Geo heading towards profit after fruitless listing

AUCKLAND: Geo, the struggling workforce productivity software company formerly known as GeoOp, says a radical cleanup under a new chief executive could see the company on the path to breakeven in the 2019 financial year.

Chairman Roger Sharp admitted last year’s attempt to move the company’s stock exchange listing from New Zealand to Australia had been a major and fruitless distraction. It had prompted some ‘‘very deep thinking’’ about boosting revenue and getting profitable, he told the company’s annual meeting yesterday.

The appointment of Sydneybased chief executive Kylie O’Reilly, previously with Australian Associated Press, had produced ‘‘a whirlwind of activity’’ at Geo, Sharp told shareholders. Trading for the six months to the end of October this year suggests the company is on track for revenue growth of at least 30% in the year to June 30 and an earnings before interest, tax, depreciation and amortisation ‘‘breakeven runrate by the middle of FY19’’, he said.

Geo provides cloudbased business productivity software and apps for companies with mobile and distributed workforces. It has been a disappointment to shareholders since listing on the New Zealand stock market at $1 in 2013. Since the end of 2016, the stock has rarely traded above 40c.

‘‘For the first time ever, our auditor has not qualified the company’s accounts over its ability to continue as a ‘going concern’, Mr Sharp said.

‘‘Today we are firmly focused on a suite of growth initiatives, and on moving into profit.’’

Geo’s shares last traded on Monday at 15.5c.