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

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news