Today we announced another strong set of half-year results, achieving positive EBITDA for the first time, annualised committed monthly revenue (ACMR) of $417 million and more than $1 billion was added in total lifetime value in the past 12 months.
With 1.2 million Xero subscribers globally, we continue to cement our position as the cloud accounting leader in Australia, New Zealand and the UK, with more than half a million subscribers in Australia, and quarter of a million subscribers in each of the New Zealand and UK markets.
We’re proud Xero has emerged as one of the largest and fastest growing listed technology companies in Australasia. We are well on our way to rewiring how businesses work together, leveraging the migration we made to AWS with AI and machine learning to deliver a significant wave of new products – including Xero Expenses, Xero Projects, Xero HQ App Suite, Xero HQ Ask and Xero Discuss. These products combined with connections to financial and fintech organisations, large enterprises and government agencies, deliver productivity and opportunities to small businesses grow and create new jobs. We’re seeing the benefit of spending more than $430 million on R&D in the past decade, building a much loved product and developing a global channel.
Today we also announced we are consolidating Xero’s listing on the Australian Securities Exchange (ASX) to support our next phase of growth. As part of this process, Xero intends to delist from the NZX with effect from 2 February 2018. As Xero continues to grow, gaining enhanced access to deeper capital markets, increased trading liquidity and a broader base of potential investors is critical to fulfilling the company’s aspirations.
We have been grateful for the support of the NZX since we listed and feel strongly New Zealand tech companies should list locally to build vital long term relationships and a track record.
Xero is proud New Zealand business. We remain headquartered in Wellington with 1,000 of our people working out of our three New Zealand offices. While more than half of Xero’s people live in New Zealand, 80 percent of Xero’s revenue now comes from outside New Zealand, and our strategy is to drive further growth in markets like the UK, North America and Southeast Asia.
It’s been a team effort to achieve these stellar results where our Xero people, investors, accounting advisors, ecosystem partners and small business owners have all collaborated to establish a platform which helps the small business economy tick.