GEO PROVES ITS RESILIENCE IN AUSTRALIAN COVID LOCKDOWNS

GEO PROVES ITS RESILIENCE IN AUSTRALIAN COVID
LOCKDOWNS
Geo Limited (NZX: GEO) provides an update on trading conditions and customer activity levels
during the present COVID lockdowns in Australia:
• While Australia is Geo's largest market, its customer base is diversified across all states, as
well as in New Zealand and international markets. This geographic spread mitigates against
the impact of temporary COVID lockdown measures in any single location.
• Geo's global business is proving resilient during lockdowns. Overall customer activity levels
(that is, jobs being posted and completed) on GEO's platforms remains stable, and new
customer sales have been unaffected.
• Increasing marketing spend continues to drive strong interest and conversion, despite
COVID restrictions. The company has achieved new three-year sales records in five of the
last six months. In June and July 2021, new customer sales were up ~40% on H2 FY21 average
sales levels.
• Customer retention was largely stable through FY21. Consistent with customer behavior
observed during the initial 2020 COVID lockdowns, Geo experienced a one-off increase in
licence downgrades and customer churn in July (1.9%), driven primarily by a reduction in
licence numbers.
• In GEO's view this reflects affected customers temporarily reducing costs while business
activity is reduced, with licences likely to be quickly reinstated as restrictions ease.
GEO CEO Tim Molloy said:
"While it is difficult to predict the type and length of the lockdown restrictions in some
Australian States, GEO has proven itself to be resilient, with record new sales numbers and
only a small number of existing customers temporarily reducing their licence numbers.
The market environment for our core tradie and home service customers remains very
buoyant, and we are seeing clear signs of the business scaling, with new consecutive sales
records being achieved continually, on improving metrics."
The company will be releasing FY21 annual results on 27th August 2021.
For more information:
Tim Molloy
Chief Executive Officer
Tel: +61 411 592 180
Email [email protected]
ABOUT GEO
Geo is a leading SaaS business that provides smart software platforms for tradies, field and home
service businesses. The market for Geo’s products is growing quickly as the global mobile workforce
expands. Geo’s simple yet powerful software platform helps business owners reduce the complexity of
running their business whilst saving time and improving cashflow.
For more information: www.geoworkforcesolutions.com

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Announcement PDF