Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


GeoOp widens annual loss, foregoes dividends, chases growth

GeoOp widens annual loss, foregoes dividends, as it chases growth

By Tina Morrison

June 11 (BusinessDesk) - GeoOp, whose software allows mobile businesses such as builders to manage their workforce, widened its annual loss as it pressed on with investing for growth.

The Auckland-based company posted a $4.6 million loss in the year ended March 31, including $600,000 of costs relating to its 2013 capital raising and listing. That compares with an annual loss of $312,000 in the 2013 year. The company's loss per share narrowed to 23.9 cents a share from 294 cents a share the year earlier as it increased the number of shares on issue.

GeoOp, which listed on the New Zealand stock exchange NZAX market for smaller companies in October, said revenue surged almost fourfold to $488,000 in the past year as it increased paying users to 8,006 from 2,300, added new product features for the services and trades sectors and appointed key executives in sales and technology. The number of paying users increased further to 9,047 at May 31, it said.

"In the seven months since GeoOp listed, the company has shown pleasing progress in the key areas of customer acquisition, product development and has significantly added its capability in its senior leadership team," chairman Mark Weldon said. "The board confidently expects momentum in customer acquisition to accelerate over the next 12 months."

GeoOp has $7.7 million of cash and investments to fund its growth, up from $80,000 a year earlier. It didn't pay a dividend.

The company has customers in 25 countries, with 58 percent in Australia, 19 percent in New Zealand and 11 percent in North America. It expects to benefit from the increasing use of smart mobile devices which will enable companies to better manage their mobile workforces. Market research firm IDC expects there will be 1.3 billion mobile workers worldwide by 2015, one third of the global workforce, the company said.

GeoOp today named Jamie West to head its product, technology and delivery teams after appointing Rhonda Robati as head of sales in April.

The company plans to simplify its pricing structure from July so businesses pay a single monthly licence fee, rather than paying based on the number of users in the field. It also plans to change its balance date to June 30 in the current financial year, meaning its next interim results will be for a nine-month period to Dec. 31, 2014.

Shares in GeoOp last traded at $1.45, having shed 22 percent so far this year. The shares were sold in its private offering last year at $1 apiece.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news