Aerial imagery business Nearmap Ltd (ASX: NEA) provided an ASX trading update, giving shareholders a heads up on its 2018 financial year performance.
Nearmap is a New South Wales based software and mapping company which has developed technology to take crystal clear images (think Google Maps — just clearer).
In a public announcement today, Nearmap said it ended June 30th with annualised contracted value (ACV) of $66.2 million. “We are encouraged by these results and the progress we are making in building our subscription bases both in the US and Australia,” Nearmap CEO Rob Newman said.
In the US, Nearmap said its contracted value rose 143% to $12.9 million.
While the US business was growing off a small base, Andrew Page, the founder of online investment club Strawman, said it was the first time the US business grew faster than Nearmap’s established Australian business. Page believes Nearmap has, “a lot of room to run.”
Nearmap expects to report its 2018 financial year results on August 22nd. Investors will be eagerly awaiting the results with the Nearmap share price rising from $0.61 to $1.12 since the beginning of 2018, according to Google Finance.
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