Hamish Fletcher

Hamish Fletcher is a business reporter for the NZ Herald

Xero doubles sales - ASX listing due next month

Xero chief executive Rod Drury. Photo / Mark Mitchell
Xero chief executive Rod Drury. Photo / Mark Mitchell

Accounting software company Xero more than doubled its customer base over the last year, with its strongest growth coming across the Tasman.

Xero expects to post revenue for the six months to September 30 of $16.7 million, up 111 per cent on the same period last year, the Wellington-based company said this morning.

Staff levels had grown to 278 from 148 over the last year.

At the end of last month, the company had 111,800 customers, up 118 per cent (51,300) from the year before.

Across the Ditch customer numbers had ballooned by some 213 per cent to 32,500 from 10,400.

The majority of Xero's customers - 57, 300 - are from New Zealand, while 15,100 are based in the United Kingdom.

In the update, the company said was proceeding with its application to list on the ASX and anticipates this will go ahead in early November.

Xero replaces software-in-a box with a service running over the internet.

- NZ Herald

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_n1 at 22 Aug 2014 01:31:21 Processing Time: 536ms