Ann: FLLYR: GEO: GeoOp Limited 2015 Second Interim Results

• Release Date: 11/06/15 08:31
• Summary: FLLYR: GEO: GeoOp Limited 2015 Second Interim Results
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					GEO
11/06/2015 08:31
FLLYR
PRICE SENSITIVE
REL: 0831 HRS GeoOP Limited

FLLYR: GEO: GeoOp Limited 2015 Second Interim Results

GEOOP LIMITED (NZX:GEO)
Unaudited second interim results for the 12 months ended 31 March 2015
Thursday, 11 June 2015

GeoOp today is pleased to announce its unaudited second interim results for
the twelve months to 31 March, 2015.

In June 2014, GeoOp announced it was changing its balance date to 30 June to
better align with the seasonality in the business.  To assist shareholders,
GeoOp is providing a second set of interim results for the twelve month
period to 31 March 2015.  GeoOp will announce its audited financial results
for the fifteen month period ending 30 June 2015 in September this year.

Results
GeoOp has achieved substantial growth over the last twelve months with
revenue increasing 163% to $1,283,000. At March 2015, annualised monthly
subscription revenue was $1,270,000, double the equivalent at March 2014 of
$610,000.  This growth was driven by the increase in licenced users, up 88%
to 17,839 at 31 March 2015.

GeoOp Chairman Mark Weldon said "The last twelve months has been a pivotal
year in the evolution of GeoOp with significant investment in product
development and customer acquisition to deliver valuable long-term revenue
from our customers.  Our investment in the product has enhanced the user
experience through an improved feature set and we are building capacity to
cater for GeoOp's growth ambitions.  GeoOp will continue to focus on the two
fundamental matters that are critical to our success, Product and Sales."

Highlights for the twelve-month period to 31 March 2015 were:

NZ$000
Licenced users: 17,839 (Mar 2014: 9,509) 88%
Total revenue: $1,283 (Mar 2014: $488) 163%
Annualised monthly recurring revenue: $1,270 (Mar 2014: $610) 108%
Net loss after tax: $4,867 (Mar 2014: $4,586) 6%
Cash and investments: $2,548 (Mar 2014: $7,704) (67)%

In November 2014, GeoOp announced it had reached an important milestone,
passing the $1,000,000 in annualised monthly subscription income.  This
figure has continued to grow reaching $1,270,000 at 31 March 2015.

Customer feedback from companies adopting GeoOp has been very positive.
Customers have indicated they on average, save 105 minutes per day per
person, avoid losing 5 jobs a month and get paid 8 days faster.

CEO Appointment
In February, GeoOp was pleased to announce the appointment of Anna Cicognani
to the role of Acting Chief Executive. Having worked in technology roles for
the last 20 years with some of Australasia's leading organisations including
Fairfax, APN and Telstra, Dr Cicognani has brought to GeoOp a proven track
record in product, operations and IT strategy.

In the short time she has been with the company, Anna has made a significant
contribution to GeoOp's product and growth strategy.

Investment
The substantial investment seen in the Product and Sales areas of the
business has continued in the period to 31 March 2015. During the period
overall staff numbers have remained flat at 45 employees, reflecting the
capacity previously built to grow the business.

Product
GeoOp released a range of new functionality during the twelve months that
enables the product to appeal to a wider audience of customers.  A new
Windows App, multiple-visit capabilities, a new job scheduler, messaging,
onboarding tools and the storage of notes and files have all enhanced the
user experience.  In addition, core performance improvements were made to the
iOS and Android Apps increasing their speed in the field.

GeoOp has completed the integration with Telstra's new App platform AppDirect
and will shortly release an integration with Intuit's QuickBooks Online.  The
pace of development will continue with an integration with MYOB and other
leading SaaS providers planned for calendar year 2015.

Sales
The new sales structure and approach adopted in the first six months of the
period has allowed GeoOp to sell to the small to medium size marketplace
whilst also allowing GeoOp to target larger corporate and government entities
who are looking for an effective solution for their mobile workforce.  We are
continuing to see the success in the use of this approach in the size of
businesses signing up to the platform.

Awards
GeoOp was recently nominated as a finalist in the Innovative Hi-Tech Software
Product category of the 2015 New Zealand Hi-Tech Awards.  It was very
pleasing to be nominated alongside other leading New Zealand technology
companies in this prestigious award.

Growth grant
In October 2014, GeoOp was recognised for its commitment to research and
development (R&D) by receiving a Growth Grant from Callaghan Innovation.  The
Growth Grant is worth a total of up to $1.1 million over the next three years
and will allow GeoOp to innovate faster and service more customers globally.
R&D Growth Grants support firms with a proven track record in R&D and GeoOp
is pleased to be associated with Callaghan Innovation.

Capital raising
In May 2015, GeoOp announced it was considering options for raising capital
as part of its acceleration through to profitability.  Whilst no firm amount
or structure has yet been determined, the Board expects to update
shareholders in due course.

Outlook
Our focus will continue to be on Product and Sales as we drive to
profitability. Importantly, we will continually improve the product so that
it provides greater value to customers and drives sales.  Integrations will
remain a key part of this strategy.

The Directors have resolved that no dividend will be declared for the
twelve-month reporting period to 31 March 2015.

-ends-

For more information please contact:
Stewart Reynolds
Chief Financial & Operating Officer
Email: [email protected]

Bryony Hampton
Content and Communications Manager
Email: [email protected]

About GeoOp Limited www.geoop.com
GeoOp Limited is a New Zealand-based software company that offers complete
job management to businesses all over the world and it's neatly wrapped into
a low cost, easy to use service with premium support.

GeoOp supports businesses in their journey to find more time for the
important things; providing intuitive software for devices that are already
in the hands of field workers.
End CA:00265526 For:GEO    Type:FLLYR      Time:2015-06-11 08:31:24