GeoOp doubles annual sales as it chases US customers

Thursday 23rd April 2015

GeoOp, the workforce management app, said annual sales doubled after a strong pick up in customers in the last month of its financial year.

Subscription revenue rose to $1.27 million in the 12 months ended March 31, from $610,000 a year earlier, the Auckland based company said in a statement. Licensed users rose to 17,839, from 9,509 the previous year. It will release its annual results on June 11.

“After a seasonally slow start to the quarter through the summer period, March 2015 was a strong month, delivering half the quarter’s total result of around 1,450 new licenced users," acting chief executive Anna Cicognani said.

In February, Cicognani was appointed in the head role temporarily, replacing Leanne Graham who is moving to the US to take up the position of executive strategic advisor for GeoOp. The company is foregoing short term profitability in a bid to capture market share from the growing reliance on smart phones, where its app can help small and medium sized enterprises manage remote workforces.

In December, GeoOp said its first half loss widened to $2.7 million from $1.6 million a year earlier even though its revenue surged 206 percent.

The company raised $10 million at $1 a share in a private offer before listing on the NZAX in October 2013. The shares last traded at 45 cents, and have climbed 22 percent so far this year.

BusinessDesk.co.nz

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