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Xero doubles annual sales, grabs more customers

Tuesday 3rd April 2012

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Xero, the cloud-based accounting platform provider, has doubled its annual sales and accelerated growth in customer numbers.

The Wellington-based software business boosted revenue to $19.3 million in the 12 months ended March 31 from $9.3 million a year earlier, it said in a statement to the NZX.

That comes after it doubled its customer base to 78,000 from 36,000 in the period. Offshore revenue rose to 51% of what it calls monthly committed revenue, which now exceeds $25.5 million. The company didn't give guidance on earnings.

“For the full 2013 year, New Zealand, Australia and the UK will be the growth engines for the company,” chief executive Rod Drury said. “Entry into the US market is progressing well as the company executes its plan and works with early adopters.”

Last week shares in the company hit an all-time high $4.05. The stock has gained 45 percent this year having closed $3.80 a share yesterday.

Drury said its key objectives for the US this financial year are to make inroads into rival Intuit’s key accounts, build its team in the US and deliver new product features.

Australia led customer growth up 166 percent to 16,000, followed by the UK rising 120 percent to 11,000 customers. New Zealand’s customer base climbed 104 percent to 47,000 customers, while the US market grew 100 percent to 4,000.

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