GeoOp widens annual loss as it chases US customers
GeoOp widens annual loss as it chases US customers
June 11 (BusinessDesk) - GeoOp, the workforce management app, widened its annual loss as it invests in product development and adding new customers.
Its loss widened to $4.87 million, or 17.9
cents per share, in the 12 months ended March 31, from a
loss of $4.59 million, or 23.9 cps, the year earlier, the
Auckland-based company said in a statement. Revenue more
than doubled to $1.28 million from $488,000 a year earlier,
while expenses increased 21 percent to $6.15
million.
GeoOp is foregoing profits and dividends as
it invests in product development and chases customers. The
company is counting on capturing market share through the
growing use of smart phones, where its app can be used by
small and medium sized enterprises to manage their
workforces. Annualised monthly subscription revenue doubled
to $1.3 million in the year, from $610,000 a year earlier,
as the company increased its licensed users.
The last
12 months had been "pivotal" chair Mark Weldon said, "with
significant investment in product development and customer
acquisition to deliver valuable long-term revenue from other
customers."
At balance date the company had $2.5 million in cash and short-term deposits, from $4.5 million a year earlier. Last month the company flagged it was considering options for a capital raising, and today said "no firm amount or structure has yet been determined, the board expects to update shareholders in due course".
The
company raised $10 million at $1 a share in a private offer
before listing on the NZAX in October 2013. The shares were
unchanged at 50 cents, and have climbed 35 percent so far
this
year.
(BusinessDesk)