Mark Weldon says there has been significant investment in product development. Photo / Natalie Slade
Mark Weldon says there has been significant investment in product development. Photo / Natalie Slade
GeoOp, the workforce management app, widened its annual loss as it invests in product development and adding new customers.
Its loss widened to $4.87 million in the 12 months ended March 31, from a loss of $4.59 million a year earlier, the Auckland company said.
Revenue more than doubled to$1.28 million from $488,000 a year earlier. Expenses increased 21 per cent to $6.15 million.
The company is counting on capturing market share through its app, which can be used by small and medium-sized enterprises to manage their workforces. Annualised monthly subscription revenue doubled to $1.3 million, from $610,000 a year earlier, as the company increased licensed users.
The past 12 months saw "significant investment in product development and customer acquisition to deliver valuable long-term revenue from other customers", said chairman Mark Weldon.
At balance date GeoOp had $2.5 million in cash and short-term deposits, from $4.5 million a year earlier. The company raised $10 million at $1 a share in a private offer before listing on the NZAX in October 2013.
The shares closed unchanged at 50c yesterday, and have climbed 35 per cent this year.
