GEO
14/03/2016 12:11
HALFYR
PRICE SENSITIVE
REL: 1211 HRS GeoOP Limited
HALFYR: GEO: GeoOP Unaudited Interim Report (revised)
GEOOP LIMTED (NZX:GEO)
14 March 2016
See attached;
GeoOp Unaudited Interim Report for the six months ended 31 December 2015
(Revised)
On 11 March 2016 GEO posted its Unaudited Interim Report for the 6 months to
31 December 2015 to NZAX. Due to human error, an early draft of the
Chairperson and Chief Executive Officer Report was included within the
Interim Report.
The draft incorrectly posted to NZAX contained certain forward-looking
assumptions relating to potential cost synergies and a target break even
date. These were modified or deleted in subsequent drafts. While no forward
looking statements should have been given, GEO notes that there were no
errors within the financial statements or the notes to the financial
statements.
Attached is the corrected version of the Unaudited Interim Report for the 6
months to 31 December 2015.
In the original version, the statement made was that:
The combined entity is expected to reach break-even in the second half of
2017, with a significantly reduced cash outflow over 2016 and the first half
of 2017, as a result of the transaction.
GEO notes that 10-15% cost-out synergies and realisable revenue synergies
have been identified between its business and that of Interface IT, its
proposed acquisition, and that the combined entity is expected to have
significantly reduced cash requirements and time to break even. GEO has now
commenced a detailed three month internal merger analysis to guide its
operational decisions and to plan future cash flows.
The initial timeframes were based on internal modelling for the purpose of
determining synergies and operational planning and should not have been
published as these models are being revised as the two entities go through a
transition period.
Andrew Beeson
Company Secretary
[email protected]
About GeoOp
GeoOp (geoop.com), or GEO, 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. GEO 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
Embargo Until None
End CA:00279225 For:GEO Type:HALFYR Time:2016-03-14 12:11:39
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
