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XERO PARES LOSS, DOUBLES REVENUE

xero-logoXero, which makes web-based accounting applications, is ramping up infrastructure to support 1 million end users. That came as Xero reported it had narrowed its loss while more than doubling revenue for the half ended September 30.  The company lost about $2.8 million for the six months just ended, 21 percent less than in the prior year. Revenue reached just over $6 million, up 112 percent.

 

Xero said its run rate at the end of September was about $13.7 million and the company had grown its customer base to 51,300, a 101-percent increase from the 21,500 paying customers on September 30, 2010. Xero noted it opened a San Francisco office and relocated staff there. Sage veteran Jamie Sutherland was scheduled to become managing director of its North American operations on October 1. Meanwhile, the company moved into a new headquarters in New Zealand to consolidate operations from its previous two buildings. It also said it had secured a technology and development grant from the New Zealand government that could be worth slightly more than $3 million over the next three years. Most of Xero's revenue comes from New Zealand, but it had strong growth in the United Kingdom and Australia. Revenue in the rest of the world grew sharply on a small base and reached around $300,000.

 

 

 

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