2 Oct 2012

Xero expects higher revenue

1:37 pm on 2 October 2012

Online accounting software company Xero expects to double its half year operating revenue after strong growth in its offshore markets.

The listed company anticipates its operating revenue to exceed $16.7 million for the sixth months to September. In the same period last year revenue was $7.9 million.

However the company still expects to report a loss for the period as it spends more to expand its operations.

Customer numbers have more than doubled 111,800 in the year to September, compared with 51,300 last year.

Xero chief executive Rod Drury says the company has been building up the business for the last five years and the work is starting to pay off.

Mr Drury says Xero is proceeding with its application to list on the Australian stock exchange and expects to be dually listed in early November.