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

 

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Scoop Business: NZ Net Migration Reaches New Annual Record In June

New Zealand annual net migration rose to a new record in June as arrivals continued to be bolstered by Chinese and Indian students, while fewer locals departed for Australia. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news