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Xero adds another 36k clients since March

Thursday 1 Aug 2013 5:28 p.m.

Xero, the cloud-based accounting software firm, predicts 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 on Thursday 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 $51.5m at March 31.

The company sees sales rising 80 percent in the 12 months ending March 31, 2014, from $39m in 2013, implying revenue of some $70m.

The push for growth is expected to lead to a wider loss than the $14.4m it reported for 2013, though it has sufficient cash on hand to deal with that.

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

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

NZN

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