Xero doubles customers worldwide

Online accounting software company Xero has offered a market progress update on the NZX, announcing a doubling of customers around the world thanks in part to the growth agenda signalled in the middle of last year.

The company announced in July that it would re-invest its cash funds rather than paying off debt, and the approach seems to be working, with business customers around the world growing from 36,000 to 78,000 and revenue doubling from $9.3 million to $19 million in the year to March 31.

Staff numbers have risen from 113 to 194, including 44 based overseas; the company now has offices in Wellington, Auckland, Melbourne, Canberra, Milton Keynes and San Francisco.

47,000 of the company's customers are in New Zealand, 16,000 are in Australia, 11,000 are in the UK and 4000 are in the rest of the world, including the US. Annualised Monthly Committed Revenue is now over $25.5 million, with 51% of that coming from offshore.

"Xero continues to demonstrate that it can execute effectively across multiple regions, innovate and keep delivering a best in class product and customer experience," the statement reads.

"For FY13, New Zealand, Australia and the UK will be the growth engines for the company. Entry into the US market is progressing well as the company executes its plan and works with early adopters.