Nearmap (ASX:NEA) expects high growth results in North America

Company News

by Lauren Evans

Nearmap (ASX:NEA) has announced their unaudited preliminary results for the year ending 30 June 2021 (FY21). Nearmap is an Australian aerial imagery technology and location data company that provides frequently-updated, high-resolution aerial imagery in Australia, New Zealand and United States. 

Record incremental annual contract value (ACV) growth from the North American portfolio, for consecutive half year periods is expected to see the Groups ACV portfolio end FY21 at $133.8 million, representing 26 per cent growth. The North America portfolio now comprises 46 per cent of the Group portfolio, an increase from 39 per cent from last financial year. Strong momentum has continued with new and existing customers across the company’s core industry verticals.

For Australia and New Zealand (ANZ), the company have seen continued growth through market leadership. The ACV portfolio at 30 June 2021 of $69.1 million, represets a 7 per cent growth from last financial year. 

Nearmap also announced a prototype of HyperCamera3, the company’s next generation proprietary camera system, has been tested in flight, representing a significant technological breakthrough.

Managing director Dr Rob Newman said, “FY21 has been an unprecedented year with record performance delivered in a challenging economic environment. The strong growth from new and existing customers across our core industry verticals validates our refined go-to-market strategy in North America and gives us good momentum going into FY22."

Nearmap intends to release its FY21 results on 18 August 2021.  

Shares in Nearmap (ASX:NEA) are trading 9.32 per cent higher at $2.17. 

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