Story image

Xero adds 36k customers... predicts 80% sales rise

02 Aug 2013

Xero, the cloud-based accounting software firm, added 36,000 customers since the end of March and is predicting an 80 percent pickup in annual sales as it continues its drive for global growth, which will widen the loss at the end of the year.

Chief executive Rod Drury told shareholders in Wellington today the company has 193,000 customers, that's up from 157,000 at the end of the March financial year, according to slides published on the NZX.

Xero's annualised monthly revenue has climbed to $64 million from $51.5 million at March 31.

The company's sees sales rising 80 percent in the 12 months ending March 31, 2014, from $39 million in 2013, implying revenue of some $70 million. The push for growth is expected to lead to a wider loss than the $14.4 million it reported for 2013, though it has sufficient cash on hand to deal with that.

Xero's cash flow statement published yesterday showed it was sitting on $68.8 million of cash as at June 30, down $9.4 million from three months earlier. It used $6.57 million in the first quarter of the year.

The shares fell 1.9 percent to $16.98 today, having surged some 128 percent this year, valuing the firm at about $2 billion.

BusinessDesk

Microsoft appoints new commercial and partner business director
Bowden already has almost a decade of Microsoft relationship management experience under her belt, having joined the business in 2010.
Zoom’s new Rooms and Meetings features
Zoom has released information about the upcoming releases for its Rooms and Meeting offerings for 2019.
Aussie company set to democratise direct-to-orbit IoT access
Adelaide-based Myriota has released a developer toolkit that has been trialled and tested by a smart waste management platform.
Apple's AirPods now come with 'Hey Siri' functionality
The new AirPods come with a standard case or a Wireless Charging Case that holds additional charges for more than 24 hours of listening time.
Dynatrace takes pole position in APM Magic Quadrant
It placed highest on Ability to Execute and furthest on Completeness of Vision in the 2019 Quadrant for Application Performance Monitoring (APM).
HCL and Xerox expand strategic partnership
Under the terms of the agreement, HCL will manage portions of Xerox’s shared services, including global administrative and support functions.
Avaya expands integration with Google Cloud AI
This includes embedding Google’s machine learning within conversation services for the contact centre, enabling integration of AI capabilities.
Forrester names Crowdstrike leader in incident response
The report provides an in-depth evaluation of the top 15 IR service providers across 11 criteria.