Ann: HALFYR: GEO: GeoOp Limited 2015 Interim Results

• Release Date: 11/12/14 08:30
• Summary: HALFYR: GEO: GeoOp Limited 2015 Interim Results
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11/12/2014 08:30
HALFYR
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HALFYR: GEO: GeoOp Limited 2015 Interim Results

GEOOP LIMITED (NZX:GEO)
Unaudited interim results for the 6 months ended September 30, 2014
Thursday, 11 December 2014

GeoOp today is pleased to announce its unaudited interim results for the six
months to September 30, 2014.

Strong growth was achieved in customer numbers with licenced users exceeding
13,370 by September 30, 2014, a 184% increase on the same time last year.
Operating revenue for the six-month period of $382,000, representing a 206%
increase on the equivalent period prior to GeoOp's listing on the NZAX.

GeoOp Chairman Mark Weldon said "the last six months has been an incredible
period in GeoOp's evolution with a number of significant accomplishments and
important milestones achieved. GeoOp has continued to focus on the two
fundamental matters that are critical to our success, Product and Sales.
Significant investment has continued to enable GeoOp to take advantage of the
global opportunity".

Key performance metrics for the six months ended September 30, 2014 are set
out below:
- 13,370 licenced users at September 30, up 184% on the same time last year;

- subscription revenue of $382,000, up 206% for the same period last year;
- annualised monthly recurring revenue of $867,000 at September 2014, a 180%
increase on the same period last year;
- a net loss after tax of $2,714,000 reflecting the investment in product
development and sales; and
- $4,862,000 of cash resources at September 30, to fund future growth

In November 2014, GeoOp announced that it has passed an important milestone
of $1 million of annualised monthly subscription revenue.

Investment

The last six months has seen substantial investment into the key Product and
Sales areas of the business.

GeoOp released new functionality during the six months that enables the
product to appeal to a wider audience of customers. Multiple-visit
capabilities were added providing users with the ability to schedule several
visits to a single job and core performance improvements were made to the iOS
and Android Apps, namely increasing their speed in the field. The newly
completed Windows App continues to be well received by the market with over
700 downloads since release in June 2014.  The pace of development continues
with GeoOp shortly to release further enhancements around its Scheduler,
Messaging and the storage of Notes and Files.

The rapid evolution of GeoOp necessitated further investment in the platform
to ensure it provides the availability and capabilities to deliver on the
Company's growth ambitions.  GeoOp is focused on delivering world-class
uptime and performance to its global user base.

In September 2014, GeoOp released its new Licence based pricing plan.  The
Licence based plan follows that which has been adopted by leading global SaaS
businesses and is simpler, appealing to a wider range of businesses.  Market
feedback since release has been very positive.

Under the leadership of recently appointed Rhonda Robati, GeoOp has refined
its sales process and added key sales individuals in both Australia and New
Zealand to drive customer acquisition. The sales process allows GeoOp to
effectively 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 seeing the success
in the use of this approach in customer acquisition rates and size of
businesses signing up to the platform.

Research and development grant

In October 2014, GeoOp was pleased to be 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.

Building a highly capable team to execute

GeoOp has welcomed two outstanding candidates in Rhonda Robati and Jamie West
to the senior leadership team. In addition, GeoOp was pleased to welcome Jodi
Mitchell and Richard Suhr to its Board.  Both Jodi and Richard bring a wealth
of experience in software development, technology commercialisation and the
acceleration of sales and marketing outcomes for global businesses.  In the
short time since their appointment they have made a significant contribution
in driving initiatives in the business.

The search to identify a new CEO that will take the company forward over the
next 5 years is progressing well.  GeoOp anticipates updating the market on
progress in the new year.

Outlook

The market opportunity for GeoOp is considerable.  Our focus for the next six
months will continue to be on Product and Sales.  Importantly, we will
continually improve the product so that it provides greater value to
customers and drive sales.  Integrations will be a key part of this strategy
and GeoOp is investing in the development of strategic integrations that will
enable it to access key markets, including the US.   Leanne Graham will
spearhead GeoOp's development of the important US market.

-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:00258750 For:GEO    Type:HALFYR     Time:2014-12-11 08:30:21