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

 


Xero hits $100 million in annualised revenue

Xero hits $100 million in annualised revenue

By Suze Metherell

June 16 (BusinessDesk) - Xero, the cloud-based accounting software firm, continued to boost sales last month, with annualised revenue of $100 million for the first time.

Annualised revenue, which Xero recognises on a customer subscription basis, reached $100 million in May, with monthly recurring subscription revenue of $8.6 million, the Wellington-based company said in a statement. That's up from annual revenue of $93 million in March. Xero reported operating revenue of $70.1 million in the 12 months ended March 31.

The company is chasing sales growth in lieu of profit, raising $180 million from investors last year to help fund its aspirations to grab one million customers worldwide, and target the US market for that growth.

Australian customers now exceed 120,000 and UK clients are more than 50,000 with 70 percent of its annualised subscription revenue from outside New Zealand, it said. Xero had 109,000 Australian customers and 47,000 UK clients as at March 31.

In April, Xero said it had slowed its cash burn with its cash outflow at $5.6 million in the three months ended March 31, slowing from an outflow of $6.5 million in the December quarter, and up from $2.5 million a year earlier.

The NZX-listed company's shares rose 0.5 percent to $29.30 today, and have shed 9.8 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Fruit & Veg Crackdown: Auckland Fruit Fly Find Under Investigation

The Ministry for Primary Industries (MPI) is investigating a find of a single male Queensland fruit fly in a surveillance trap in the Auckland suburb of Grey Lynn... MPI has placed legal controls on the movement of fruit and some vegetables outside of a defined circular area which extends 1.5km from where the fly was trapped in Grey Lynn. More>>

ALSO:

Scoop Business: Westpac NZ Reaches $2.97M Swaps Settlement

Westpac Banking Corp’s New Zealand unit has agreed to pay $2.97 million in a settlement with the Commerce Commission over the way the bank sold interest rate swaps to farmers between 2005 and 2012. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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