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Half year results: Doubling revenue. Accelerating investment.

Xero

Nov 14, 2012

We’re delighted to present our half year numbers for your detailed perusal. You can download the report here.

We’ve doubled revenue again for the half year and signalled we expect to double revenue for the full year. We’re very proud of creating 130 new jobs over the last 12 months.

The growth in Australia has been remarkable and all countries are performing well.

We have announced that we are investing in a number of new projects including Australian Tax and Payroll for the USA. We will also continue to invest heavily on our platform as we will continue to scale rapidly.

We signal in the report that we have a strong cash position ($30m) and feel very well positioned against the incumbent providers. At around 300 staff today we are still small compared to the incumbents. Intuit as an example has 8000 staff. So we’re not slowing down building our team and will use our cash to continue to invest in capability to¬†provide even more value to our customers and partners.

We’re feeling really good about the business. We haven’t spent a huge amount on marketing but it feels like our brand is building nicely which means word of mouth, accelerated by social networks, is working. We’re aware we still have a lot to do and get a buzz from the positive feedback as well as appreciating direct feedback of what our customers and partners want us to deliver next. The whole team is working hard and really enjoying it.

The board and senior team is laser focussed on getting to the stage where we are a profitable and high margin company but right now the best way to create long term shareholder value is continue to grow. It’s amazing how much change has happened in our industry over the last 5 years and how much more is to come.

If you want to be part of our team please check our careers page. We need more smart and passionate people. We’re creating jobs here. Lots of high value jobs.

As always, please feel free to ask any questions below.

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