The number of North American users of online accounting software vendor Xero tripled over the last year. But the company’s penetration of the market on this continent remained under one percent, Xero said this month in its report of financial results for the year ended March 31. And overall, the company’s loss also grew.There were 18,000 North American users at the end of fiscal 2014, up from 6,000 on March 31, 2013.
The New Zealand-based company lost roughly $17.4 million , a 147-percent rise, with its net margin hitting a negative 50.6 percent, compared to 37.5 percent the prior year. Revenue for the most recently ended year was about $65 million, an increase of about 83 percent over 2013. The
In a prepared statement from CEO Rod Drury outlined the strong growth in staff during the last year. The company added 376 new employees during fiscal 2014 and ended the year with a staff of 758 at year's end.
Worldwide there were 284,000 when fiscal 2014 closed, an 18-percent increase from 157,000. North America produced $3.3 million in revenue for 2014, up 81 percent from a year earlier.