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.