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XERO REV GROWTH OUTPACES LOSS

XeroStill small Xero remained on a fast growth path for the year ended March 31. The company’s loss is expected to grow by 89 percent for fiscal 2013, but its revenue doubled over the results for 2012. The New Zealand company issued a preliminary report this week in which it said that the loss for the full year would be similar to that in the first half, which meant the red ink would come in around $12.6 million for the most recently ended fiscal year.

The online accounting software company said it had revenue of about $32.8 million, while its run rate for subscription revenue is about $42.9 million. Meanwhile, its international operations continued to grow with revenue from outside the home country hitting 62 percent of committed monthly revenue, up from 51 percent a year earlier. The workforce also reflected the growth, rising to 382 for fiscal 2013, up 97 percent from 194 a year ago. Xero said the number of paying customers on March 31 was 157,000, up from 78,000. One of the most interesting claims in the prepared statement was that the company’s “combined advisor and small business strategy and architecture has disrupted the accountant-side software market in New Zealand and Australia and has been a significant contributor to growth.“ Kind of sounds like QuickBooks when it was new to the market many moons ago.
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