Accounting software company Xero has nearly doubled its forecast for how much it will earn in the first half of the 2014 financial year.
It now expects operating revenues to be $30.3 million, up from $16.5 million for the same period last year.
However, chief executive Rod Drury says the company is yet to make a profit, as it ploughs all its money into growing the company.
It says it has been spending on building up its management team so it is ready for the scale the company will grow to.
Xero had more than 211,000 paying customers in the 12 months ending September and it has also more than doubled its staff in that time.
It lost $14.4 million in the 12 months to March, but has cash reserves of $55 million.
