Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Xero cracks quarter-million customers

Xero cracks quarter-million customers

By Paul McBeth

Feb. 20 (BusinessDesk) - Xero, the cloud accounting software developer, reached a quarter of a million customers at the end of January, almost doubling its paying clients from the same time a year ago.

The Wellington-based company attracted its 250,000th customer in January, adding 50,000 customers since August, and taking it a quarter of the way to its target of one million clients. That implies Xero has annualised recurring revenue of $83.5 million, based on its last published revenue figure of $70.6 million as at Sept. 30.

The company has previously said it was on track to boost annual revenue by more than 80 percent, which would take sales beyond $70.2 million for the year ending March 31 from $39 million a year earlier.

“Now with a quarter of a million customers globally, and with the Australian market fast approaching 100,000 customers, we are gaining real momentum,” chief executive Rod Drury said in a statement ahead of the company’s annual conference, in Auckland. “The results we have achieved over the last year are testament to the innovation of the product development team, which is working hard to build the features enabling us to target all small businesses in our core markets, as well as the wider teams in US, Australia, the UK and here in New Zealand.”

Last week Xero appointed former Microsoft chief financial officer Chris Liddell as its new chairman and ex-PayPal executive Peter Karpas to lead its North American unit. US-based Bill Veghte, who runs HP’s enterprise group, has also been appointed to the company’s board.

The shares were last at $39.60, and have climbed 23 percent this year.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Insurers Up For More Payouts: Chch Property Investor Wins Policy Appeal In Supreme Court

Ridgecrest NZ, a property investor, has won an appeal in the Supreme Court over insurance cover provided by IAG New Zealand for a Christchurch building damaged in four successive earthquakes. More>>

ALSO:

Other Cases:

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news