XRO
24/05/2012 17:07
FLLYR
REL: 1707 HRS Xero Limited
FLLYR: XRO: Xero delivers offshore growth - full year results 2012
MARKET RELEASE
Xero delivers offshore growth
24 May 2012
Performance highlights for the year ended 31 March 2012
At 31 March 2012 At 31 March 2011 Increase
Operating revenue $19.3m $9.3m 107%
Operating expenses $28.4m $18.0m 58%
Net loss after tax $7.9m $7.5m 5%
Annualised CMR $25.5m $14.0m 82%
Paying business customers 78,000 36,000 117%
Cash in bank $39.0m $16.9m 131%
Xero's revenue grew by 107% from $9.3m in 2011 to $19.3m in the 2012
financial year. Offshore revenue grew from $3.4m to $9.0m in the same period.
At 31 March 2012, Annualised Committed Monthly Revenue (CMR) has grown to
$25.5m - of which 51% is now from offshore markets.
Xero added 42,000 new customers to close the year at 78,000 business
customers.
To support this significant growth and provide a platform for continued rapid
expansion, Xero has grown its capability substantially. Staff numbers have
grown from 113 to 194, with a quarter of those offshore. New offices have
been established in San Francisco, Canberra and Milton Keynes and Xero has
relocated to larger premises in Melbourne, Auckland and Wellington.
Xero is fundamentally disrupting the accounting software industry by
providing both small business and professional accountant tools on a single
platform with common data. Traditionally the incumbent vendors have 'double
dipped' by charging both accountants and small businesses for separate tools
that process the same data. Our true partnering approach and 'Single Ledger'
platform is therefore compelling for accountants as it enables significant
productivity gains and saves them money. Providing a complete set of tools
for accountants makes it more likely that they will use our products to
manage their client bases. There are more than 3,600 accounting firms using
Xero.
Xero has $39m in cash on hand as a result of the successful capital raising.
The company intends to continue its investment phase and is likely to
increase its loss in the year ahead as it builds its platform and team for
significant growth in offshore markets.
Revenue -
year ended
31 March 2012 Revenue -
year ended
31 March 2011 Customer numbers
at 31 March 2012 Customer numbers
at 31 March 2011
New Zealand $10.3m $5.9m 47,000 23,000
Australia $5.0m $1.5m 16,000 6,000
United Kingdom $2.7m $1.3m 11,000 5,000
United States/Global $1.3m $0.6m 4,000 2,000
Total $19.3m $9.3m 78,000 36,000
Additional commentary is included in our 2012 Annual Report which has been
released today and is available online at www.xero.com/investors.
For more information, contact:
Rod Drury
Xero Chief Executive
[email protected]
+64 27 6000 007
End CA:00223235 For:XRO Type:FLLYR Time:2012-05-24 17:07:25
