Xero year end report…

My business colleagues always have a chuckle when they see that I prepare year end accounts within days of the roll over.

I’m pleased to see that Xero is similarly results driven, having released its 31 March operating update within 12 hours of the end of the year. This alone earns kudos in my books. Earning further kudos are the actual results (my comments in italics);

Customer update
• Xero is on track to achieve its first year target of 1300 customers by 11 May 2008.
• Customer numbers have grown from 500 to more than 950 in the two months since 1 February 2008.
both of these are positive but I would like to see some revised revenue projections given the lowered monthly fee now charged
• Xero was made available in the United Kingdom, ahead of schedule, in March. The UK has contributed 130 customers to date.
• These results are being achieved within the costs as forecast.
good work – and revenue figures from the offshore operations?

Company news
• International application hosting infrastructure is successfully in place following a major technical project. As country specific features are completed, new geographies can be deployed with minimal additional investment.
so is there a projected timescale for an Australian roll out? Other countries?
• Xero’s availability in the UK ahead of schedule demonstrates the company’s commitment to building a global company from New Zealand.
• In New Zealand, Xero has formed marketing relationships with a number of significant partners including the Bank of New Zealand and Visa.

All in all Xero has done well – their functionality roll outs are moving fast and they’re getting (although slowly) some momentum with customers. It’s early days and the most important thing is that they don’t miss major milestones, thus far they’re doing OK – time will tell us more.