GeoOp lifts revenue, customer base in first quarter

Tuesday 20th October 2015

GeoOp, the workforce management app developer, increased revenue and added customers in the first quarter of its financial year as it strives to turn a profit.

The Auckland based company had 20,890 licensed users at Sept. 30, up from 19,009 at June 30 and 13,370 a year earlier, it said in a statement. Average revenue per licensed user increased 14 percent to $74 a year, it said.

GeoOp said it has $3.9 million of net cash on its balance sheet following a recent capital raising, which will help fund growth. The company, which listed on the NZAX market in October 2013, expects to post a smaller net loss in its 2016 financial year. Annualised recurring revenue increased 78 percent to more than $1.5 million in the year ended Sept. 30, it said.

"GEO is focused on driving towards profitability, maintaining a flat cost base over a growing revenue and ARPU," the company said. "We are putting in place the keystones to grow strongly and profitably and we look forward to continue on this path for the next 12 months."

The company said today it had 35 staff in its Auckland and Sydney offices. It had 40 staff at June 30, down from 45 at the end of March last year.

GeoOp's shares last traded at 40 cents and have increased 8.1 percent so far this year.

BusinessDesk.co.nz

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