Ann: HALFYR: GEO: GEOOP announces strong six month result TO 31 Dec 15

• Release Date: 11/03/16 08:34
• Summary: HALFYR: GEO: GEOOP announces strong six month result TO 31 Dec 15
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					GEO
11/03/2016 08:34
HALFYR
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REL: 0834 HRS GeoOP Limited

HALFYR: GEO: GEOOP announces strong six month result TO 31 Dec 15

GEOOP ANNOUNCES STRONG SIX MONTH RESULT TO DECEMBER 31, 2015

11 March 2016

GEO Half Year Financial Result to December 31, 2015

GeoOp (GEO) today announces a strong financial result through to December 31,
2015. As GEO changed its balance date during FY15, it is noted that the
comparable prior first half is the six months ended 30 September 2014.

Commenting on the result, Mark Weldon, Chair of GEO, said: "This result shows
a continued strengthening in the GEO business. Highlights include growth of
60% in YoY recurring subscription revenue, ARPU increasing by 7.2% from $69
to $74 per license holder, and growth in total licenses of 29% YoY. The Board
is pleased with the execution against the plan."

Anna Cicognani, CEO of GEO, said: "In addition to both improved top line and
bottom line results, GEO added underlying strength to its future prospects
over this period. The integration with MYOB and partnerships with MyCloudCure
and TradeBusters have been key for us to reach deeper into our target market,
as well as adding GeoPay, our on-the-spot payment and collection system."

Key highlights of six months to 31 December 2015 (as compared to the six
months ended 30 September 2014) include:
? Revenue: Total Revenue grew from $0.5m to $1.01m, a 90% growth rate.
Excluding grant revenue, total operating revenue grew by 97% ($0.4m to
$0.75m) with growth in other revenue coming from Callaghan grants.
? Net loss (before tax): operating loss reduced from $2.7m to $1.9m due to
increased revenue ($0.5m) and cost reduction ($0.3m).
? Cost reduction: costs have been reduced in general and administrative
expenses by $0.6m, offset in part by an increased investment in sales and
marketing to drive top line growth.
? ARPU: Average Revenue per (Licensed Business) User increased from $69 to
$74 due to incremental pricing adjustments and a focus on directed selling to
more profitable customer profiles. GEO believes similar additional ARPU gains
are achievable over the next periods.
? User licenses: total user licences increased by 59% from September 14 to
December 15.

? Cash flows: net cash flow has been reduced by 19% from an annual cash burn
rate at GEO in 2015 of $0.4m / month to approx $0.325m / month.
? New partners: Over the period, partners MyCloudCure (US) and TradeBusters
(AU) were added. These two partnerships allow GEO to reach out to potential
businesses and clients that are looking at how to make their businesses more
productive.
? New product features. Some key features were added to the product over the
reporting period. In particular:
? GeoPay - with GeoPay, customers are able to pay businesses at any time,
anywhere, from any device, without the need to set up a merchant bank
account. It is simple to use, and there are no contracts or monthly
transaction fees.
? JobShare - this allows GEO's customers to share job details with their
customers, so they can see details of the job by clicking on a link.

For further information please contact:

Anna Cicognani [email protected]

About GeoOp (NZX:GEO)

GeoOp (geoop.com) is a publicly listed New Zealand-based software company
that offers complete mobile workforce management to businesses all over the
world. It's neatly wrapped into a low-cost, easy-to-use service with premium
support. GeoOp supports businesses in their journey to be more productive and
find time for more important things, providing intuitive software for devices
that are already in the hands of field workers.
End CA:00279127 For:GEO    Type:HALFYR     Time:2016-03-11 08:34:29