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Date : 06/05/2021

Nearmap Shares Jump on Strong Performance

Bangaroo based Nearmap is an online photomap content company, which provides geospatial map technology for business, enterprises, and government customers.Nearmap has a presence in Australia, New Zealand, and North America.

At market close on Wednesday, NEA shares ended trading at $2.36 a share after a 14.5% surge as the company upgraded their annual contract value guidance for FY2021.

On the back of a strong 1H21 performance, the Company has seen momentum continue with growth across its core industry verticals from both new and existing customers. Nearmap’s subscription business model looks to be working well and this along with their technological advancements has given them a significant competitive advantage over their peers.

Nearmap increased the company’s FY21 Annual Contract Value (ACV) guidance to $128m-$132m range from $120m-$128m.

The firm continues to invest the proceeds from the FY21 capital raise into key growth initiatives, including into the development of HyperCamera3, which remains on track to be rolled out in FY22. With each of the investment initiatives on track and with continued momentum in ACV growth, Nearmap now expects the net cash outflow to be less than $10m this financial year.

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