The market is recognising the speed at which we are scaling as we become one of the top technology companies and few global platforms listed on the ASX and NZX, as shown above by Clare Capital.
Ten years since listing, Xero has quickly risen to be grouped with the larger listed technology businesses by revenue but with a faster growth rate.
It has been a milestone year for Xero. Xero recently posted a solid set of full-year financial results that showed we achieved operating cash flow break-even in the second half of the financial year ending March 31, doubled subscriber numbers in less than two years to pass more than one million subscribers, and moved the platform to the public cloud. Momentum continues with the company passing quarter-of-a-million subscribers in New Zealand, and expects to pass half-a-million subscribers in Australia shortly.
We have executed on all fronts to achieve strong results for the financial year. We’re now well past the startup phase and are pleased to emerge as one of the larger technology companies by revenue listed on the ASX and NZX.
Hosting our Annual Meeting today, it was a great opportunity to show how we’ve focused on our accounting and bookkeeping partners and commitment to building the financial web so we can deliver diversified global growth to shareholders.
We’ve entered a new phase of innovation as machine learning and artificial intelligence allow us to redefine small businesses computing on our global platform. Our strong revenues allow us to continue to invest to lead this revolution while we manage our cash towards breakeven.
Now we’ve built a powerful and much-loved accounting engine, we have so many opportunities for growth, including how we can use our single code base to service a larger array of businesses around the globe and build more powerful tools.
Presenting at the Annual Meeting today, Xero Chief Partner Officer, Anna Curzon outlined the importance of small businesses in the global economy, revealing how we intend to help transform advisors into growth consultants to further stimulate global prosperity.
“Accounting technology should lead the next era of innovation – the industry has so much to gain from artificial intelligence and machine learning advances which both reduce the cost of compliance and help arm accountants with the tools and skills required to support the world’s small businesses,” Anna said.
“Machine learning and artificial intelligence are helping unlock the potential of the Xero community’s vast connections and unique dataset to drive the establishment of personalised automation systems for small businesses. It’s never been a more exciting time to be in accounting. As small businesses’ contribution to the global economy grows, so does the accountant’s role, as advisors in supporting small businesses who run the world.”
With the help of our investors, our 1700+ strong team, accountants, bookkeepers and ecosystem partners, Xero has evolved into a global platform. With more than 100,000 business advisors in the Xero network, we have established a proven formula for growth where the open ecosystem gives customers world class apps and choice. We have the scale of more than one million subscribers, the size and reach of a global business, the capability in market and most importantly a beautiful product which helps small businesses thrive.