Announcement

MKTUPDTE: GEO: Update on COVID lockdown operating environment 08:30am 
GEO
29/09/2021 08:30
MKTUPDTE
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MKTUPDTE: GEO: Update on COVID lockdown operating environment

NZX AND MEDIA RELEASE
29 September 2021

GEO UPDATES ON COVID LOCKDOWN OPERATING
ENVIRONMENT

In early August 2021, Geo Limited (NZX: GEO, the Company) updated the market
on the impact of
COVID lockdowns in Australia on trading conditions and customer activity
levels.

GEO provides this further update, based on receipt of its preliminary Q1 FY22
numbers:
o since the Company's last announcement, New Zealand, New South Wales and
Victoria, all of
which have been in lockdown, have achieved high vaccination rates and
conditions there
are now expected to progressively normalise;
o GEO's new customer sales in Q1 FY22 have trended lower than the preceding
quarter, due to
the severity of the lockdowns;
o notwithstanding this moderation in growth, Q1 is expected to be the second
highest new
sales quarter in recent years with new customer acquisition up 75%-85% on the
prior
corresponding period;
o as previously announced, licence downgrades / customer churn increased in
July and
August (averaging 1.7% per month) consistent with customer behavior observed
during the
initial COVID lockdowns, but this has since returned to long-run levels in
September (<1%);
o GEO continues to expect the increased July and August downgrades to be
largely
temporary and may in fact drive upgrade activity in the coming quarters; and
o overall customer activity levels on GEO's platforms remain stable.

GEO CEO Tim Molloy said "We continue to deliver strong new customer growth
with Q1 FY22
delivering the second highest new sales quarter in recent years.

"Even allowing for the uncertainties around COVID lockdowns in our major
markets we are also
delivering strong customer retention metrics. We are quietly confident that
following the current
COVID lockdowns, retention levels will return to long run averages and new
customer acquisition
rates will pick up again and will deliver more record breaking quarters.

"Outside of any direct restrictions affecting our customers, the market
environment for our core
markets of tradies and home services operators remains very buoyant."

For more information:
Tim Molloy
Chief Executive Officer
Tel: +61 411 592 180
Email tim.molloy@geoworkforcesolutions.com

ABOUT GEO
Geo is a leading SaaS business that provides job management platforms for
trades, 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
End CA:00379977 For:GEO Type:MKTUPDTE Time:2021-09-29 08:30:53

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