Cloud accounting company Xero's UK subscriber base has climbed to more than 250,000, two months after the company achieved the same milestone in New Zealand.
Xero confirmed the New Zealand milestone in Dunedin in early March and yesterday announced it had attained 253,000 UK subscribers, following an expansion push in England.
To support UK growth, Xero announced in March it was expanding its UK headquarters in Milton Keynes for new sales and customer experience staff.
Xero shares, which have gained more than 77% in value during the past year, were up slightly following the market announcement, trading at $30.95.
From just seven staff in 2012, Xero now employs more than 200 UK staff and more than 1800 around the world, based in 21 offices.
Xero's UK business was up 33% on the previous year, having generated revenue of $49.7million in the year to March.
Wellington-based Xero is yet to post a profit, having lost $69.1million last financial year, but analysts are expecting it to break even for full-year 2019.
Xero UK and EMEA managing director Gary Turner said it was gratifying to see Xero's significance in the UK market translating into closer relationships with the UK's banking community during the past year.
''It's very encouraging to see growth continuing to accelerate in such a large and important global market for us,'' he said.
Xero will this week host its annual Europe and UK region Xerocon in London, hosting 2000 accountants, bookkeepers and ecosystem partners from 24 countries.
Xero founder and chief executive Rod Drury said the company was excited to celebrate the key UK milestone with its customers at the event.
''Passing through quarter of a million UK subscribers with a focus on strong revenue growth as well sends clear signals that our global platform is delivering powerful value to accountants, bookkeepers and small businesses - and we are only getting started,'' Mr Drury said.
The UK was singled out as Xero's next growth target in the company's last annual report. The Conservative Government's ''Making Tax Digital'' programme was seen as an opportunity for Xero to expand.
