Xero added 22,000 customers since February and reported its fastest annual growth in Australia, which jumped 219 percent to 51,000, followed by the US, which gained 175 percent to 11,000. UK customer numbers doubled to 22,000 and New Zealand clients advanced 55 percent to 73,000.
Annual monthly committed revenue grew to $4.3 million and is up to $51.5 million on an annualised basis from $25.5 million a year earlier.
The important figuer here is the USA figure which is proof of concept that the product is being accepted in the USA environment and adoption is heading along the same lines as Australia but in a megga larger market. Even the UK is impressive.
Drury says they are on track for a million customers.
They have upped staff to 382 from 194 a year earlier. And one can only expect things to accelerate given the massive issues in bedding in that many staff and getting them all up to speed.
Should be fun to watch over the next six months/years
XRO Price at posting:
$8.90 Sentiment: LT Buy Disclosure: Held
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