Thursday, 21 November 2013 19:13

Xero continues rapid growth in Aussie market


Listed, online accounting software provider, Xero, says the Australia-New Zealand region is now the leading region for number of its customers globally, with the company reporting high revenue in its Australian business.

In an interim report published today on the ASX, New Zealand-based Xero (ASX:EXO) says that Australian revenues have grown 124% for the six month period ending 30 September, compared to the same period a year ago.

Australian Managing Director, Chris Ridd, says that Xero is “moving quickly” on market share in the Australasian market, “with a major focus on growth supported by NZD$200m in the bank and no debt.”  

“We have an excellent product and proven ability to innovate and operate. We recently published our features timeline which showed frequent big ticket releases over the years.

“No other new entrant has had comparable resources to create the breadth of platform that Xero has already delivered. Xero is in a stronger financial position than our competitors in the Australasian market .We will continue to build a world class team and invest in our pure cloud accounting software model.”

Xero now has Australian offices in Melbourne, Sydney, Canberra, Perth and Brisbane, and Ridd says staff numbers have “surged” to 100, with a dedicated development team working on tax, with launch expected in June next year in time for the Australian end of financial year.

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Peter Dinham

Peter Dinham - retired and is a "volunteer" writer for iTWire. He is a veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).



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