GEO is currently listed on the NZX, with our ticker code: GEO.
Mr Sharp has had a 25-year career investing in, financing and running growth businesses across several continents. Before founding North Ridge Partners in 2002, he was Global Head of Technology for ABN AMRO Bank in London and CEO of ABN AMRO Asia in Hong Kong. Mr Sharp is Chair of Asia Pacific Digital and Chair of Webjet. He resides in Queenstown.
Mr Ebbeck is an experienced Director and CEO. He is a former CEO for both Oracle and SAP in ANZ where he lead the businesses through periods of transformation, growth, and model shifts to cloud. Sydney based, he is a Director of cloud and technology distributor Nextgen Distribution Pty Ltd, executive Chair of IXUP and a former Director of CPA Australia Ltd.
Mr Rushworth is currently Chairman of fintech start-up Genoapay, and a Non-Executive Director of NZX-listed Freightways. He has previously served as CEO of Paymark, Pacific Fibre and internet provider ihug. Based in Auckland, he brings a strong mix of governance, marketing and technology experience.
Group revenues increased by $0.10m to $2.20m, a 4.8% increase over the prior corresponding period (PCP).
GeoService annualised subscription revenues grew by 18.1% on PCP to $1.21m, with annual ARPUs3 increasing by 10.5% to $92.38. GeoSales subscription revenues declined by 12.3% on PCP to $0.71m, due to the timing of sales campaigns using the GeoSales application, and a poor sales performance in the USA. The GeoSales sales pipeline shows an improvement in quality and sales trajectory in H2.
A restructuring in Q2, implemented after termination of the ASX listing, has materially reduced operating costs from Q3. Average operating cash burn for the first half, excluding the IPO and restructuring costs, was $0.22m per month (PCP: $0.28m, H1 FY16, $0.45m). In March 2018 Geo.Tools Pty Ltd determined its eligibility for the Australian based Research and Development tax incentive and is expected to result in a cash inflow exceeding $360,000 by end of April 2018.
Dr. Anna Cicognani resigned on 24 January 2018 and was replaced on 1 February 2018 by Ms. Kylie O’Reilly who was appointed CEO. Mr. Mark Rushworth was appointed an independent Non-Executive Director on 1 February 2018, replacing Ms. Vivienne Brownrigg who resigned on 15 March 2018.
GeoOp remains focused on profitable growth. Directors have acted to carefully reduce cash burn, which is now at its lowest point ever, and believe that the H1 result is not reflective of the higher growth rates that Geo can achieve with improvements to sales and marketing.
To read the full report, click here