Cloud accounting software company Xero has grown first-half revenue by almost 50 per cent to $NZ137.2 million ($130.9 million) while losses were steady at $NZ43.9 million.
Chief executive Rod Drury denied there was a management problem at the company despite a range of senior departures in the past month, including President Americas, Russell Fujioka and chief marketing officer, Andy Lark.
They followed chief product officer Angus Norton and managing director Chris Ridd who both left earlier this year.
"What we do is get the best people to help us at the right time," Mr Drury said during the investor conference call.
He added: "We don't have culture issues, we have an amazing talent pipeline."
Xero shares on the ASX rose 1 per cent in early trading to $16.24, which is down from a 12-month high of 19.82 hit last November.
The big jump in revenue was offset by increased spending on sales and marketing by 25 per cent to $NZ86.2 million and higher product design and development costs, up 31 per cent to $NZ43.9 million in the six months to September 30.
The firm has cut the amount of operating and investment cash it is burning through by 7 per cent to $NZ45.8 million compared to the same period last year, despite first half costs being typically higher than second half costs, according to the company's chief financial officer Sankar Narayan.
North America was the fastest growing market in the first half, with revenue up 59.5 per cent to $NZ11.95 million, but this only accounted for 9 per cent of the firm's revenue in the half.
Australia remains the biggest market by revenue for the firm, with revenue up 55 per cent in the first half to $67.1 million compared to the same period last year.
Annual growth in subscribers to the platform grew by 45 per cent to 862,000 globally.
