Nearmap (ASX:NEA) slashes guidance

Company News

by Rachael Jones

Aerial imagery technology and location data company Nearmap (ASX:NEA) reports that its annualised contract value (ACV) grew by 23 per cent on the prior corresponding period to $96.6 million during the first half of FY 2020.

It also reported that its unaudited statutory revenue grew 31 per cent over the prior corresponding period to $46.4 million.

Despite this it has fallen short of management’s expectations.

It has therefore downgraded its full year ACV guidance to the range of $102 million to $110 million.

This compares to its previous guidance of $116 million to $120 million.

Shares in Nearmap (ASX:NEA) are down 22.43 per cent to $1.89.

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.