Nearmap reports record portfolio growth

Company News

by Rachael Jones

Aerial imagery technology and location data company Nearmap (ASX:NEA) report that their results for Financial Year 2019 expect to show record growth in the company's key growth metric, Annualised Contract Value (ACV) .

The closing ACV portfolio has grown to $90.2 million representing 35 per cent growth.

The key driver of this growth was its North America segment, which grew its ACV by US$9.8 million or 76 per cent to US$22.7 million. This means the segment now accounts for 36 per cent of its total ACV.

This was supported by robust growth in the Australian and New Zealand market, where Nearmap record a $9.1 million or 19 per cent increase in ACV to $57.9 million.

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Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.