Xero will be forced to rely more on its home markets of Australia and New Zealand for subscriber growth in the next few years, despite them being more mature markets.
Xero could be forced to rely more on its home markets of Australia and New Zealand for subscriber growth in the next few years, following a UK legislative change that is tipped to put a handbrake on growth in the region.
This is the second delay to the final phase of MTD, which affects both small businesses and the self-employed and was initially slated for an April implementation. The change prompted Citi’s Siraj Ahmed to lower his 2024 and 2025 subscriber growth forecasts, as well as its revenue forecasts. A Xero spokesman said. “We have a strong proposition that is well positioned in the UK to enable the digital transformation of how accountants, bookkeepers and small businesses operate. We remain confident in our ability to capture the long-term opportunity.
Analysts expect a push to expand international growth will be a major priority for Xero’s new CEO, Sukhinder Singh Cassidy, whose appointment was announced in November.
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