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- Release Date: 18/03/13 12:01
- Summary: GENERAL: XRO: Xero comments on share price
- Price Sensitive: No
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XRO
18/03/2013 10:01
GENERAL
REL: 1001 HRS Xero Limited
GENERAL: XRO: Xero comments on share price
Xero comments on share price
18 March 2013
In respect to the company's recent share price increases, Xero Ltd (XRO) is
aware of increased interest from overseas investors wanting exposure to the
Software as a Service technology segment. Software as a Service is seen as a
high growth opportunity with industry revenues expected to grow significantly
over the next five years.??
The company is experiencing increased profile internationally following the
appointment of an ex-Google executive, US media interest and recent roadshows
in Australia attended by over 3700 accountants. In New Zealand the annual
Xerocon conference in February had 800 attendees, up from 400 last year. ??
The company is not seeking additional funds at this time. It has over NZ$80
million in cash and is sufficiently funded to execute on its current plans.
??Xero advises it remains on track to double revenue for the full year to 31
March 2013, has continued to invest for growth and will finish the financial
year with over 400 staff. The company remains focused on extending its
feature set and building up infrastructure and services to provide the
capability to support a million customers.
??In 2013 Xero expects to complete the breadth of functionality to fully
compete with the incumbent desktop software providers while delivering
significant new innovations. A key focus for the business for the year ahead
is building out the global in-market teams.
??Xero CEO Rod Drury says speculation about Xero listing on a US stock
exchange is a little early.
??"A US listing is certainly something a business with global aspirations
would consider. We have been advised it would not make sense to consider a
listing in the US until we can see at least US$100 million of revenue, so the
focus for now remains on growing the team, customers and revenue while
building systems and processes for efficiency."??
The company will provide an FY13 operating update in early April.
?
For more information contact:?
Rod Drury
?Xero Chief Executive
[email protected]
?+64 27 6000 007?
About Xero?
Xero provides beautiful, easy to use online accounting software for small
businesses and their advisors. The company has over 135,000 paying customers
and 200,000 users in more than 100 countries around the world. The company is
listed on the NZX and ASX.
?See http://xero.com
End CA:00234244 For:XRO Type:GENERAL Time:2013-03-18 10:01:31
