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Saturday 16th November 2024 | No. 93
XU Biweekly
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Xero Delivers H1 FY25 Rule of 40, Revenue up 25% to $996 Million X ERO LIMITED (ASX: XRO) REPORTS ITS HALF YEAR EARNINGS TO 30 SEPTEMBER 2024 (H1 FY25) WHICH FURTHER DEMONSTRATE XERO’S ABILITY TO DELIVER STRONG RESULTS AND PROVIDE MORE VALUE TO CUSTOMERS, WHILE EXECUTING ITS STRATEGY WITH FOCUS AND PURPOSE.
in constant currency (CC)) and an operating expense to revenue ratio of 71.2%. This supported a 51% increase in EBITDA compared to H1 FY24, to $311.7 million1. This resulted in free cash flow increasing to $208.7 million and a free cash flow margin of 21.0%, improving from 13.3% in the prior period. As a result, Xero continued to deliver a greater than Rule of 402 outcome of 43.9%.
reinforces our ability to deliver on our strategy. We have delivered a solid performance across the board this half including continued strong revenue growth, and a greater than Rule of 40 outcome for the second period running.” “We're executing our strategy with focus and purpose, through disciplined investment aligned to our strategic priorities.”
ApprovalMax raises £10M growth investment TaxCalc announces significant Xero’s strong operating results included operating revenue growth of 25% (23%
ApprovalMax, a cloud-based platform specialising in internal financial controls, has successfully raised £10 million from European growth equity firm Yttrium.
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HIS INVESTMENT MARKS A SIGNIFICANT MILESTONE FOR THE COMPANY, WHICH HAS OPERATED ENTIRELY ON A SELF-FUNDED BASIS SINCE ITS LAUNCH. The cloud-based platform, ApprovalMax, automates accounts payable and receivable processes, providing businesses with robust controls to combat fraud and workflow inefficiencies. It integrates with major accounting systems such as Xero, QuickBooks Online, and Oracle NetSuite, adding an essential layer of protec-
tion to financial operations. The £10 million primary investment from Yttrium comes on the heels of strong growth, with the ApprovalMax team believing that every business, regardless of size, should have access to strong internal financial controls. By democratising the essentials, ApprovalMax helps more businesses enhance financial oversight and minimise the risk of financial mismanagement. In addition to the primary investment, Yttrium bought an undisclosed
secondary stake from existing shareholders. Founded in 2018 by industry experts and serial entrepreneurs Konstantin Bredyuk, Helmut Heptner, and Peter Volynsky, ApprovalMax is used by more than 16,000 businesses globally. In June 2024, the company introduced two new add-ons — ApprovalMax Capture and ApprovalMax Pay — transforming it into a comprehensive all-in-one solution for automated accounts payable and accounts receivable.
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investment by STG Allegro to support growth T AXCALC, A LEADING PROVIDER OF TAX AND ACCOUNTS COMPLIANCE AND PRACTICE MANAGEMENT SOFTWARE, RENOWNED FOR ITS CUSTOMER-CENTRIC APPROACH AND ITS COMMITMENT TO SCALABLE, INTUITIVE, AND HIGH VALUE SOFTWARE, ANNOUNCED THAT IT HAS RECEIVED A SIGNIFICANT INVESTMENT FROM THE STG ALLEGRO FUND.
The company intends to
partner with STG and to use the capital to continue enhancing its product offerings, invest in customer success, and introduce new innovative offerings to deliver value for its growing accounting firm customers as these firms migrate away from legacy and under-invested tax compliance and practice management software solutions.
Founded in 2004 by Tracy Ebdon-Poole, TaxCalc has become one of the most
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Saturday 16th November 2024
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trusted brands in the UK tax and accounting software sector. TaxCalc has been focused on providing high levels of customer support and a relentless drive for improvement and new product development. Under Ebdon-Poole’s leadership, TaxCalc has grown from a small team of five to an industry leader, with over 110 employees and over 11,000 accounting firm customers.
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