GeoOp user growth accelerates in December quarter

Thursday 22nd January 2015

GeoOp, whose software allows mobile businesses such as builders to manage their workforce, reported accelerating growth in user numbers through the final three months of 2014.

The Auckland based company added 3,021 licensed users in the three months ended Dec. 31, taking its total to 16,391, more than twice the number it had a year earlier, it said in a statement. The quarterly growth was 50 percent higher than the 2,016 users the firm added in the September quarter.

Last month GeoOp reported a 206 percent increase in revenue to 382,000 in the six months ended Sept. 30, and said it passed $1 million in annualised subscription revenue. The company's first half loss widened to $2.7 million in the period from $1.6 million a year earlier as it foregoes short term profitability in a bid to capture market share in the growing reliance on smart phones, where its app can help small and medium sized enterprises manage remote workforces.

Earlier this month GeoOp got a 'please explain' note form the stock market operator over a 73 percent spike in its share price, to which it said it wasn't aware of any specific reasons for the move and that its tightly held register increases volatility.

The NZAX listed shares last traded at 63 cents, and have slumped 74 percent in the past 12 months.

BusinessDesk.co.nz

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