Menu
Xero predicts 84 per cent revenue growth

Xero predicts 84 per cent revenue growth

Firm expects operating revenue to exceed NZ$30.3 million in first half FY14

ASX-listed New Zealand-based accounting software firm is expecting to almost double its revenue in the first half of this financial year off the back of rapid growth in its customer base.

The company is expecting operating revenue to exceed $NZ30.3 million, up 84 per cent from $NZ16.5 million on the corresponding period for the previous year.

The announcement noted that figures had been adjusted to remove Xero personal revenue, which is deemed to be a discontinued operation.

In the last six months, the vendor has strengthened its management capacity in each market to ensure it had the right leadership capability to drive and manage continued rapid growth.

It now has 211,300 paying customers, up 89 per cent from 111,800 compared to the previous year.

The number of staff grew from 278 to 584, while it holds $55 million in cash and has 8800 bookkeeping partners globally.

The annualised committed monthly revenue is $70.6 million, which is made up of New Zealand $23.9 million, Australia $30.2, UK $10.2 million and US $6.3 million.

The company said new product development and support teams had been created and that significant new product development was underway.

"These include Australian Tax, for which the first phase has been delivered, and US Payroll, which received a positive response at our US accounting partner conference last month," the company said in a statement.

"US Payroll is an additional revenue opportunity and will launch by the end of this year.

"The success of recent accounting partner conferences in Australia, US and UK, an expanding partner channel, and performance relative to competitors, gives the company confidence in its ability to drive growth by continuing investment in sales, and marketing and product development."


Follow Us

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags ASXxeroUS payrollAustralian Tax

Events

Why experience is the new battleground for partners

Join us for an exclusive webinar, in association with Hewlett Packard Enterprise and Technology Services Industry Association (TSIA) and learn about the latest industry insights and how technology services continue to evolve to deliver differentiated value, and how partners can be successful in 2021 and beyond.

Featured

Slideshows

The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards

The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards

Hundreds of leaders from the New Zealand IT industry gathered at the Hilton in Auckland on 17 November to celebrate the finest female talent in the Kiwi channel and recognise the winners of the Reseller News Women in ICT Awards (WIICTA) 2020.

The Kiwi channel gathers for the 2020 Reseller News Women in ICT Awards
Leading female front runners honoured at the 2020 Reseller News Women in ICT Awards

Leading female front runners honoured at the 2020 Reseller News Women in ICT Awards

The leading female front runners of the New Zealand ICT industry joined together for the annual Reseller News Women in ICT Awards event at the Hilton in Auckland, during which hundreds of guests celebrated 13 outstanding individuals who won awards, chosen from more than 50 finalists representing over 30 organisations.

Leading female front runners honoured at the 2020 Reseller News Women in ICT Awards
Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners

Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners

More than 500 channel leaders gathered in Auckland on 21 October at the ​Reseller News Innovation Awards ​2020 to celebrate the achievements of the New Zealand technology industry's top partners, start-ups, vendors, distributors and individuals.

Channel gathers to celebrate the Reseller News Innovation Awards 2020 winners
Show Comments