NZ$5.9 million in the same period a year earlier.

The company said its bottom line was weighed by NZ$26.5 million in noncash impairments and disposals. It reported an 11% lift in first-half earnings before interest, tax, depreciation and amortization to NZ$108.6 million.

Xero said Ms. Singh Cassidy will start as CEO on Feb. 1. She will join the company on Nov. 28, and current Chief Executive Steve Vamos will remain as an adviser until the end of May, the company said.

Xero said it "will continue to focus on growing its global small business platform and maintain a preference for reinvesting cash generated, subject to investment criteria and market conditions, to drive long-term shareholder value."

It estimated total operating expenses as a percentage of operating revenue in fiscal 2023 would be toward the lower end of 80-85%.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

11-09-22 1727ET