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xero LlmlLed (x8C) announces subscrlpLlon revenue of $32.0m for Lhe half year ended 30 SepLember
2014, up 83 from $28.1m for Lhe half year ended 30 SepLember 2013.

WlLh monLhly commlLLed subscrlpLlons growlng Lo $11.0m, annuallsed subscrlpLlons have grown Lo
$132.3m (an 87 lncrease on Lhe $70.6m reporLed aL Lhe same Llme lasL year).

xero conLlnued lLs focus on bulldlng capaclLy, passlng 1,000 employees ln early CcLober Lhls year.

1he company has $170.8m of cash Lo fund lLs growLh.



Cn a consLanL currency
1
basls, xero grew subscrlpLlon revenue by 91 and operaLlng revenue by 83
ln Lhe perlod.










1
1he consLanL currency analysls ls a non-CAA flnanclal measure whlch has been provlded Lo asslsL readers Lo beLLer
undersLand and assess Lhe company's flnanclal performance excludlng Lhe lmpacL of forelgn currency flucLuaLlons durlng Lhe
perlod.
Commentary

xero's global cusLomer base has grown 76 ln Lhe lasL 12 monLhs Lo 371,000 cusLomers.

ln new Zealand, over 20 of small buslnesses are uslng xero, processlng $608 of LransacLlons ln Lhe
lasL year. 1he focus ls now on connecLlng small buslness wlLh large LnLerprlses, llnanclal lnsLlLuLlons,
and Lhe CovernmenL.

8oLh AusLralla and Lhe uk are now slgnlflcanL growLh englnes for Lhe company. xero's largesL markeL,
AusLralla, doubled cusLomer numbers over Lhe lasL year and lncreased subscrlpLlon revenue by 113
for Lhe perlod compared Lo Lhe slx monLhs Lo 30 SepLember 2013.

ln Lhe uk, xero doubled lLs cusLomer base for Lhe slxLh consecuLlve year, and ls now Lhe number one
cloud accounLlng appllcaLlon for small buslnesses.
WlLh Lhe Lhree markeLs seL up Lo dellver sLrong fuLure growLh, global managemenL ls now flrmly
focussed on Lhe norLh Amerlcan markeL. 1he company Loday announces Lhe appolnLmenL of Andy
Lark, lnLernaLlonally recognlsed markeLer and onllne leader, Lo Chlef MarkeLlng Cfflcer and wlll
announce furLher execuLlve appolnLmenLs over Lhe comlng monLhs.

Regional breakdown



xero conflrms guldance of forecasLed subscrlpLlon revenue growLh of approxlmaLely 80 on a
consLanL dollar basls for Lhe 2013 flnanclal year. xero expecLs sLrong growLh Lo conLlnue for Lhe
foreseeable fuLure.

xero LlmlLed's Palf ?ear 8eporL wlll be released on 20 november 2014.


ENDS
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