It’s easy to grab profits, but psychologically, it’s harder for many to run them, yet all trading and investment books spout, “Run your profits and cut your losses.” Our XRO position is up over 70%, and the online accounting business delivered another strong result this month, demonstrating they are successfully balancing growth with improving earnings. The numbers are simple but impressive at XRO; more subscribers are spending more money with XRO as the CEO delivers on the company’s next chapter. XRO’s expansion into the US & UK is exciting, with only ~43% of revenue coming from overseas in FY24.
In the US, it has rolled out enhanced payment solutions in partnership with Stripe, enabling features like Tap to Pay and “Buy Now, Pay Later” options while also focusing on small businesses. In the UK, XRO has introduced new tools to help small businesses comply with Making Tax Digital (MTD) requirements, a UK government initiative to digitalise tax processes as they continue to tailor their offerings to respective regions.
- We believe XRO is still a “Buy into Dips” stock instead of sell strength – MM is long XRO in our Active Growth Portfolio.
MM is long and bullish XRO
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