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Date : 13/07/2021

Nearmap Shares Jumped On ASX Following Company Results

Bangaroo based Nearmap is an online photomap content company, which provides geospatial map technology for business, enterprises, and government customers. Nearmap is a leader of aerial imagery technology and location data, providing frequently-updated, high-resolution aerial imagery. It currently operates in Australia, New Zealand and the United States, and is one of the ten largest aerial survey companies in the world by annual data collection volume. NEA shares have been on a declining trend in the past year, however, the NEA stock price was extremely buoyant in today’s trading session.

Why did the Nearmap Shares jump on ASX today?

Nearmap announced this morning unaudited preliminary results for the year ended 30 June 2021 (FY21). NEA reported record incremental Annual Contract Value (ACV) growth from the North American portfolio for consecutive half year periods and is expected to see the Group ACV portfolio end FY21 at $133.8m on a constant currency (CC) basis, representing 26% growth. NEA also announced that a prototype of HyperCamera3, the Company’s next generation proprietary camera system, has been tested in flight, representing a significant technological breakthrough. Commercial roll-out remains on track for FY22.

Commenting on the results, Chief Executive Officer and 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.Given strong customer demand, we will expand our coverage footprint in the United States In FY22, delivering even more content and value for our customers.”

NEA shares as a result were extremely buoyant on the ASX today. The NEA share price surged over 14% and closed at $2.27 a share. With such a positive result and the announcement of their latest prototype, NEA shares continue to be on watch.

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