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

 

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:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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