Xero a fifth of the way to its 1 million customer target

Xero, the cloud-based accounting software developer, is a fifth of the way toward it vaunted one million customer mark as it makes inroads into the Australian market.

The Wellington-based company crossed the 200,000 customer number, adding 7,000 in the last month and doubling its paying clients in 13 months, it said in a statement. Of that, Xero has built up 75,000 customers in Australia, up from 51,000 at the end of March.

That implies the software developer has annualised revenue of about $66.3 million, based on its last published revenue figure of $64 million as at July 31. Xero anticipates sales in excess of $70 million in the 2014 financial year.

"The second half of FY2014 promises even greater growth as we commence our first advertising campaign in Australia," Xero Australia managing director Chris Ridd said. "We expect to see increased industry adoption and expanded market share."

The shares last traded unchanged at $15.80 and have more than doubled this year.

BusinessDesk.co.nz

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