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, or 17.9 cents per share, in the 12 months ended March 31, from a loss of $4.59 million, or 23.9 cps, the year earlier, the Auckland-based company said in a statement. Revenue more than doubled to $1.28 million from $488,000 a year earlier, while expenses increased 21 percent to $6.15 million.

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. Annualised monthly subscription revenue doubled to $1.3 million in the year, from $610,000 a year earlier, as the company increased its licensed users.

The last 12 months had been "pivotal" chair Mark Weldon said, "with significant investment in product development and customer acquisition to deliver valuable long-term revenue from other customers."

At balance date the company had $2.5 million in cash and short-term deposits, from $4.5 million a year earlier. Last month 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".

The company raised $10 million at $1 a share in a private offer before listing on the NZAX in October 2013. The shares were unchanged at 50 cents, and have climbed 35 percent so far this year.