New Zealand cloud accounting firm Xero has topped a list of "most innovative growth companies" prepared by influential American business publication Forbes.
Forbes put the NZX-listed company's "innovation premium" at 91.7 per cent.
"The Innovation Premium is a measure of how much investors have bid up the stock price of a company above the value of its existing business based on expectations of future innovative results," Forbes said.
Forbes ranked Xero's five year average sales growth at 210.2 per cent.
Other companies in the top 10 of Forbes' list include UK-based online clothing retailer ASOS.
Xero's share price was trading flat this morning at $32.50. Despite its tumble from record highs earlier this year, Xero's share price is still up 134 per cent from this time last year.
See Rod Drury interviewed here in the Business Herald's 'Meet the CEOs" video series:
Xero has released its annual report today. Read it here: