Why the Xero (ASX:XRO) share price just hit a new record high

The Xero Limited (ASX: XRO) share price has continued its impressive run on Monday and is charging higher again.

In fact, at one stage the cloud-based business and accounting software platform provider’s hit a new record high of $145.00.

When the Xero share price hit that level, it meant it was up a remarkable 82% since the start of the year.

Why is the Xero share price at a record high?

Investors have been fighting to get hold of Xero’s shares this year thanks to its strong performance despite the COVID-19 pandemic.

For example, in the first half of FY 2021, the company delivered a 21% increase in operating revenue to NZ$409.8 million. This was driven by a 19% increase in total subscribers to 2.45 million.

Things were even…