16 Dec 2013

GeoOp unfazed by widening loss

8:47 am on 16 December 2013

Newly listed tech company GeoOp says it is not fazed by a widening loss as it builds its foundations and focuses on growing its business in Australia where the economy is patchy.

Shares in the company, which sells software that allows users to manage their staff, started trading on the alternative stock exchange at the end of October after it raised $10 million from investors.

In the six months to September, GeoOp doubled the number of paying customers to 4500 but its loss bled out to just over $1.5 million, compared with $21,000 during the same period a year earlier.

Chief executive Leanne Graham says the company was investing in the business to prepare for listing and future growth.

She says GeoOp's investment is now paying off in Australia, despite the somewhat patchy economic growth.

Ms Graham says in a good or bad economy businesses are looking for tools that can increase efficiency and productivity.

She says businesses are more focused on using technology to enable them to understand how they can grow and GeoOp is seeing great growth in the Australian market.

Ms Graham says GeoOp is looking to employ 20 people in New Zealand over the next four months.

The majority of the company's business is offshore. It has offices in Australia and the United States, and a presence in the United Kingdom.