Xero hits 600k subscribers

SaaS provider reports subscription NZ$89.8m for H1

XEO CEO Rod Drury.

XEO CEO Rod Drury.

New Zealand's Xero now has more than 600,000 subscribers to its cloud-based accounting software, the company announced today.

Subscriber numbers grew 60 per cent in the 12 months to 30 September, Xero said.

At the end of September 2014, the company had 222,000 subscribers; by the end of H1FY16 the number had grown to 593,000.

The North American subscriber segment grew 114 per cent during the six months to the end of September 2015, Xero said.

The ASX-listed SaaS provider today reported subscription revenues of NZ$89.8 million for the half.

"Xero delivered strong global growth while improving operating metrics, reflecting positive overall business performance," the company's CEO, Rod Drury, said in a statement.

"Xero continues to grow its capability while delivering strong results. We have built a world-class team at all levels of the business who demonstrate disciplined execution to deliver on the global growth opportunity."

"We've achieved strong growth for the first half and we're on track to achieve [NZ]$200 million subscription revenue based on June 2015 foreign exchange rates this financial year," Drury said.

"Xero is focused on containing its full financial year cash outflow to similar levels to the prior financial year. This growth as well as the rigour that we have established within the business positions Xero for long-term value creation."

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