Ann: QUARTER: GEO: Strong annualised revenue growth of 78% to 30 Sept 2015

• Release Date: 20/10/15 08:37
• Summary: QUARTER: GEO: Strong annualised revenue growth of 78% to 30 Sept 2015
• Price Sensitive: No
• Download Document  4.78KB

					GEO
20/10/2015 08:37
QUARTER
PRICE SENSITIVE
REL: 0837 HRS GeoOP Limited

QUARTER: GEO: Strong annualised revenue growth of 78% to 30 Sept 2015

GEOOP LIMITED (NZX:GEO)
Tuesday, 20 October 2015

Strong annualised recurring revenue growth of 78% to 30 September 2015

GEO is pleased to announce its quarterly operating update for the quarter
ended 30 September 2015.

Anna Cicognani, CEO of GEO said: "Having successfully completed a recent
capital raising, GEO is pleased to report a strong third quarter of growth
across its key metrics of customer acquisition and revenue. A key highlight
was reaching 20,000 license holders, with over 50% of those now in Australia.
GEO has also hired an experienced COO, Jude Manuel to drive increased
efficiencies in operations and the provision of services."

Licensed Users
Licensed users have grown during the September quarter to 20,890,
representing annual growth of 56% from 13,370 licensed users at 30 September
2014 and an increase of 1,881 licences during the quarter.  GEO has grown its
licensed user base by 3.4x since it listed on the NZAX market on 31 October
2013 with 4,700 users. This represents a compound growth rate of 118% per
annum over the 23 month period.

Licensed users by key market at 30 September 2015 were: Australia 11,481, New
Zealand 5,566, North America 1,572, UK 1,315 and Rest of World 956.  Over 73%
of the licensed-user base is located outside NZ. GEO experienced growth
mostly in Australia where its sales efforts are primarily now focused.

ARPU
Average revenue per user (ARPU) has grown by 14% in the past 12 months to $74
per licensed user per year.  GEO is focused on driving towards profitability,
maintaining a flat cost base over a growing revenue and ARPU. GEO has 35
staff in its offices in Auckland and Sydney.

Anna Cicognani, said: "We have made quite a few changes to the business
during the last quarter both operationally and strategically, building a
platform for growth, which have resulted in pleasing results. Raising new
capital has demonstrated there is market interest in what we are doing, and
we share our success with our customers. We are putting in place the
keystones to grow strongly and profitably and we look forward to continue on
this path for the next 12 months."

Revenue
At 30 September 2015, GEO reports annualised recurring revenue of over
$1,545,000, representing growth of 78% over $867,000 of annualised recurring
revenue reported in September 2014.

Other Initiatives Achieved During the Quarter
During the quarter ended 30 September 2015, GEO announced several other key
achievements:
1.  A global channel partnership with US-based AppDirect to access the
platforms and customer bases of partners like Deutsche Telekom, SwissCom,
ADP, Samsung, Comcast and AT&T. Through AppDirect, the GEO partnership with
Telstra is already generating strong user growth. GEO is the only mobile
workforce management solution on the AppDirect platform.
2.  Enhancements to the platform and integrations with MYOB (Australasia) and
Intuit Quickbooks (USA) to be rolled out to customers shortly, to enable
GEO's users to seamlessly access their accounting system of choice.  GEO is
already integrated with Xero.
3.  A payment solution that our customers can use to be paid on the spot to
be rolled out soon.
4.  The introduction of additional revenue streams with education and
training packs to enable customers to better understand the full power of the
application.
5.  A new Chief Operating Officer, Jude Manuel, to add further depth to the
senior management team.
6.  A successfully completed capital raising and the introduction of new
value-added offshore shareholders.

Net Cash
Following the recent capital raising, GEO has around NZ$3.9 million of net
cash on its balance sheet plus warrants that could raise up to another NZ$0.8
million by 31 October 2016.

Outlook
GEO is confident of continued strong growth in both its licensed user base
and annualised recurring revenue as it drives toward profitability. With new
capital and resources in place, GEO is encouraged by the pipeline of customer
opportunities and its planned initiatives for the remainder of 2015 and into
2016.

GEO looks forward to further updating shareholders at its AGM scheduled for
16 November 2015.

-- ends --

For more information please contact:

Anna Cicognani
Chief Executive Officer
Email: [email protected]

About GeoOp Limited:  www.geoop.com
GeoOp Limited is a 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 find more time for the important
things; providing intuitive software for devices that are already in the
hands of field workers.
End CA:00271995 For:GEO    Type:QUARTER    Time:2015-10-20 08:37:12