Tuesday 20th October 2015 |
Text too small? |
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
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes