Ann: FLLYR: GEO: Financial Results for the Year Ended 31 March 2014

• Release Date: 11/06/14 08:30
• Summary: FLLYR: GEO: Financial Results for the Year Ended 31 March 2014
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					GEO
11/06/2014 08:30
FLLYR

REL: 0830 HRS GeoOP Limited

FLLYR: GEO: Financial Results for the Year Ended 31 March 2014

GEOOP LIMITED (NZX:GEO)
Audited Results for the year ended 31 March 2014
11 June 2014

GeoOp grows customer base 248%

GeoOp today announced revenue for the financial year to 31 March 2014 of
$488k, representing a 294% increase on the prior year of $124k.  This strong
growth was similarly achieved in customer numbers with paying users exceeding
8,000 by the end of the financial year.

GeoOp chairman Mark Weldon 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.  The Board confidently expects momentum in customer
acquisition to accelerate over the next twelve months".

GeoOp has $7.7m of cash and investments to fund its growth and commenced its
2015 financial year with $610k in annualised subscriptions.  Key performance
metrics are below:

Performance highlights for the year ended 31 March 2014
- Total revenue $488k up 294% on FY13
- Net loss after tax $4,586k (FY13: $312k)
- Cash and investments $7,704k (FY13: $80k)
- Paying users 8,006 up 248% on FY13
- Annualised recurring revenue $610k up 504% on FY13

GeoOp Chief Executive Leanne Graham said it has been a year of significant
growth for the company and she was pleased with the performance over the
period.  "GeoOp is continuing its growth both domestically and
internationally.  We also continue to roll out new product features that
ensure we continue to have a market leading offering for the services and
trades sectors.  With new key executives in the critical sales and technology
positions, I am confident that we will continue to accelerate our customer
strategy."

GeoOp recently released a native Windows mobile app, complementing its iOS
and Android solutions for both smartphones and tablets.  The Windows
alternative gives GeoOp users the option to use their device of choice,
widening our market opportunity for further mobile penetration.

Extending the leadership team
GeoOp is very pleased to announce the hiring of Jamie West as CTO/CIO who
will head our product, technology and delivery teams. Jamie has over 14 years
experience in IT consulting, advisory and large project/programme delivery.
In April, GeoOp announced the recruitment of Rhonda Robati as MD Sales based
out of Sydney, Australia. Rhonda has over 25 years experience in global sales
and operations with her last role as Director, Commercial Sales at
Salesforce.com.

Building a core team has been one of the key objectives for the year with
Rhonda and Jamie filling two key positions within the company.

Leanne Graham said the company continues to set the foundations for
accelerated growth.

Update to pricing plan
GeoOp will shortly be adopting a licence based pricing model where businesses
will be charged a fee on the number of licences they require.  This pricing
model is expected to encourage business penetration through no marginal cost
arising within a pricing band.

Change of balance date
GeoOp will move to a June 30 year end commencing in June 2015. It is
intended that GeoOp's next interim results will be for a nine-month period to
31 December 2014.

ENDS
For more information contact:

Stewart Reynolds
Chief Financial & Operating Officer
[email protected]
+64 9 222 8232

About GeoOp Limited www.geoop.com

GeoOp Limited, the New Zealand-based mobile workforce management company
globally empowering trades and services businesses to create efficient
business processes.

GeoOp Limited provides a cloud based solution for trades and services that
replaces inefficient, paper-based systems with a simple way to accurately
create, assign, cost, quote and invoice jobs while in the field.
End CA:00251413 For:GEO    Type:FLLYR      Time:2014-06-11 08:30:14