Accounting software firm Xero has had a bumper start to the year reporting a profit of $34.5 million for the six months to September.
Photo: RNZ
Last year the company reported $1.3m for the period.
Chief executive Steve Vamos said the bottom line was the result of strong revenue growth - operating revenue was up 21 percent to $409m - and less spending by the company due to the pandemic.
"Under the Covid conditions we didn't travel, didn't run our Xerocon events and we didn't advertise as broadly because we really felt our focus had to be on those customers and looking after them so that result on profit is one that does reflect the environment."
Operating expenses were up 6 percent year on year.
Vamos said the extra cash would be reinvested back into the business.
"There's really two significant dimensions there ... getting more customers onboard and also helping them use more applications is a big part of our investment focus.
"The other is there's no end of opportunities for us to innovate and evolve Xero's product range."
The company's customer-based increased overall by 19 percent, with New Zealand subscribers growing by 13 percent.