Story image

GeoOp graduates to NZX main board from NZAX

21 Jul 2015

GeoOp, the workforce management app, will migrate from the New Zealand Alternative Index to the NZX main board after flagging the possibility of further capital raising to fund its growth.

The Auckland-based company will apply to the Wellington-based stock exchange operator to graduate from the minnow bourse to the main board, it said in a statement. GeoOp, which is in the middle of shifting its balance date to June 30, from March 30, reported annualised revenue rose 72 percent to $1.4 million at June 30, from a year earlier.

GeoOp is foregoing profits and dividends as it invests in product development and chases customers. The company is counting on capturing market share through the growing use of smart phones, where its app can be used by small and medium sized enterprises to manage their workforces.

In May the company flagged it was considering options for a capital raising, and today said "no firm amount or structure has yet been determined, the board expects to update shareholders in due course". At March 31, the company had $2.5 million in cash and short-term deposits, down 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 last traded at 40 cents, and have fallen 56 percent over the past 12 months.

GeoOp's move to the main board skirts NZX's new market, NXT, which targets small-to-medium sized enterprises with a less onerous disclosure regime and lower listing costs. Currently G3 Group, a mail services business, is the only listing on NXT, which will eventually replace the alternative index.

Security flaw in Xiaomi electric scooters could have deadly consequences
An attacker could target a rider, and then cause the scooter to suddenly brake or accelerate.
Four ways the technology landscape will change in 2019
Until now, organisations have only spoken about innovative technologies somewhat theoretically. This has left people without a solid understanding of how they will ultimately manifest in our work and personal lives.
IDC: Top 10 trends for NZ’s digital transformation
The CDO title is declining, 40% of us will be working with bots, the Net Promoter Score will be key to success, and more.
Kiwi partner named in HubSpot’s global top five
Hype & Dexter is an Auckland-based agency that specialises in providing organisations with marketing automation solutions.
Moustache Republic expands Aussie presence with new exec
The Kiwi digital commerce partner has appointed a Sydney-based director to oversee the expansion of the company’s Australian footprint.
Epson’s new EcoTank range with two years printing per tank
With 11 new EcoTank printers that give an average user two years of printing and cost just $17.99/colour to refill, Epson is ready to change the game.
Te reo Māori goes global via language app called Drops
If you’re keen to learn a few words of Māori – or as much as 90% of the language, you may want to check out an Android and iOS app called Drops.
Reckon Group announces a steady profit in 2018
Reckon continued its investment in growth throughout the year with a development spend of $14.3 million.