Publicly-listed accounting software firm Xero has reported its subscription revenue for the six months to 30 September a $24,000, off 204 paying customers.
Xero's offer document prior to listing projected 1300 paying customers by 10 May 2008.
The unaudited results released today says the directors "remain comfortable with the prospective financial information included in the offer document".
"At this early stage of its development, Xero remains focused on keeping costs in line with the forecasts contained in the offer document while continuing to build the foundations for scale," the results say.
"With the product and operational foundations in place and capability established in the New Zealand accounting community, the focus for Xero is now on driving market awareness of Xero to small businesses, in time for the traditional accounting system changeover period around March each year."
Revenue from ordinary activities was $194,000 producing a net loss of $1.73 million.