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Thursday, May 23, 2013
Xero doubles revenue, posts loss - 23-May-2013 - NZ Business news
Xero doubles revenue, posts loss - 23-May-2013 - NZ Business news
Xero has widened its annual loss, in line with its guidance, while doubling revenue as it expanded in Australia and built a business in the US.
The online accounting systems provider reported a net loss of $14.4 million in the 12 months ended March 31, compared to a loss of $7.9m a year earlier.
Operating revenue rose 102 per cent to $39 million.
Xero shares have climbed from just 85 cents in May 2008 to $13.90, rewarding shareholders who have subscribed for some $180 million of equity, including its 2007 initial public offering.
The company now has a market value of $1.6 billion, putting it in the same league as Fisher & Paykel Healthcare, and leaving some investors struggling to apply conventional valuation models.
"There's no doubt the company has delivered for many shareholders already and it's natural that some may think the business is mature and the value captured," chief executive Rod Drury said.
"However, we believe we're just at the beginning of a massive market shift as small businesses globally realise the benefits of connected cloud solutions."
Operating expenses rose 97 per cent to $55.95m. Wages and salaries jumping 93 per cent as Xero took on workers to drive sales growth.
Xero's biggest sales gains were in Australia, where revenue from external customers jumped to $13.9m from $5m.
To achieve that, the company's operating expenses in Australia rose to $12.7m from $5.6m. Pretax earnings were $1.2m across the Tasman.
New Zealand remained the biggest market, with annual revenue rising to $16.9m from $10.3m, and pretax earnings of $6.2m.
In the UK, sales rose to $5.5m from $2.7m and earnings were $478,000.
The rest of the world, including the US where it has established a beachhead in San Francisco and Los Angeles, revenue rose to $2.7m but that was wiped out by operating expenses of $4.8m.
Overall, Xero's number of paying customers rose from 78,000 to 157,000, of which 46 per cent were in New Zealand, 32 per cent in Australia, 14 per cent in the UK and 7 per cent in the rest of the world.
The company has ample funds to chase its sales growth following the sale of $60m of new stock to US investors Peter Thiel's Valar Ventures and Matrix Capital Management last November, which lifted cash at bank to $78m as at March 31.
NZN
Accounting systems provider Xero has rewarded investors but it is still reporting losses as it expands offshore.
23 May 2013Xero has widened its annual loss, in line with its guidance, while doubling revenue as it expanded in Australia and built a business in the US.
The online accounting systems provider reported a net loss of $14.4 million in the 12 months ended March 31, compared to a loss of $7.9m a year earlier.
Operating revenue rose 102 per cent to $39 million.
Xero shares have climbed from just 85 cents in May 2008 to $13.90, rewarding shareholders who have subscribed for some $180 million of equity, including its 2007 initial public offering.
The company now has a market value of $1.6 billion, putting it in the same league as Fisher & Paykel Healthcare, and leaving some investors struggling to apply conventional valuation models.
"There's no doubt the company has delivered for many shareholders already and it's natural that some may think the business is mature and the value captured," chief executive Rod Drury said.
"However, we believe we're just at the beginning of a massive market shift as small businesses globally realise the benefits of connected cloud solutions."
Operating expenses rose 97 per cent to $55.95m. Wages and salaries jumping 93 per cent as Xero took on workers to drive sales growth.
Xero's biggest sales gains were in Australia, where revenue from external customers jumped to $13.9m from $5m.
To achieve that, the company's operating expenses in Australia rose to $12.7m from $5.6m. Pretax earnings were $1.2m across the Tasman.
New Zealand remained the biggest market, with annual revenue rising to $16.9m from $10.3m, and pretax earnings of $6.2m.
In the UK, sales rose to $5.5m from $2.7m and earnings were $478,000.
The rest of the world, including the US where it has established a beachhead in San Francisco and Los Angeles, revenue rose to $2.7m but that was wiped out by operating expenses of $4.8m.
Overall, Xero's number of paying customers rose from 78,000 to 157,000, of which 46 per cent were in New Zealand, 32 per cent in Australia, 14 per cent in the UK and 7 per cent in the rest of the world.
The company has ample funds to chase its sales growth following the sale of $60m of new stock to US investors Peter Thiel's Valar Ventures and Matrix Capital Management last November, which lifted cash at bank to $78m as at March 31.
NZN
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