Friday 5th October 2012
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Xero, the cloud-based accounting platform provider, more than doubled first-half sales and expects to list across the Tasman next month as it boosts its operations in Australia.
Operating revenue will be worth of $16.7 million in the six months ended Sept. 30, up from $7.9 million a year earlier. Its annualised monthly committed revenue accelerated to $38.7 million at the end of September, from $34.5 million flagged at its July annual meeting. Xero is proceeding with its plan for a secondary listing on the ASX.
The Australian region has shown particularly strong growth, with a tripling of the numbers of paying customers, on the back of the integrated payroll features and significant growth in numbers of accounting and bookkeeping partners," the company said. Xero added a further 11,800 customers since the July meeting, taking its client base to 111,800.
New Zealand clients account for 51 percent of the company's book, while Australian customers make up 29 percent. The push into Australia will heat up competition with MYOB, Australasia's dominant payment solutions firm, which has recently launched a cloud-based suite of services.
In the chart, it shows that Xero share had a every strong uptrend in last three years. Its share price rised more than 2.5 times through the period. As the demond of Xero's products keeps growth localy and in overseas, its share price has a great potential to keep soaring.
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