Ann: FORECAST: XRO: XRO to exceed NZ$30m operatin

• Release Date: 03/10/13 12:55
• Summary: FORECAST: XRO: XRO to exceed NZ$30m operating revenue for 1st half of FY14
• Price Sensitive: No
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					XRO
03/10/2013 09:55
FORECAST

REL: 0955 HRS Xero Limited

FORECAST: XRO: XRO to exceed NZ$30m operating revenue for 1st half of FY14

MARKET RELEASE
Xero to exceed NZ$30m operating revenue for first half of FY 2014

3 October 2013
(Note: all currency is in New Zealand dollars and results are unaudited)

Half-year revenue for Xero Limited (XRO) is expected to exceed NZ$30.3m as
the business continues to establish its position as a global leader for small
business cloud accounting.

Key metrics

o First half of FY 2014 operating revenue is expected to exceed NZ$30.3m.
This compares to $16.5m for the corresponding period last year, or +84%
growth. Note that these figures have been adjusted to remove Xero Personal
revenue, which is deemed to be a discontinued operation.
o Annualised Committed Monthly Revenue (ACMR) at 30 September 2013 is $70.6m,
which is made up of New Zealand $23.9m, Australia $30.2m, UK $10.2m, and
US/RoW $6.3m.
o Number of accounting and bookkeeping partners globally is 8,800.
o Number of add-on applications globally is 300, up from 160 a year ago.
o Paying customers are 211,300 at 30 September 2013, up from 111,800 at the
same date last year, or +89% growth.
o Number of staff grew from 278 to 584 over the past year.
o Cash on hand is $55m.

Paying customers

 As at 30 Sept 2013 As at 30 Sept 2012 Year on year change
________________________________________
New Zealand 85,500 57,300 +49%
________________________________________
Australia 79,100 32,500 +143%
________________________________________
United Kingdom 30,100 15,100 +99%
________________________________________
United States/Rest of World 16,600 6,900 +141%
________________________________________
Total  211,300 111,800 +89%
________________________________________

Summary

Over the last six months management capacity has been strengthened in each
market to ensure we have the right leadership capability in place to drive
and manage continued rapid growth.

New product development and support teams have been created and significant
new product development is underway. These include Australian Tax, for which
the first phase has been delivered, and US Payroll, which received a positive
response at our US accounting partner conference last month. US Payroll is an
additional revenue opportunity and will launch by the end of this year.

The success of recent accounting partner conferences in AU, US and the UK, an
expanding partner channel, and performance relative to competitors, gives the
company confidence in its ability to drive growth by continuing investment in
sales, marketing and product development.

For more information contact:
Rod Drury
Xero CEO
[email protected]
+64 27 6000 007

About Xero
Xero is beautiful, easy to use online accounting software for small
businesses and their advisors. The company has over 200,000 paying customers
in more than 100 countries around the world. Xero is listed on the NZX and
ASX.
See www.xero.com
End CA:00241951 For:XRO    Type:FORECAST   Time:2013-10-03 09:55:41