Grows Subscription Revenue by 85%
Wellington, Oct 8, 2014 AEST (ABN Newswire) - Xero Ltd (
ASX:XRO) (NZE:XRO) (XROLF:OTCMKTS) announces subscription revenue of $52.0m for the half year ended 30 September 2014, up 85% from $28.1m for the half year ended 30 September 2013.
With monthly committed subscriptions growing to $11.0m, annualised subscriptions have grown to $132.3m (an 87% increase on the $70.6m reported at the same time last year).
Xero continued its focus on building capacity, passing 1,000 employees in early October this year.
The company has $170.8m of cash to fund its growth.
Xero's global customer base has grown 76% in the last 12 months to 371,000 customers.
In New Zealand, over 20% of small businesses are using Xero, processing $60B of transactions in the last year. The focus is now on connecting small business with large Enterprises, Financial Institutions, and the Government.
Both Australia and the UK are now significant growth engines for the company.
Xero's largest market, Australia, doubled customer numbers over the last year and increased subscription revenue by 115% for the period compared to the six months to 30 September 2013.
In the UK, Xero doubled its customer base for the sixth consecutive year, and is now the number one cloud accounting application for small businesses.
With the three markets set up to deliver strong future growth, global management is now firmly focussed on the North American market.
The company today announces the appointment of Andy Lark, internationally recognised marketer and online leader, to Chief Marketing Officer and will announce further executive appointments over the coming months.
Xero confirms guidance of forecasted subscription revenue growth of approximately 80% on a constant dollar basis for the 2015 financial year.
Xero expects strong growth to continue for the foreseeable future.
Xero Limited's Half Year Report will be released on 20 November 2014.
To view the Key Metrics, please visit:
http://media.abnnewswire.net/media/en/docs/78315-ASX-XRO-412870.pdf
About Xero Limited
Xero Limited (
ASX:XRO) (NZE:XRO) (OTCMKTS:XROLF) is a global company with offices in the United States, United Kingdom, Australia and New Zealand. Xero is the emerging leader in online accounting software, providing business owners with real-time visibility of their financial position in a way that's simple, smart and secure.
For advisors such as accountants and bookkeepers, Xero forges a trusted relationship with clients through online collaboration and gives them the opportunity to extend their services. Xero is a new type of multinational with teams around the world united in our passion to revolutionise small business.
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