Despite this, the New Zealand-based company anticipates a net loss after tax for the full year of approximately NZ$35 (AU$32.4) million, compared with NZ$14.4 (AU$13.33) million last year.
A statement from Xero said recruitment and expanding the company’s global network were two key focuses for the 2014 financial year as Xero added a further 376 employees and made a successful entry in the US market.
“Xero is now the leading accounting software provider in New Zealand and the leading online accounting software in Australia and the United Kingdom, with annualised subscriptions of NZ$29 (AU$26.85) million, NZ$41 (AU$37.96) million and NZ$14 (AU$12.96) million respectively,” according to the company statement.
“The US market entry phase was completed successfully, allowing Xero to raise an additional NZ$180 (AU$166.68) million of capital in October 2013, bolstering the board with the appointments of New York-based Chris Liddell as chairman and San Francisco-based director Bill Veghte and appointing Peter Karpas as CEO North America.”
Xero’s paying customers in Australia increased by 58,000 through the year to 109,000, for a year on year change of 114 per cent. Subscription revenue was up by 120 per cent.
The company said it expects this strong growth to continue for the foreseeable future.